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Working in the Crescent
Georgia is the 4th fastest growing state in the U.S., with more than 100,000 newcomers arriving annually. From Atlanta to Athens, the region leads the nation in attracting much-coveted college graduates between the ages of 25 and 34. One reason for the growth: the state's business climate rates #2 in the nation (Site Selection Magazine, 2007).
The Innovation Crescent's workforce is strengthened by more than 200,000 students enrolling annually in the area's colleges and universities. The result is a region that is ranked 7th in the nation among leading U.S. metro areas in producing college and university graduates with a bachelor's degree or higher.
Contact us about the business benefits for your company in the Innovation Crescent, or explore www.Georgia.org and GeorgiaFacts.net. The State's life science website can be found at www.GeorgiaBiosciences.com.
Certified Work Ready
Businesses need new hires who can achieve job proficiency quickly in order to meet the demands of an increasingly competitive global economy. To ensure businesses have the trained workforce they need, Georgia has created a Work Ready initiative that links education and workforce development.
Job applicants with a Georgia Work Ready Certificate arrive with those skills critical to job success, enabling employers to cut training costs and reduce turnover.
The Work Ready region in the Innovation Crescent is specifically aligned to the life science industry. Georgia's Work Ready initiative has developed specialized training certification programs to ensure there is a skilled labor pool for highly regulated life science clinical, research and manufacturing facilities.
Learn more at www.gaworkready.org
Universities and education
Georgia has the 4th largest public university system in the nation, and the region ranks 7th in the nation in producing college and university graduates with a bachelor's degree or higher.
Research and education also fuel growth in the region. The region's colleges and universities spend $1.01 billion on research and development, with approximately half on life science research. In 2007, National Institutes of Health grants to research institutions and companies in Georgia totaled more than $365 million and included premier research institutions, as well as private companies. The area has strong industry concentrations in vaccine development, cancer research, immunology and medical devices.
A unique public and private partnership, the Georgia Research Alliance, supports the life sciences as well as technology in Georgia. Since 1993 the group has invested more than $350 million to recruit eminent scholars, with 60+ world-renowned scientists bringing new dimensions to the research environment in Georgia.
See the list of universities, research institutions and technology transfer offices.
A world transportation hub
Since its founding, Atlanta has served as a transportation hub for the Southeast, and now the nation and the world.
- Hartsfield-Jackson Atlanta International Airport is the world's busiest, offering 2,000 flight operations daily to and from 180 cities throughout the U.S., as well as to Japan, England, France, Belgium, Ireland, Spain, Italy, Germany, Switzerland, the Netherlands, Canada, Korea, China, Brazil, South Africa, Central and South America, Mexico, India and the Caribbean.
- Atlanta is one of only five cities in the U.S. served by three major interstate highways, and also one in five with a rapid rail station inside the airport terminal.
- The metro area is the rail center of the South and has become one of the five most important distribution centers in North America.
- 24 combination passenger and freight carriers and 12 all-cargo carriers serve Atlanta. Major freight handling facilities include two of the largest air cargo buildings in the world.
- More than 80% of the U.S. is within a two-hour flight of the Innovation Crescent, and more than 80% of U.S. markets are within a two-day truck haul.
Learn more at www.LogisticsAtlanta.com.
Permitting
Georgia's Environmental Protection Division (EPD) is one of the few state-level agencies approved by the U.S. Environmental Protection Agency with authority to issue federally required environmental permits. This responsibility, as well as the issuance of state permits, is vested in one agency, enabling applicants to avoid environmental impact statements and often saves 12 to 24 months in the final permitting process.
Government
Georgia's governor, the state's chief executive officer, is elected for a four-year term and is eligible to serve two consecutive terms. The General Assembly is elected for a two-year term, both House and Senate apportioned by population. Legislators convene in January for a 40-day session. Deficit spending is prohibited.
Taxes
To stimulate industry growth, Georgia became the first Southeastern state to adopt a single factor tax rate that substantially reduces the corporate income tax for Georgia companies that deliver a large portion of their products/services outside of the state. In May 2008, Georgia established a 25% tax credit for investing in a newly created venture fund, thereby encouraging investments in local start-ups and strengthening the state's VC environment.
- Corporate tax – 6% of income apportioned to Georgia. Unitary method of calculation is not used.
- State sales tax – 4%. Some counties have an additional special purpose local option sales tax (SPLOST).
- Property tax – Within the Crescent, millage rates vary by county and currently range from 11.25 to 64.40 mills per $1,000 of fair market value. The average rate is 29.89 mills.
- Inventory exemption – Nearly 90 percent of Georgia's cities and counties exempt certain business inventories from property taxation.
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