Georgia: A Labor Market and economic overview
With a population of 9,687,653, according to information in the US Censes 2010, Georgia is the US’s ninth most populous state although it is only ranked 24 in terms of size. Georgia has experienced a population influx since 2000 with an increase of over a million people. The State is particularly attractive to migrants of Indian origin.
Georgia has a global appeal. It is headquarters to over 1,700 international companies representing 43 countries from around the world. These contribute to the labor market by employing over 112,000 Georgians with an estimated capital investment of $22.7 billion. From 2007 to 2008, 14 Georgia counties ranked among the nation’s 100 fastest growing, second only to Texas.
Based on information from 2007 statistics, Georgia has a Gross State Product of USD 396 billion. Its per capita personal income is USD33,499. If Georgia were a stand-alone country, it would be the 28th largest economy in the world.
Georgia is home to some of the biggest brand names and corporations. There are 15 Fortune 500 companies and 26 Fortune 1000 companies with their head offices in Georgia. These include Home Depot, UPS, Coca Cola, Delta Airlines, Southern Company, SunTrusts Banks.
The labor market in Georgia was reported to be 5,269,998 in 2009. According to information from the Bureau of Labor Statistics Nonfarm payroll labor numbers were reported as 3,818,000. However the labor market is depressed with unemployment higher than the national average at 10.2 per cent.
Transport trade and utilities accounted for 813.600 jobs in the state, with almost almost half a million people in the labor market being employed in in education and health. The Government is a major support for the labor market providing more than 600,000 jobs. Georgia has a diverse industrial base, which also includes the mineral and timber industry which includes the quarrying and processing of clay, stones and sand.
Georgia’s electricity generation and consumption are among the highest in the United States. Coal is the primary electrical generation of fuel. However, the state also has two nuclear power plants. The leading area of energy consumption is the industrial sector because Georgia “is a leader in the energy-intensive wood and paper products industry”.
Between 2008 and 2009, Georgia’s film and television industry, contributed significantly to the State’s economy, and generated jobs for the labor market to the tune of $1.15 billion which had a positive economic impact on the state’s economy.
Georgia’s agricultural industry is also robust with food as a major driver of the labor market. Widespread farms produce peanuts, corn, and soybeans across middle and south Georgia. The state is the number one producer of pecans on the world market. Income from agricultural is estimated to be in the region of 212,737,500 of which almost 40% are from broilers. Other key agricultural produce is cotton, eggs, peanuts and greenhouse/ nursery.
Georgia has a problem with illegal migrants with the number of illegals estimated to be almost half a million in Jan 2009. Up to 1980 an indifference to education was also an issue with about 40 per cent not finishing high school. Today the drop out rate is about 20 per cent.