by Dave Williams | Aug 15, 2024 | Capitol Beat News Service
ATLANTA – Georgia’s unemployment rate increased slightly to 3.4% last month, up from 3.3% in July, even as the state continued to set records in several jobs categories.
The state’s labor force was up 13,947 to more than 5.4 million, an all-time high, while the number of jobs rose by 2,600 to nearly 5 million, also a record.
“Georgia’s labor force is larger and more dynamic than ever,” state Commissioner of Labor Bruce Thompson said Thursday. “Our challenge – and our opportunity – is to partner with the business community to create jobs that meet the evolving needs of hardworking Georgians.”
The job sectors posting the most gains last month included accommodation and food services – among the hardest hit sectors during the pandemic – which gained 2,300 jobs. The transportation and warehousing sector and administrative and support services each gained 1,100 jobs.
The motion picture and sound recording industries lost 1,400 jobs in July, part of a larger trend that has seen declines in Georgia’s film industry. The health care and social assistance sector was down 1,200 jobs last month.
The number of employed Georgians also reached an all-time high last month of more than 5.2 million.
Initial unemployment claims rose by 5,398 in July to 27,265. However, first-time jobless claims over the year decreased by 4,145.
by Dave Williams | Aug 14, 2024 | Capitol Beat News Service
ATLANTA – The University System of Georgia (USG) produced an economic impact of $21.9 billion during fiscal 2023, a 9% increase over the previous year, according to a study released Wednesday.
The system’s institutions also generated 163,332 full- and part-time jobs across the state during that same period, the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business reported. That’s about the same employment impact as the state’s top five employers combined.
In a companion study, the Selig Center also found that the university system’s bachelor’s degree graduates from the Class of 2023 will earn nearly $1.4 million more during their lifetimes that they would have without a college degree.
“USG continues to be a million-dollar deal for our graduates, and we have the data to prove USG degrees will help them increase their prosperity and success,” system Chancellor Sonny Perdue said.
“At the same time, we are a billon-dollar deal for Georgia. Our 26 public colleges and universities make a significant economic impact by helping to put Georgians to work and sustaining local communities across the state.”
The $21.9 billion in economic impact included $14.6 billion in direct spending by students and institutions. The remaining $7.3 billion represented the multiplier effect of those funds in local communities.
Of the jobs the schools generated, according to the study, 32% were on-campus and 68% were off-campus. Put another way, the study found that for each job a USG institution created on its campus, two jobs were generated in the local community.
by Dave Williams | Aug 14, 2024 | Capitol Beat News Service
ATLANTA – The University System of Georgia Board of Regents approved a $3.6 billion fiscal 2026 budget request Wednesday.
The 2026 budget, which takes effect next July, represents a $221.1 million increase over this year’s spending plan. By far the largest increase – $167.8 million – would cover projected enrollment growth.
The regents also adopted a $193.1 million capital budget request, down slightly from the $198 million the university system sought for the current fiscal year. The largest portion of the capital budget – $91.8 million – would go toward five proposed building projects.
The wish list includes $31 million for a new Science, Technology, Engineering, and Math (STEM) building at the University of North Georgia in Dahlonega. Another $23 million would go toward modernizing a building in the Science and Ag Hill area of the University of Georgia campus in Athens.
In fact, most of the capital spending request for construction involves renovation projects as opposed to new construction, Tracey Cook, the system’s chief fiscal officer, told board members Wednesday.
Both the operating and capital budget requests move next to the Governor’s Office of Planning and Budget for review. Gov. Brian Kemp will present his spending requests to the General Assembly in January.
In other business Wednesday, the regents heard results from an internal audit showing the system’s institutions are still not fully complying with a policy issued in May of last year prohibiting the schools from requiring job applicants to submit a diversity statement, typically a one- or two-page document outlining how applicants plan to advance diversity.
All 26 of Georgia’s public colleges and universities either have implemented compliance plans or are in the process of developing a plan, Ted Beck, the university system’s assistant vice chancellor for internal audit, told board members. However, there remain “opportunities for improvement,” he said.
The audit recommended that the schools adopt a system-wide process for ensuring that all job postings ban references to affirmations, ideological tests, or oaths by applicants. The report also suggested the university system adopt uniform mandatory training procedures to be applied to all of the schools.
System Chancellor Sonny Perdue said he was pleased with the audit.
“They are doing their best to comply with the wishes of the board,” he said.
by Dave Williams | Aug 13, 2024 | Capitol Beat News Service
ATLANTA – A transformer fire at Georgia Power’s Plant Vogtle caused the Atlanta-based utility to declare an “alert” at noon Tuesday, which was terminated shortly after 2:30 p.m. when the fire was extinguished.
“Plant conditions DID NOT threaten public safety,” the company wrote in a news release issued at 3:10 p.m.
The incident affected units 1 and 2 at the nuclear plant south of Augusta, which went into service in the late 1980s. It did not affect the newer units 3 and 4, which began commercial operation last summer and in April, respectively.
Trained personnel are working on recovery efforts in close coordination with the U.S. Nuclear Regulatory Commission as well as state and local agencies.
“Georgia Power’s top priority is the safety of the public and employees at the plant,” the utility wrote in the news release. “We are committed to the safe operation of our nuclear facility.”
Nearby residents were advised to stay tuned to their radio and television for the latest updates. Georgia Power announced Information on recovery efforts will be provided as it becomes available.
by Dave Williams | Aug 13, 2024 | Capitol Beat News Service
ATLANTA – The state began a new fiscal year on a positive note last month, with July tax collections increasing 2.7% over July of last year.
The Georgia Department of Revenue brought in $2.56 billion in taxes last month, up $66.3 million over July 2023.
However, individual income tax receipts in July declined slightly, down 0.4% from the same month a year ago. The decrease was driven by a 3.6% increase in refunds issued by the revenue agency, combined with a 1% drop in payments.
The slight decrease in income tax revenues was offset by a 4.8% increase in net sales tax collections.
Corporate income tax receipts also rose, increasing 28.4% last month compared to the previous July. The biggest factor responsible for the increase was a 110.1% drop in tax refunds, while payments were up by 17.1%.
The overall increase in tax revenues in July followed a 6.5% increase the state posted in June, the last month of fiscal 2024. However, that came at the end of a fiscal year that saw a net downturn in tax collections of 3.4%.
The good news is that decrease came even as Georgia’s tax collections ended the fiscal year more than $2 billion ahead of Gov. Brian Kemp’s conservative revenue projections.
