As a sign of our current financial times, the economy has impacted the banking industry all across the United States and around the world, but the financial services market continues to be a strong one in Georgia.
Market
Georgia is home to Sun Trust Banks Inc., the 10th largest bank in the U.S. (source: Federal Reserve System, May, 2008). Since 2006 some 48 financial services companies have either located or expanded in our state (source: fDi Markets). By the middle of 2009, there were 372 FDIC-insured banks and savings institutions operating in Georgia
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Georgia's workforce and Atlanta's ability to attract highly-educated 25-34 year-olds are both ranked No. 1 in the U.S.
Sources: CNBC and "Young & Restless" Study |
with 2,777 banking offices.
Approximately 323 of those banks and savings institutions are based in the state. The estimated employment in Georgia for the Finance and Insurance industries was 170,000 in 2006, and it is expected to increase to more than 180,00 by 2016.
Labor
A “Young & Restless” study shows Atlanta ranks No. 1 in the country for attracting highly educated 25-34 year-olds. In Atlanta, 35.6% of the city’s population 25-64 years and over has at least a bachelor’s degree. CNBC ranked the state’s workforce No.1 in the nation in 2009 and Georgia’s nationally recognized Quick Start training program remains one of the state’s key assets for supporting new and expanding industries. Georgia has also been recognized as an up and coming location in the business world as Forbes has ranked the state No. 6 for “Best Places for Business & Careers”.
University System
According to the University of System of Georgia (USG), the state’s 35 public colleges and universities grant nearly 6,000 degrees each year in financial services related programs of study (not including Associate Degrees). Business schools at the University of Georgia (Athens), Georgia Tech (Atlanta) and Georgia State University (Atlanta) continue to be nationally recognized for their work along with their professors who are seen as leaders in their field. In addition to top ratings, these schools also provide excellent graduate programs. Among the state’s other institutions of higher learning, Kennesaw State University (Kennesaw) and Clayton State University (Morrow) provide top-level programs geared toward the financial services industry.
| Major Research Centers and Institutes |
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- Georgia Tech - Financial Analysis Lab, Pricing & Revenue Management Initiative
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- Georgia State University - Center for Enterprise Risk Management and Assurance Services, Real Estate Research Center, Center for Risk Management and Insurance Research, and The Economic Forecasting Center
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- Georgia Southern University - Center for Forensic Studies in Accounting and Business and Center for Excellence in Banking
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Insurance
The insurance industry in Georgia contributes more than $7.4 billion to the state’s annual Gross State Product (2007, Insurance Information Institute). The Georgia Insurance Information Service (GIIDS) reported in 2005 (latest data available) there were 897 property and casualty insurers operating in Georgia, with 38 of them based in the state.
Among the companies that call Georgia home is Aflac. Headquartered in Columbus, Aflac is the largest provider of supplemental insurance in the U.S. Meanwhile, Geico, Blue Cross and Blue Shield and Kaiser Permanente all have a large operating presence in the state. Insurance industry employment in Georgia was more than 86,000 in 2007 (source: Insurance Information Institute).
Insurance companies looking to operate in Georgia must be licensed through the Georgia Department of Insurance. The Department issues rules and regulations for the state’s insurance industry, enforces the Georgia Insurance Code, and investigates and takes enforcement action against companies, agents, and agent misconduct.
Tax Incentives
Premium tax in Georgia is 2.25 percent upon the gross direct premiums they receive. The department's Premium Tax Division is responsible for ensuring compliance with the insurance tax laws, rules and regulations and for processing the premium tax returns for all insurance companies and surplus lines transactions in the State of Georgia. Georgia offers a tax credit of up to $3500 per new job as well as a credit for investing in green technology. For more information on these incentives please contact the GDEcD Corporate Solutions team.
Who is here:
The following Processing/Merchant Services companies are headquartered in Georgia:
• First Data
• Global Payments
• Fleetcor Technologies
• TermNet Merchant Services
• Total System Services (TSYS)
• Elavon (formerly Nova Information Systems)
• Skylight Financial
Related Sites:
Georgia Department of Banking and Finance
Georgia Department of Insurance
Georgia Department of Revenue
Federal Reserve Bank of Atlanta – Financial Services Data & Analysis