Adaptability critical for private equity

Adaptability critical for private equity

By: Felipe Rivas 

2 min read October 2020 — Middle-market companies eyeing private capital investments in the technology, manufacturing, distribution and retail spaces, among others, during the COVID-19 era, will require flexibility and adaptability to emerge stronger in the new normal. The good news is that valuations remain steady and deals are expected to bounce back sooner rather than later. 

“Overall, both buyers and sellers have adapted to the pandemic-related restrictions, as well as the additional hurdles that have emerged,” DHG’s Private Equity Managing Partner Scott Linch, told Focus: Atlanta. “Generally speaking, we haven’t seen a significant drop in valuations. It has just been a less efficient deal process.” Deal activity in Q2 declined significantly as a result of the initial pandemic-related shocks but saw an increase in Q3. “We expect deal activity to be strong in the fourth quarter due to pent-up demand and concerns over the impact of potential tax changes on sellers,” Linch said. 

Dealing in the digital or remote landscape has not come without its fair share of challenges; however, professionals are adapting well. “Added flexibility is important to find times for all management teams, professional advisers and investors to be on virtual meetings,” Linch said. Months into working from home, the trend has highlighted new possibilities as virtual meetings yield complete transactions. “We are seeing transactions completed through solely virtual meetings where at the start we didn’t think that was possible,” he said. 

The pandemic has also resulted in a longer period of time to close transactions, with some deals addressing pandemic impacts via “earn-outs or creative solutions to cover downside exposure,” Linch said. “Virtual meetings certainly made things move at a slower and more deliberate pace. The coordination and organization of processes simply involves more obstacles and getting to closing has not been quick or easy. Good businesses are still being sold and we’ve seen quite a few processes that were paused during the initial onset of the pandemic that are now picking up and we are hopeful that closing will occur prior to year-end. We are seeing increased deal flow at the end of 2020 as a result of delayed processes.”

While many companies are taking advantage of PPP loans, the loans are not impacting completed transactions, though deals are being structured to protect buyers from any associated liabilities. “The key takeaway and advice we have for our clients (buyers) is to ensure ample funds are left behind to cover the debt in case it is not forgiven, or add legal language to protect the buyer from debt payments post-closing to ensure any funds taken don’t end up as additional purchase price,” Linch said. Buyers should be aware of deferred payroll tax liabilities that may exist as a result of the CARES Act, he advised. 

The pandemic-led disruptions have also propelled technology and digital presence to the top of the priority list for companies. “The crisis has driven retailers to have a larger and more efficient digital and online presence. If consumer product companies and retailers didn’t adequately shift channels in mid-March, they found a way to get there quickly,” Linch said. “We are seeing an increased focus on technology-enabled businesses that should drive businesses forward in the future. We have also seen businesses with products around the home, health and outdoor recreation segments thrive. During 2021, companies must continue to innovate, find unique ways to attract and retain customers and focus on safety and convenience.” 

Going forward, cities like Atlanta and Charlotte are poised to meet the demands of businesses in the technology and manufacturing, distribution and retail spaces. “Atlanta and Charlotte are home to two of the largest home improvement companies in the United States, which have performed well during the pandemic. Many businesses are part of that supply chain and have benefited from the increased focus on home improvement activities. Atlanta and Charlotte are also ideal for distribution and logistics operations based on location, infrastructure and various transportation assets such as international airports, railroads and interstates,” said Linch.   

During this unprecedented time for middle-market companies, information is vital. As part of its “Emerging Strong” webinar series, DHG is hosting “Private Equity Perspectives: Tech, Manufacturing & Distribution,” a discussion about 2020 from the private equity, technology and MDR (manufacturing, distribution and retail) perspectives. Featuring Scott Linch, and a seasoned team of industry leaders, the virtual event will happen on Oct. 15, 2020, from 1 p.m. – 2 p.m. EDT. In addition to Linch, participants are: Marcus Fariss, Managing Director, DHG Corporate Finance; Matt Williams, Vice President, Frontier Growth; and Kian Capital (panelist to be announced).

For more information, visit: https://www.dhg.com/event/private-equity-perspectives-tech-manufacturing-distribution 

 

Atlanta’s public schools eye phased return to the classroom

Atlanta’s public schools eye phased return to the classroom

By: Felipe Rivas 

2 min read September 2020 — With Atlanta’s transition into Phase II of the City’s Five Phase Reopening Plan earlier this month, the Atlanta Public Schools system now looks to follow suit with its return to face-to-face instruction. Superintendent Lisa Herring reportedly will present a proposal for Phase II of the schools reopening plan on Monday, Oct. 5 at the Atlanta Board of Education’s monthly meeting, according to the school district. At the university level, despite coronavirus related-challenges, some universities saw record-breaking enrollment figures while ranking No.1 in a variety of categories, according to the U.S News & World Report. 

Atlanta Public Schools’ proposed plan calls for the district to allow certain students to return to face-to-face classes on Monday, Oct. 26, which marks the start of the school year’s second nine weeks. Students identified for the phased classroom returns are all students with special needs and those in Pre-K through grade 2. Last week, the school district hosted a town hall to allow parents to ask about the district’s reopening plan. Among parent’s concerns were the students’ ability to retain the curriculum material in a remote setting and shattered expectations of going back to the classroom by the start of the 2020-2021 academic year. 

While the region’s higher education sector faces similar challenges, as it relates to social distancing and balancing remote learning with student wellness, universities in the region are experiencing record enrollment numbers. The Georgia Institute of Technology saw record enrollment across the board for the summer and fall semesters with record-breaking numbers in first-year, transfer and dual enrollment students. Georgia State University set new records for the largest enrollment and freshman class size in the school’s history. The university saw 54,000 students enrolled in the fall 2020 semester, compared to last year’s record of about 53,000. Similarly, Kennesaw State University reached record enrollment figures with 41,000 students. Comparatively, the university reported around 37,000 enrolled in the 2019 fall semester. 

To go along with the healthy enrollment figures in the midst of a pandemic, several Georgia colleges and universities topped the U.S. News & World Report 2021 edition of Best Colleges in a number of categories. The Georgia Institute of Technology ranked first in the nation in civil engineering, cybersecurity, and industrial and systems engineering, solidifying Atlanta as a leader in STEM education. Agnes Scott College, a private women’s liberal arts college, ranked first in first-year experience and most innovative liberal arts college in the country. Similarly, University of Georgia’s undergraduate insurance/risk management program ranked as the nation’s best. Spelman College, another private women’s liberal arts college, ranked as the nation’s top Historically Black College & University. Berry College topped the list for best value in the regional southern universities category. 

To learn more, visit:

Atlanta Public Schools 

https://www.usnews.com/best-colleges/rankings/national-universities

 

Atlanta finishes fiscal year on top despite global pandemic

Atlanta finishes fiscal year on top despite global pandemic

By: Felipe Rivas 

2 min read September 2020—The pandemic has soured the business climate globally and through the United States for the better part of the year. However, in Georgia, consistently ranked as the top state to do business by different publications, though 2020 has been far from peaches and cream, the Peach State closed out the fiscal year with an increase in economic development projects and billions in new investments. In the midst of the pandemic, the state saw an increase in economic development projects and closed out fiscal year 2020 with a total of more than $7 billion in new investments made in the state, the governor’s office announced. 

During fiscal year 2020, ending June 30, economic development project locations increased compared to the year prior while the state reported a 30% increase in jobs created outside the metro Atlanta area. From July 2019 to June 30, 2020, and despite the global implications of COVID-19 during the second half of the fiscal year, the Georgia Department of Economic Development (GDEcD) supported the creation of more than 24,000 new jobs, generating more than $7.4 billion in total investment. The location of 350 projects constituted a 4% increase from fiscal year 2019, according to the governor’s office. 

“These numbers are proof that the fundamentals that have made Georgia a leading competitor for investment remain strong. Businesses far and wide understand that, and the result is more jobs for hardworking Georgians,” said Gov. Brian Kemp in a press release.

Since mid-March, when the governor’s executive stay-at-home order was in place, the whole business landscape changed. “But thanks to Georgia’s approach to business during COVID-19, we still saw 72 new projects, over 7,800 new jobs announced and $2 billion in investments to date,” GDEcD Commissioner Pat Wilson told Focus: Atlanta. Many companies recognized both the challenges and need for long-term plans for the post-pandemic future, providing an opportunity to automate and change business lines, Wilson said. “Some of our companies that were planning toward the 2021 horizon to invest in automation and upgrade facilities are doing so now,” he said. 

Industries that experienced significant growth in both jobs and investment during fiscal year 2020 include the manufacturing, logistics, software development and tech industries, according to the governor’s office.  “The tech sector has been one of the real hot points for job growth in the last few months,” Wilson told Focus: Atlanta “As COVID-19 deeply transforms the retail industry, tech jobs are booming as a result of the bustling e-commerce activity.” GDEcD is keen on supporting workforce development efforts and the talent pipeline needed to fill the jobs coming to the Peach State. “We continue to focus on ensuring we can provide the workforce to supply those jobs and keep them going. We are only as good as the long-term workforce in the pipeline for these companies,” Wilson said. The department’s strategic partnerships with Georgia’s robust trades and higher education system have been instrumental in the success of its economic development efforts. “There is a strong focus on growing jobs, especially the new jobs of the future, and making sure the graduating workforce is anchored in the latter,” Wilson said. 

Balancing recovery efforts while keeping momentum in the growing sectors of the economy are among the main priorities as Georgia enters its new fiscal year. “For the upcoming phase of recovery, we intend to keep a close eye on our strategic and growing industries to continue their momentum,” Wison said. “Parallel to cybersecurity, fintech and e-commerce, food processing is going to be a renewed strategy for companies, bringing it closer to their supply chain. Georgia’s massive agricultural base recognizes a sizable opportunity within that niche.” Supply chain disruptions as a result of the pandemic can potentially create economic development opportunities in the state. “We are also monitoring companies looking to pull their supply chain back into the United States. We continue to see ripple effects from overseas shutdowns and how they impact companies involved in real-time supply chains. A company that has to shut down because it does not have enough inventory of critical components impacts local production. A number of companies are thinking about diversifying their supply chain and we are focused on working with Georgia companies that experience these problems, assisting them by recruiting their suppliers into the state,” Wilson said. 

To learn more about our interviewees, visit: https://gov.georgia.gov/

Tourism sector shows signs of life in Georgia

Tourism sector shows signs of life in Georgia

By: Felipe Rivas 

2 min read September 2020 — In the Peach State, and throughout the world, the coronavirus decimated the travel and hospitality industry. Though the tourism sector remains among the most embattled sectors of Georgia’s economy, data trending in the right direction coupled with recent developments in the airline industry and a new museum coming to the Atlanta area are reasons to celebrate in the midst of a bleak year for the sector. 

Coming off a Super Bowl year in 2019, Atlanta, and the state of Georgia, was prepared to continue showing Southern hospitality to millions of tourists and guests. As of January, more than 500,000 people were employed in the hospitality sector across the state of Georgia, according the the U.S Bureau of Labor. But by April, as shelter in place measures and global travel restrictions were in full effect, the number of hospitality sector workers dropped precipitously to around 284,000 in a matter of weeks. According to the data, however, employment in the tourism sector has trended upward, month after month, since April, and currently over 420,000 Georgians are employed in the sector. 

While the tourism data is promising, the top U.S. airlines are doing their part to increase consumer confidence in the face of the coronavirus. United, American and Atlanta-based Delta this week announced they would drop most change fees for good. Change fees have long been a steady revenue stream for the airlines at the expense of the customer experience. For Delta, flexibility and maintaining health standards has been a major priority during the coronavirus pandemic. “We’ve said before that we need to approach flexibility differently than this industry has in the past, and today’s announcement builds on that promise to ensure we’re offering industry-leading flexibility, space and care to our customers,” Delta CEO Ed Bastian said in a press release. “We want our customers to book and travel with peace of mind, knowing that we’ll continue evaluating our policies to maintain the high standard of flexibility they expect,” he said. 

And while the tourism sector in Georgia sang the blues for the better part of this year, a new museum experience announcement will bring a much-needed change of tune to the region. The Grammy Foundation along with the Georgia Music Accord on Monday approved the Grammy Museum Experience in Atlanta. The Georgia Music Accord is exploring possible sites for the museum experience and locating funding sources, according to Saporta Report. The four pillars that will solidify the museum in Atlanta revolve around education, economic impact, workforce development and a celebration of Georgia’s musical heritage, according to the news outlet. Additionally, the museum reportedly is envisioned to have a scoring stage that would work on music scores for movies, TV shows and video gaming.

Spotlight On: Jenni Bonura, President & CEO, Harry Norman, REALTORS®

Spotlight On: Jenni Bonura, President & CEO, Harry Norman, REALTORS®

By: Felipe Rivas 

2 min read August 2020 — Atlanta’s solid pre-COVID real estate fundamentals are placing the city on a swift and steady road to recovery. Jenni Bonura, President and CEO of Harry Norman, REALTORS®, shares her opinion on what awaits Atlanta from the perspective of a nine-decade real estate heavyweight.

How did Harry Norman, REALTORS® tackle the transition to the COVID-19 landscape?

In 2020, Harry Norman, REALTORS® celebrates its 90th anniversary. The market in Atlanta has been great for several years and continues to be so, even in 2020. We continue to break records despite the challenging environment. In 2019, we broke  sales records several months back-to-back. We also broke some average sales price records. In July 2020, we exceeded another pending-sales volume record, our highest July in the nine decades of our company. Atlanta is a highly desirable place to be, especially compared to other large cities, for a myriad of reasons. We have launched several new initiatives in the last several months, which make us stand out and are propelling us ahead of our competitors. One is a marketing automation tool that drives speed-to-market. It provides marketing assets on-demand and enables us to promote our homes digitally. In a market where there is low inventory, it has been a game-changer for our agents and our seller-clients as well. We also launched a multi-channel media campaign in  2020, across TV, Print, digital and social media, focusing on our expertise and first-class service. The company also launched an exclusive app that is similar to a dating app in that we match up the needs of buyers and sellers. 

What are the fastest-growing neighborhoods in the area?

We are seeing the second-home market explode. People want a change of scenery. One of the beautiful things about Atlanta is that you can drive an hour or two and you are in the mountains, feeling the beauty of nature and disconnected from the city. We have seen in the Blue Ridge, Blairsville and Lake Rabun areas significant positive adjustments in that sense. It is affecting our metro clients. The areas of Gwinnett and Cobb are definitely booming, population-wise. Suburbia is harder to pinpoint as an actual trend but people are already leaning in the direction of wanting a house in the suburbs with more acreage for space and privacy. With the current low interest rates, there is an increase in buying power for larger properties.

Would you say transit hubs and the BeltLine foster in-town development? 

The BeltLine will always be attractive. Part of it is the beauty of nature available and the convenience of amenities, restaurants, ease of access to work, all at your fingertips. Coupled with the beautiful outdoors, the connectedness of neighborhoods, it adds significant variety and interest. Even if transit hubs with COVID-19 hit the pause button, there will always be a desire for people to want to make it easy to hop on and explore other parts of the city and yet have those amenities right at home. Our urban core is performing well and our suburban periphery is performing solidly as well. That is why Atlanta is overall performing great in the South in general. Based on the stats, as far as pending sales, the South is the only geography in the country that is on the plus side so far. 

What is your take on new construction during this time?

Closings outpaced starts from June to August 2020 compared to the same period in 2019. That speaks volumes because in new homes, the inventory is less than it was last year. That remaining inventory is on its way to disappear fairly quickly. Even if the exact checklist a buyer may have is not fully met with the inventory that exists, a lot of builders are looking to pivot quickly. Some of the trends the virus brought to light are making them adjust their plans to reflect some of those changes. 

What are Harry Norman, REALTORS® priorities toward 2021? 

We are keeping an eye on ongoing trends. We want to be able to pivot quickly. The beauty of our company is that we are very much in tune with buyer needs and seller preferences. It helps us advise our new home builders and developers with highly granular boots-on-the-ground information. It also provides our agents an advantage when it comes to marketing, which obviously benefits our sellers. We are making a point of capitalizing on the virtual offerings we have, while looking for opportunities to help provide inventory and to educate sellers on how to best position their homes. The key to what we are going to see in the next few months is appreciation remaining slow and steady, probably ending at 4 percent for 2020, which will be mirrored in 2021 or at least in the year’s first half. Demand will continue to outpace supply but not necessarily at the same rate. We will move toward a more balanced market. 

To learn more about our interviewees, visit:https://www.harrynorman.com/employees/1235-Jenni-Bonura

Technical college system major component of Georgia’s business climate

Technical college system major component of Georgia’s business climate

By: Felipe Rivas

2 min read August 2020 — For the better part of the last decade, the Peach State has consistently ranked as the best state to do business year after year, a feat largely driven by Georgia’s robust higher education institutions and the state-funded technical college system. The Technical College System of Georgia (TCSG) is the state government agency overseeing Georgia’s 22 technical colleges. As the country slides into a pandemic-led recession, the system remains keen on solidifying Georgia’s workforce, while helping companies land the talent needed to thrive in a volatile economy. 

Georgia’s track record for attracting new industries and companies is largely a result of the state’s pro-business landscape, geographical location and proximity to other key markets, and efforts to nurture a market-ready workforce. The system’s mission is to build a well-educated, globally competitive workforce through technical education, adult education and customized training for Georgia’s businesses and industries. “We provide Georgians with the education and training that will lead directly to a career that is in demand,” Technical College System of Georgia Commissioner Greg Dozier told Focus: Atlanta. “Our colleges work hand in glove with local industry to understand their workforce needs and offer programs that meet those needs.”

According to the National Skills Coalition, 54% of Georgia’s jobs are considered “middle skill,” or jobs that require more than a high-school diploma, but less than a four-year degree, Dozier said. However, only 42% of Georgians are trained to this level. “We are laser-focused on closing this middle skills gap.”

The system is in constant communication with businesses and industry leaders across Georgia, and has close partnerships with companies across different sectors, such as Mercedes Benz, Kubota, King’s Hawaiian Rolls and KIA Motors Manufacturing Georgia. Via its Georgia Quick Start program, the system provides free workforce training for companies considering relocating to Georgia or expanding in Georgia. And market-ready talent is among the top necessities for companies wishing to relocate or expand in the Peach State. “We are at the table with the Department of Economic Development when meeting with companies that are considering Georgia as their new home,” Dozier said. “Businesses want to know how they’ll have a steady pipeline of skilled talent. That’s what we do.” Through these conversations the system can then develop training programs tailored to the businesses’ needs and expectations. “We went through this process with KIA, which now manufactures its Telluride, Sorento and Optima automobiles about 80 miles southwest of Atlanta,” Dozier said. 

Serving counties such as DeKalb, Newton and Rockdale, Georgia Piedmont Technical College is part of the Technical College System of Georgia and provides education for the three-county service area, mostly in the metro Atlanta region. “Across the counties we serve, companies come to us with their recruitment needs and it is our role as a technical college to ensure we have programs that support those jobs,” Georgia Piedmont Technical College President Tavarez Holston told Focus: Atlanta. Though the impact of the coronavirus has squeezed the education sector and the economy at large, Holston says the college remains keen on equipping the local workforce with in-demand skills and training. “As we look at the current environment, there are signs of life in the economy, and we want to make sure we remain relevant in producing a workforce that meets the needs of our counties. Even though COVID-19 has changed the way we do business, we are still getting calls from our industry partners that require training delivered virtually,” he said.  

 

Healthcare and tech-based training are among the most popular offerings at Georgia Piedmont Technical College. “There are two careers that seem to be gaining a great deal of traction, one of which is healthcare. We train essential frontline workers and we are proud to be part of that,” Holston said. “Another popular course is in manufacturing, which can be attributed partly to the rise of e-commerce. We are getting many requests for training in automation, programmable logic control and advanced manufacturing.”

 

While the ramifications of the coronavirus are likely to shape the future of business and education, leaders are optimistic that Georgia’s workforce will continue to meet the needs of employers and industries. “Our colleges have done a great job of preparing for in-person reopening following guidelines set by the CDC and GPH,” Dozier said. “I think there will be great needs with economic upticks in various industries across Georgia. As the economy comes back, the needs that TCSG satisfies for businesses and the community will make a difference. Georgia has been named the No. 1 state in the nation to do business seven years in a row. We will continue to build on the legacy Georgia has made for itself as the No. 1 state for business by providing a skilled workforce. The prospects for the state are extremely positive.”

After an overnight transition to remote learning in the spring, Georgia Piedmont Technical College aims to accommodate students’ needs further come the fall semester. “We have always done online and distance learning. But we have realized that we need to be more flexible and accommodating for our students,” Holston said. “We still have to think about the highest quality education we can provide during a pandemic. When the shelter in place order came down, we immediately started putting together an intensive two-year program that could be done in a year, with the reasoning that people at home have more time at their disposal.”

 

To learn more about our interviewees, visit:

https://tcsg.edu/

https://www.gptc.edu/

City of Atlanta helps small businesses rise again

City of Atlanta helps small businesses rise again

By: Felipe Rivas

2 min read August 2020—True to its motto, the city of Atlanta looks to rise again by launching a new program to help small businesses recover from pandemic-related challenges. Atlanta Mayor Keisha Lance Bottoms announced the launch of the Resurgence Grant Fund, which is set to begin accepting applications next week. The Resurgence Grant Fund is slated to help qualifying businesses keep their operations open and cover pandemic-related expenses via grants of various amounts. 

“The City of Atlanta’s motto is Resurgens- Latin for ‘rising again.’ Resurgens is more than an emblem, it is part of the One Atlanta way, coming together as one community to support each other in times of need,” Bottoms said in a press release. “As COVID-19 continues to challenge Atlanta’s small businesses and the communities that depend on them, the Resurgence program will provide funds to help businesses operate safely and protect their employees as our city recovers together.”

Atlanta business owners wishing to take advantage of the Resurgence Program can apply for up to $40,000 to reimburse the costs of business interruptions as a result of shelter-in-place measures and pandemic-related closures. Business owners can use the grants to buy personal protective equipment, cleaning supplies and other health measures to protect their employees and customers. Through the funds, businesses will have access to up to $10,000 of no-cost technical assistance services, such as legal resources and workforce development, as they pivot their business practices to adapt to a more socially-distanced, digital and touch-free environment, the mayor’s office said in a press release. 

Eligible businesses must meet the following criteria: 

  • Operates an active for-profit enterprise in the City of Atlanta;
  • Holds a 2020 city of Atlanta business license;
  • Continuously in business and operating since March 1, 2019;
  • Had fewer than 250 employees as of March 1, 2020; and
  • Documented business interruption as a result of the COVID-19 pandemic and related emergency declarations, resulting in financial loss.

Economic development authority Invest Atlanta will handle the application process. The application window will be open from Aug. 10 to Aug. 31. “We are listening to the needs of the business community and continue to deploy resources to help them through the impacts of COVID-19,” said Eloise Klementich, president and CEO of Invest Atlanta, in a press release. “Economic prosperity and competitiveness in Atlanta start with equity, and Atlanta’s recovery from the pandemic must be an equitable recovery. These new grant programs will help achieve this by ensuring more Atlanta small business owners have access to funds to adapt their business and operate safely.”

The Resurgence Grant Fund is made possible by the $88-million federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) funding to the city of Atlanta, of which $22 million was allocated to support small businesses and independent professionals impacted by the pandemic, the mayor’s office said in press release. 

Interest business owners can attend a citywide Resurgence Grant Fund webinar on Wednesday, Aug. 12, hosted by Invest Atlanta. 

 

To learn more, visit:

https://www.atlantaga.gov/

ttps://www.investatlanta.com/resurgence-grant-fund

Tech sector continues to thrive in Atlanta

Tech sector continues to thrive in Atlanta

By: Felipe Rivas

2 min read July 2020 — From coding to game development, there is a great desire for more tech-related training in the metro Atlanta region and major companies are stepping in to help usher the next generation of tech workers.

 The Atlanta area, long known as a logistics and fintech hub, is bolstering its reputation as a producer of tech talent in the Southeast. Recently, Atlanta ranked No. 9 out of 50 North American markets in CBRE’s  annual Tech Talent Scorecard. Atlanta added 31,960 technology jobs over the past five years, the commercial real estate services and investment firm reported. Atlanta ranked No. 6 and No. 7 in the top 10 markets for educational attainment and degree completion, respectively, CBRE noted in its 2020 report. The report compared the number of tech degree graduates versus tech talent job creation to determine if brain gains or brain drains occurred in the different North American markets they analyzed. Atlanta posted a brain gain of +647. In comparison, other large metros did not favor as well as Atlanta, with the nation’s capital posting a brain drain of -28,819 and Boston, not far from historied institutions such Harvard and Massachusetts Institute of Technology, sitting at the bottom of the list with a brain drain of -32,426, according to the report. 

Though the metro Atlanta region is home to more than 70 higher education institutions, major companies are ramping up funding to meet the technological needs of students and residents. 

Technology giant, Apple, recently announced the deepening of existing partnerships with Historically Black Colleges and Universities (HBCU), adding more than 10 regional coding centers slated to serve as tech hubs for students and the local community. Among those institutions is Morehouse College, one of Atlanta’s most historic colleges whose alumni include civil rights leader Martin Luther King, Jr and filmmaker Spike Lee.

This effort is designed to expand coding offerings and workforce development opportunities to learners of all ages, Apple said in a press release. 

”Apple is committed to working alongside communities of color to advance educational equity,” said Lisa Jackson, Apple’s vice president of environment, policy and social initiatives. “We see this expansion of our Community Education Initiative and partnership with HBCUs as another step toward helping Black students realize their dreams and solve the problems of tomorrow.”

Similarly, the Georgia Game Developers Association (GGDA) in June received a sizable grant from a major video game developer to help educational leaders teach a popular game engine supported by different industries.

Epic Games, host of the Unreal engine, a real-time 3D creation platform for photoreal visuals and immersive experiences, committed $100 million to support game developers and media professionals, students and teachers in the Peach State and beyond. 

“The Unreal engine has become not only the standard for making games, but also for pre-visualizing movies, creating great architecture designs, making great television shows and more,” said Andrew Greenberg, executive director of the GGDA. “Unreal has become one of the most valuable skills new graduates can know when they seek jobs in these fields.”

He added: “The GGDA applied for the grant because the need for skilled Unreal developers has far outstripped the current supply. Georgia companies like Hi-Rez Studios, Tripwire Interactive, the Weather Channel, Pinewood Atlanta Studios and more rely on this technology, and offer great opportunities to recent grads who can use it well.”

To learn more visit:

https://ggda.org/

https://www.cbre.us/

 

 

Georgia’s business reputation stays strong in midst of pandemic

Georgia’s business reputation stays strong in midst of pandemic

By: Felipe Rivas

2 min read July 2020 — The Peach State’s methodical investments in economic development, workforce training, support for small businesses, and overall pro-business environment continue to pay dividends for the region, even in the midst of a global pandemic.

 

Georgia was once again celebrated as a leader in economic development in June by Area Development Magazine, which awarded the state its 12th Silver Shovel Award. This distinction, Georgia’s 11th consecutive award, celebrates the region’s excellence in economic activity, job creation and investment attraction. Besides this latest recognition, the region also saw significant technology-based business expansion in June, while its film industry readies to meet pent-up studio demand, which is set to employ some 40,000 people — a significant boon to the local economy afflicted by coronavirus-related challenges. 

“It’s an honor to accept this award on behalf of all of the hardworking Georgians who consistently create opportunities in their communities,” Gov. Brian Kemp said of the 12th Silver Shovel Award, according to a press release. “For 11 years in a row, Georgia has earned this recognition thanks to our pro-business environment, unmatched workforce, world-renowned logistics, and long-standing commitment to attracting jobs to every corner of the state. I want to thank our state’s economic development team and our local partners for their tireless work to promote prosperity throughout the Peach State.”

While compounded economic activity prior to the coronavirus slowdown may have significantly maintained the state’s pro-business reputation, recent June business expansion announcements continue to highlight the strong economic fundamentals found in the Peach State. 

Three technology-based companies announced investments and job creation plans in different Georgia communities. Milletech Systems Inc., SK Innovation, and Perspecta, companies that span the gamut of technology services from software solutions to advanced manufacturing to cybersecurity, are set to bring more than 1,200 jobs to the region while providing millions of dollars in investments. These announcements are testaments to Georgia’s “top-notch college and university system and training programs,” Kemp said. “I am confident that Milletech will be pleased with their decision to expand and invest in Georgia along with the skilled talent we have right here in the Peach State.” Kemp had similar sentiments when speaking of the other recent technology company expansions.

To go along with editorial recognition and recent business expansions, the Peach State’s film sector officially opened for business following months-long coronavirus-related shutdowns. Major motion picture, television, and streaming companies are gearing up to hire approximately 40,000 production workers, the governor’s office announced in June. The announcement follows revised safety protocols provided by the Georgia Film Office, which complements further safety guidelines published by the Industry-Wide Labor-Management Safety Committee Task Force, aimed at ensuring a safe workplace environment and reducing the spread of the virus. 

An expected 75 productions are set to resume filming. They are projected to inject over $2 billion into the Georgia economy during the next 18 months, helping more than 17,000 small businesses in the process. “The entertainment production industry is coming back and ready to jumpstart the Georgia economy by creating jobs and generating greatly needed investment and spending in communities across the Peach State,” said Gov. Kemp, according to a press release.

“Georgia is open for business, and we look forward to an even stronger relationship with the film industry moving forward,” said Georgia Department of Economic Development Commissioner Pat Wilson. In 2019, 391 film and television productions filmed in Georgia, supported by 3,040 motion picture and television industry businesses. “Thanks to the historic best practices guide, Georgia is able to safely send the tens of thousands of film and TV industry employees back to work and restart production. The economic impact of film touches local communities and small businesses across Georgia. We look forward to resuming the hundreds of productions across the state and to keeping Georgia as the nation’s film and TV capital,” Wilson said.

To learn more, visit: https://gov.georgia.gov

 

 

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