Georgia Voted #12 Best State for Franchising; What Does This Mean for Small Business Throughout State?
Monday, August 14th, 2023
This month, 1851 is taking an in-depth look at ALEC-Laffer’s 16th annual “Rich States, Poor States” Economic Competitiveness Index and how it can be useful to franchisors as they expand their footprints.
The report ranks all 50 states based on two criteria: 1) Economic Outlook, a state’s current standing in 15 state policy variables; 2) Economic Performance, a retrospective measure based on a state’s performance over the past 10 years.
For the state of Georgia, these rankings reveal a lot about where the state economy is going and where there is opportunity for their economy to grow.
2023 Economic Outlook Ranking: 12
2023 Economic Performance Ranking: 8
Georgia’s economy has shown impressive growth in recent years. According to IBISWorld, in 2022, the state’s gross state product (GSP) reached $579.7 billion, which is a 2% increase over the past five years.
In 2022, the state’s recorded population stood at approximately 10,887,743 people. In addition to the state’s GSP, Georgia has also seen a steady population growth rate of 0.9% between 2017 and 2022. And in 2023, that number continued to increase, as Georgia is now ranked as the eighth most populated state in the U.S. with just over 11 million residents.
In regard to Georgia’s employment figures, the state continues to recover from COVID-19-related shutdowns. Trading Economics reports that Georgia’s unemployment rate fell to 18% in the first quarter of 2023 from 19.4% in the same month a year earlier. Rajeev Dhawan of the Economic Forecasting Center at Georgia State University’s J. Mack Robinson College of Business said the state added 182,1000 jobs in 2022 but may lose roughly 7,500 jobs in 2023. However, Dhawan forecasts that, in 2024, the state will add 74,600 more jobs and predicts another 87,600 jobs in 2025.
“The Peach State has experienced a better and faster job recovery than the nation, recouping all lost jobs and gaining more on top of those,” Dhawan noted.
For the full report visit 1851franchise.com