HCDA Attracts $1 Billion In Investments Within 5 Year Timeframe
Within 5 Year Timeframe
McDonough – During a recent sequence of economic development wins that include project announcements from The Home Depot, Purple Innovations and Zinus among others, Henry County Development Authority (HCDA) reports that more than 2,100 new jobs were created during the third quarter of 2020, generating $283.5 million in new investments for Henry County.
HISTORIC 5 YEAR ECONOMIC GROWTH BY THE NUMBERS
- $1.052 Billion in new investments
- 6,489 new jobs
- 34 new projects and expansions
Henry County’s recent success in economic growth isn’t anything new. Over the past 5 years Henry County has seen some of its greatest numbers of jobs, investments and projects on record. According to population and employment forecasts released in August 2019 by the Atlanta Regional Commission (ARC), Henry County will reach a population of 370,000 by 2050. The Development Authority expects that the county’s rapidly growing population will benefit from the increased demand for workforce caused by these new and established businesses for decades to come.
The County’s targeted industries from advanced manufacturing, professional services, e-commerce, healthcare and many established businesses have seen tremendous growth during this period. According to Henry County Development Authority Chairman, Pierre Clements, “HCDA has purposely worked to attract more manufacturing and international companies that can leverage the county’s strategic location and skilled workforce to accomplish their business objectives.” Over the past 5 years companies, including De Wafelbakkers, Encompass Health, The Home Depot, Luxottica, and TSYS have decided to choose and expand in Henry. One of the newest additions to Henry’s Advanced Manufacturing sector is Purple Innovation, Inc (“Purple”). Governor Brian P. Kemp announced in July 2020 that Purple, the comfort technology company known for creating the Purple® Mattress, will create 360 jobs and invest $21 million in its advanced manufacturing facility in McDonough, Georgia. Purple designs and manufactures a variety of innovative, premium, branded comfort products, including mattresses, pillows, cushions, frames, sheets, and more.
The proximity to Hartsfield-Jackson Atlanta International Airport, the world’s busiest and most traveled airport, and metro Atlanta location has made Henry County a desired destination for global commerce with foreign direct investment (FDI) from companies like ALPLA, Luxottica, Sangsin Technology America and Zinus, USA. Zinus, an international Korean based corporation, chose McDonough, GA as the site of its first North American advanced manufacturing facility in August 2020. A move that will create 804 jobs and invest $108 million in Henry County. With over 40 years of experience in the home furnishings industry, Zinus is renowned for their expertly engineered products, which infuses natural ingredients including green tea, olive oil, and charcoal into their mattresses and home furniture.
These projects only scratch the surface of Henry’s economic success. HDCA assisted 34 companies with expansions and locations over the past 5 years. These new and established industries will employ more than 6,489 people and generate over $1 billion in new investments for the county’s tax digest. For comparison the $1 billion in added digest value that HCDA has attracted into the Henry County tax digest equals the entire fair market value (FMV) of City of Locust Grove. The Development Authority expects to see continued growth in industry sectors such as advanced manufacturing, professional services, e-commerce and healthcare.
“As our population continues to grow it is imperative that we continue to grow our commercial tax base to keep a balanced tax digest and ease the burden on residential taxpayers,” said HCDA Executive Director F. J. “Josh” Fenn. “As a commercial or industrial property only requires $.60/ tax dollar collected in services and a residential property requires $1.40/per tax dollar collected, these investments are key to keeping balance for Henry County as a whole. For a County of our size and location, the Development Authority’s achievement of attracting $1billion in investments in just under 5 years is a major accomplishment for an economic development agency.”
As the lead economic development agency for Henry County, the Development Authority works to help retain local companies and to foster new relationships and opportunities with companies looking to relocate or grow their operations into Henry County. Learn more and connect with the HCDA team by visiting ChooseHenry.com.