When many people think of Georgia, they are reminded of the 1996 Olympic Games, the world's busiest airport, fresh-picked peaches, and warm summers with endless pitchers of sweet tea. In fact, you can't listen to the radio these days without hearing mention of the Peach State. Like an old, sweet song made famous by legendary recording artist Ray Charles, we all seem to have "Georgia on our Mind" — and businesses have taken notice.
With an environment ripe for business growth, Georgia has attracted a record level of investment from both foreign and domestic companies. In May, Site Selection Magazine, a national business and economic development publication, recognized Georgia as the most competitive state for business. This distinction goes a long way toward showing companies of all sizes that Georgia is ready and open for business. In the past two years alone, companies such as Kubota Corp., Starbucks, Hitachi Automotive Systems, Caterpillar, and Mohawk Industries — among many others — have chosen to expand or grow their business in Georgia.
In order for Georgia to maintain a favorable business climate, we must continue to offer a broad spectrum of targeted industry incentives that encourage job growth. Some of these measures include the recent elimination of the sales tax on energy used in manufacturing and the MEGA jobs tax credit, both of which were adopted as part of the General Assembly's 2012 comprehensive tax reform package.
Most recently, the legislature has continued its efforts to reduce burdensome regulations and tax policies on Georgia businesses and families. This past session, the General Assembly eliminated the dreaded "Death Tax" and adopted a constitutional resolution capping the state income tax rate at 6 percent — two moves expected to increase economic competitiveness and bring jobs to the state.
Strategically located along the Atlantic Seaboard, the Port of Savannah continues to become one of Georgia's strongest economic drivers. According to the Georgia Ports Authority, Georgia's deepwater ports and inland barge terminals support more than 352,000 jobs and account for nearly $67 billion in sales. While these figures sound sizable, we have only begun to scratch the surface of the port's potential for economic growth.
The State of Georgia has been ready — with shovels in hand — to move forward with the Port of Savannah Expansion Project for the past decade. The greatest setback has been receiving appropriations promised by the federal government to resume dredging. However, Congress made a bold move recently in approving the "Water Resources Reform and Development Act of 2014 (WRRDA)," a series of 34 publically funded construction projects that includes funding for the Port of Savannah Expansion Project. If given the final seal of approval from the president, this will have long-lasting implications on the future economic development of the entire southeastern United States.
Ray Charles said it best. Let's keep Georgia on the minds of business investors and make it clear that the path to economic success is paved along Georgia's red-clay roads and topped off with some good old Southern hospitality.
to your business!