BILL YEARTA: State enters 2021 legislative session on economic upswing

As we enter into the final days of this year, there are many things for which we can be grateful where the overall economic health of our state is concerned, especially considering the unprecedented circumstances we have experienced over the last few months. While we are unsure as to what the 2021 session will entail, we are excited about returning to Capitol Hill to continue our work for the betterment of our state.

Despite current circumstances, Georgia remains on a record pace for economic development investments and job creation in the state during fiscal year 2021, increasing investments by 56% and jobs by 45% compared to the same timeframe last year. The state’s ranking as tops in the country in which to do business is based on weighted scores in the following categories: overall cost of doing business, corporate tax environment, business incentives programs, access to capital and project funding, competitive labor environment, shovel-ready sites program, cooperative and responsive state government, favorable general regulatory environment, speed of permitting, favorable utility rates, leading work force development programs, and most improved economic development policies.

Because of our strides in lessening government red tape for business, our state has been successful in obtaining national recognition in numerous growing industries, allowing our employment rates and economy to bounce back. We expect for this to continue as we work to move forward. Below are just a few areas in which our state excels:

♦ Aerospace products are Georgia’s No. 1 export ($10.8 billion) and the state’s second-largest manufacturing industry generating a $57.5 billion economic impact. Georgia plays host to 800+ aerospace companies.

♦ With more than $75 billion in economic impact every year, agribusiness is Georgia’s leading industry. Our state has more than 9 million acres of operating farmland. Still known as the “Peach State,” we actually lead the nation in production of chickens, peanuts, pecans, blueberries and rye.

♦ There are nearly 800,000 registered small businesses in the state, which account for over 99% of all businesses in Georgia.

♦ Georgia is home to more than 200 automotive-related facilities, and the automotive industry contributes more than $3 billion to our economy.

♦ Georgia is a national leader in advanced manufacturing, outpacing the U.S in 10-year GDP growth in the manufacture of products including machinery, electrical equipment and components, and fabricated metals. This results in a $61.1 billion output and a work force of approximately 270,000 production employees.

♦ We are ranked seventh in Department of Defense spending nationwide.

I am also pleased to announce that the Georgia Department of Labor recently announced that Georgia’s unemployment rate in October dropped 1.8%, bringing the current unemployment rate to 4.5%, down more than 8% since the state’s all-time high in April 2020 and below the national average. Further, the Georgia Department of Economic Development has announced that Georgia remains on a record pace for economic development investments and job creation in the state during fiscal year 2021. Between July 1 and Oct. 31, Georgia increased economic development investments by 56% and jobs by 45% compared to the same period last year.

Since the start of fiscal year 2021 on July 1, Georgia has secured $4.31 billion in expansions and new project investments, creating 11,833 jobs. Eighty-three percent of the investments came outside the 10-county metro Atlanta region. Additionally, the 32 new projects located during October 2020 constitute a 10% increase over October 2019.

I would like to address the many concerns that we have received regarding Georgia’s Nov. 3 election. Please rest assured that we are diligently working with many parties to understand how we can ensure the security of our elections process. Our own House Government Affairs Committee has already begun hosting meetings to hear expert testimony on what we can do within the legislature to ensure laws and processes are followed.

As we head into the 2021 session beginning in January, tackling our elections protocol will be a priority. I will keep you updated on all election news. As you know, we do have a very important Senate runoff on Jan. 5. Please make sure to make your way to the polls, as this election will determine the balance of power in our nation’s Capital on the federal level. I strongly encourage that you check your My Voter Registration page with the Secretary of State’s office to ensure you report to the correct polling location and that all personal information is correct.

As always, please be on the lookout for weekly updates, beginning in January with the beginning of session. If you need anything in the meantime, feel free to contact me. Thank you for allowing me to serve as your voice under the Gold Dome as it is an honor to work on behalf of our community and state.

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