Georgia

The dot-com fallout and 2001 recession still have a stronghold on Georgia’s economy, which showed negative growth in annual gross state product (GSP) in 2001. The state, however, continues to demonstrate economic strength and a slow return to normality seems to be under way. In fact, 82,000 new jobs were created in Georgia as of October 2003, and experts expect another 63,200 jobs will be created in 2004.

Although IT was one of the hardest hit sectors, along with tourism and airlines, technology-based industries still bolster the state’s economy. According to the American Electronics Association (AeA), Georgia still boasts nearly 200,000 high-tech workers, in 11th place on AeA’s national annual ranking for high-tech employment. The state moved up three places to sixth place for software publishing employment and maintained its fifth-place position for telecommunications employment.

Through most of 2003, the state was able to maintain a low unemployment rate despite the recession. As of October, the unemployment rate was 4.2% – one of the lowest rates in the US south-east.

Another sign of economic vitality is the increase in international investment. In 2001, international investors poured $935.9m into the state, up nearly $293m from 2002 totals. Georgia’s 10-year total FDI now stands at $10.6bn. More than 1500 foreign-owned facilities employ some 124,000 Georgians in the country.