Georgia’s economy piled up plenty of wins and a few losses in 2023.

The state’s biggest-ever jobs deal — the Hyundai electric vehicle factory near Savannah — got bigger and investments from electric vehicle- and battery-makers continued to pour into the state. Other green energy projects also got off the ground, as Georgia cemented itself as a major hub of clean tech jobs and investment.

Major manufacturing projects helped the state power through 2023 as Georgia added 95,000 jobs through November. The first of two new nuclear reactors at Plant Vogtle entered service, years late and billions of dollars over budget.

Delta Air Lines saw a big year as travel surged, though construction projects at Hartsfield-Jackson International Airport made flying less than fun for many.

Two of Atlanta’s best-known Black-owned companies went through an acrimonious split.

Hollywood settled a pair of contentious strikes that held up production in Georgia.

A car dealer magnate pitched a hockey arena and mini city in Forsyth County, while Microsoft shelved plans for a new office campus on the west side of Atlanta. Commercial real estate, meanwhile, faces a post-pandemic reckoning.

Here are some of the biggest business headlines of 2023:

Inflation

The Federal Reserve’s inflation-fighting campaign appears to be taming high prices. The Fed has signaled that it could start cutting rates next year but remains ready to hike them if prices remain stubbornly high.

Curbing inflation has proven painful, however, with higher interest rates on mortgages, car loans and commercial debt. Fed Chairman Jerome Powell recently heard from Atlanta minority business leaders about the impact of higher interest rates on their companies.

Electric vehicles

ELLABELL, GA. - JUNE 5, 2023: Large cranes and heavy earth-moving equipment work a construction site at the Hyundai Metaplant site, Monday, July 5, 2023, in Ellabell, Ga. (AJC Photo/Stephen B. Morton)

Stephen B. Morton for The Atlanta Journal Constitution

icon to expand image

Stephen B. Morton for The Atlanta Journal Constitution

The Hyundai Metaplant grew in size to $7.6 billion, and now promises to employ 8,500 workers. Hyundai suppliers snatched up land wherever they could, announcing several new parts factories.

Kia announced plans to build its EV9 electric SUV at its existing West Point factory.

Rivian employees meet in the company’s new showroom at Ponce City Market in Atlanta on Thursday, Oct. 19, 2023. (Arvin Temkar / arvin.temkar@ajc.com)

arvin.temkar@ajc.com

icon to expand image

arvin.temkar@ajc.com

Rivian, meanwhile, picked a general contractor and confirmed an early 2024 groundbreaking for its future $5 billion EV factory.

But the EV road wasn’t all smooth. SK Battery America in Jackson County announced some furloughs and though sales of plug-in vehicles are growing, they have not been as strong as some predicted.

Green jobs

Views of solar panels in the parking lot of Qcells plant in Dalton, Ga., as seen on Tues., Jan. 10, 2023.  (Natrice Miller/natrice.miller@ajc.com)

Natrice Miller / Natrice.Miller@ajc.com

icon to expand image

Natrice Miller / Natrice.Miller@ajc.com

Also on the jobs front, Qcells launched its expansion in northwest Georgia, with an addition to its Dalton plant and a new factory in Bartow County. The announcement and a huge solar production contract earned a visit from Vice President Kamala Harris.

In June, Energy Secretary Jennifer Granholm came to Atlanta to tout green jobs and federal legislation championed by the Biden administration that is leading billions in private investments in clean energy and green manufacturing projects.

Bye, bye CNN Center

Fourteen stories, 1 million square feet, 35 shops, the world's tallest escalator, and, at one time containing a movie theater, a skating rink and an indoor amusement park, the CNN Center (which began life as the Omni Center) was the city's most remarkable enclosed space. It was an attempt, according to one architecture historian, to "out-Portman Portman." (Natrice Miller/The Atlanta Journal-Constitution/TNS)

TNS

icon to expand image

TNS

Warner Bros. Discovery announced plans to for CNN to depart its namesake CNN Center downtown with workers relocating to the company’s Techwood campus.

Microsoft shelves campus

Aerial photography shows Atlanta's Westside area that surrounds the stalled Quarry Yards development in Atlanta's Westside on Tuesday, Feb. 23, 2021. Microsoft is adding two regional data centers and could bring thousands of jobs to the 90 acres of land it bought in recent months at the stalled Quarry Yards development on the city's Westside. (Hyosub Shin / Hyosub.Shin@ajc.com)

HYOSUB SHIN / AJC

icon to expand image

HYOSUB SHIN / AJC

Microsoft pressed pause on its plans to build a sprawling Atlanta office campus on the site in Grove Park. The 90-acre project was expected to bring thousands of jobs and spillover investment to the area.

Fearless Fund fight

The Rev. Al Sharpton leads Fearless Fund CEO Arian Simone from the federal courthouse in Atlanta on Tues., Sept. 26, 2023. (Ben Gray / Ben@BenGray.com)

Ben Gray

icon to expand image

Ben Gray

In August, a conservative group sued the Atlanta-based and Black women-founded venture capital firm Fearless Fund, alleging racial discrimination in a grant program it runs that supports Black women founders. The suit is part of a broader effort to chip away at corporate diversity efforts nationwide.

Plant Vogtle

Units 3 and 4 at Plant Vogtle, in Burke County near Waynesboro, Ga., on Monday, July 31, 2023. (Arvin Temkar/The Atlanta Journal-Constitution/TNS)

TNS

icon to expand image

TNS

The Plant Vogtle expansion took major steps forward, but had some significant steps back, too, in 2023. The first new nuclear unit at the site near Augusta entered service in July, an historic achievement as the reactor is the first built from scratch in the U.S. in more than three decades.

The second new reactor appeared to be nearing completion by the end of the year, too.

With the project years late and billions over budget, ratepayers also learned how much of the soaring costs will show up in their monthly bills.

South Downtown saga

Aerial photo shows Broad St SW between Mitchell Street and MLK Jr. Dr., on Wed., Aug. 9, 2023, in Atlanta. (Hyosub Shin / Hyosub.Shin@ajc.com)

HYOSUB SHIN / AJC

icon to expand image

HYOSUB SHIN / AJC

Newport, the German firm behind plans to redevelop 10 blocks of south of the Five Points MARTA station, shocked Atlanta’s real estate community when it announced it was facing financial pressure and planned to sell all its holding to Atlanta developer Braden Fellman Group.

But the deal with Braden Fellman fell apart and many of the properties were advertised for foreclosure.

Mitchell St SW  is near the Mercedes-Benz Stadium in Atlanta.  (Steve Schaefer/steve.schaefer@ajc.com)

Steve Schaefer

icon to expand image

Steve Schaefer

Then, in a late December surprise, tech investors led by David Cummings and Jon Birdsong announced plans to buy Newport’s holdings of land and dozens of historic downtown buildings.

Commercial real estate fallout

The office market has remained in a tumultuous state since the COVID-19 pandemic prompted droves of employees to work from home. Despite many companies walking back their work-from-home policies, metro Atlanta set records for available office space during 2023.

Jon VanderMeer, CEO of Kiosk & Display, works at the company's office in Peachtree Center in Atlanta on Mon., Sept. 25, 2023. (Arvin Temkar/The Atlanta Journal-Constitution/TNS)

TNS

icon to expand image

TNS

High interest rates coupled with lagging tenant demand led multiple office buildings and development sites to go through foreclosure. Multiple hotels also faced loan distress as the hospitality sector unevenly recovered from the pandemic.

With a wall of office debt set to mature in the next few years, many real estate experts worry more building owners will be forced to hand back their keys, especially for aging properties in central business districts like downtown Atlanta. Those worries have sparked renewed interest in converting older office buildings into residential apartments, affordable housing or hotels.

Views of the exterior of Two Peachtree Street, the site of future affordable housing on Tues., Dec. 12, 2023. The city plans to turn the  41-story building into a mixed-income, mix-use space that will hold hundreds of housing units. (Natrice Miller/ Natrice.miller@ajc.com)

NATRICE MILLER

icon to expand image

NATRICE MILLER

Home sales and prices

A worker continues construction on the foundation of a luxury townhouse at Foundry by JW Homes in Alpharetta. Construction lagged for years after the 2007-09 recession and has never caught up with metro Atlanta's population growth. Moreover, few homes are priced for first-time buyers. (Natrice Miller/natrice.miller@ajc.com)

Natrice Miller / Natrice.Miller@

icon to expand image

Natrice Miller / Natrice.Miller@

Higher mortgage rates made for trouble in 2023. Many owners sat tight rather than trade their current low mortgage rate for a more costly one in a new home. Meanwhile, construction of new homes has never returned to the pace of the early 2000s, even as population kept growing.

The result was a shortage of homes on the market, which meant slower sales but wannabe buyers were still competing with each other, so prices didn’t fall.

American Dream for Rent

Aerial view of Winslow at Eagles Landing neighborhood, where a large number of homes are owned by investors, Thurs., Jan. 26, 2023, in McDonough. (Hyosub Shin / Hyosub.Shin@ajc.com)

Hyosub.Shin@ajc.com

icon to expand image

Hyosub.Shin@ajc.com

A groundbreaking Atlanta Journal-Constitution investigation chronicled the extent of the investor-owned rental surge in the region.

Since the Great Recession, large investors have snapped up more than 65,000 homes in metro Atlanta and converted them to rentals. The Wall Street investors are contributing to home affordability challenges in the region.

Investors buy in all but the wealthiest neighborhoods, but their homes are disproportionately found in African American communities.

Families who wind up renting from these firms at times face deplorable conditions, exorbitant fees and frequent eviction filings by out-of-state landlords driven to maximize shareholder profits.

Delta

Jan. 11, 2023 ATLANTA: Delta Air Lines planes at Hartsfield-Jackson International Airport. (John Spink / John.Spink@ajc.com)

JOHN SPINK / AJC

icon to expand image

JOHN SPINK / AJC

Atlanta-based Delta saw its fortunes soar in 2023 with the rebound in travel, lifted by pent-up demand from leisure travelers and a rebound in business demand.

But an overhaul to its SkyMiles program and the criteria to earn medallion status went over like a lead balloon with customers, resulting in the company retreating on some of the planned changes.

Hartsfield-Jackson

Travelers wait in long lines at the domestic terminal of Hartsfield-Jackson airport in Atlanta on Tues., Dec. 26, 2023, the day after Christmas. (Arvin Temkar / arvin.temkar@ajc.com)

arvin.temkar@ajc.com

icon to expand image

arvin.temkar@ajc.com

Construction of new security lanes at Hartsfield-Jackson resulted in frequent and prolonged waits to clear the domestic terminal checkpoints. That project finally wrapped up days before the start of the holiday rush.

But other huge projects are ongoing. The airport is well underway with a complex new program to shore up and eventually replace aging parking decks that has resulted in a host of changes to airport parking. The airport also is ramping up its ambitious $1.3 billion project to widen Concourse D, largely with pre-fabricated components.

Views of the salon area at PS ATL at Hartsfield-Jackson Airport shown on Wed., Aug. 30, 2023. The luxury terminal features private suites, a bar, TSA screening line as well as customs and immigration processing. (Natrice Miller/ Natrice.miller@ajc.com)

NATRICE MILLER

icon to expand image

NATRICE MILLER

A private luxury terminal for the rich and famous at Hartsfield-Jackson opened in September.

Norfolk Southern derailment

A Norfolk Southern train derailed in East Palestine, Ohio, in February, resulting in a significant environmental disaster. Railroad and government officials, fearing a catastrophic explosion, decided to release and burn chemicals carried on the wrecked train.

The disaster led to displacement of many East Palestine residents and anger over the Atlanta-based company’s initial response. Norfolk Southern also faced fines and state and federal investigations. The railroad’s CEO, Alan Shaw, appeared before Congress, which is examining new safety regulations in the wake of the derailment.


                        Alan Shaw, president and CEO, Norfolk Southern Corporation, testifies during a Senate Commerce Committee hearing in Washington on improving rail safety in the wake of the Norfolk Southern train derailment and chemical release in East Palestine, on Wed., March 22, 2023. (Pete Marovich/The New York Times)

icon to expand image

Shaw has repeatedly promised to help the community recover and make things right.

As of the third quarter, the company has tallied $966 million in expenses for the East Palestine derailment, including cleanup costs and community assistance payments.

The Gathering Spot/Greenwood

(Left to right) The Gathering Spot co-founder Ryan Wilson poses for a portrait with Greenwood CEO Ryan Glover at The Gathering Spot Atlanta on Thurs., Aug. 3, 2023.  (Natrice Miller/ Natrice.miller@ajc.com)

icon to expand image

Two landmark Atlanta-based and Black-owned companies parted ways.

The Gathering Spot, the networking hub and co-working space, announced in December a split from its parent company, digital banking platform Greenwood, and its two co-founders have reacquired majority ownership.

The split involves two notable companies that famously merged in 2022 and then suffered a very public spat that wound up in the courts.

UPS-Teamsters deal

Phil Prince (center) holds a sign to show his support as Teamsters General President Sean O’Brien (not pictured) speaks during a rally just days before high-stakes contract talks with UPS are set to resume, at Teamsters Local 728, Sat. July 22, 2023, in Atlanta. The head of the International Brotherhood of Teamsters revved up the union’s membership in Atlanta at a rally just days before high-stakes contract talks with UPS were set to resume. (Hyosub Shin / Hyosub.Shin@ajc.com)

HYOSUB SHIN / AJC

icon to expand image

HYOSUB SHIN / AJC

Under threat of a strike, UPS and the Teamsters this summer reached a landmark contract, the largest private sector collective bargaining agreement in North America.

Hollywood strikes

Actress Frances Fisher along SAG-AFTRA members and supporters pickets outside Disney Studios on Day 111 of their strike against the Hollywood studios, in Burbank, California, on Nov. 1, 2023.  (Frederic J. Brown/AFP/Getty Images/TNS)

TNS

icon to expand image

TNS

Writers and actors went on strike this year, halting production of new scripted programming and movies in the U.S., shutting down production in Georgia as a result. After months on the picket line, the writers reached a deal with the Hollywood producers, followed by a separate deal reached among the actors’ union that allowed production to restart.

The Roman

The proposed amphitheater within The Roman development in Clayton County is expected to have 7,500 seats.

Courtesy Roman United, Yamasaki and Bad Consult

icon to expand image

Courtesy Roman United, Yamasaki and Bad Consult

An AJC investigation found Clayton County officials missed serious red flags in its vetting of a developer who planned an $800 million high-rise project called The Roman in tiny Lake City.

The futuristic project was laid to rest weeks later when county officials severed ties with the developer, citing multiple missed deadlines and concerns over the project’s financing.

U.S. Soccer HQ

Prior to the game between Atlanta United and Miami, the U.S. Soccer Federation announced at a press conference the relocation of their headquarters from Chicago to Atlanta on Sat., Sept. 16, 2023. With a contribution from Arthur Blank in this new location, they plan to establish a brand-new headquarters and their inaugural National Training Center, designed to cater to all 27 teams with ample space.

 Miguel Martinez / miguel.martinezjimenez@ajc.com

Miguel Martinez

icon to expand image

Miguel Martinez

The United States Soccer Federation announced plans to buy a site in Fayette County to be the location for its new National Training Center and headquarters. Groundbreaking is expected in the spring of 2024, with an estimated completion date before the 2026 World Cup. The USSF announced in September that it was relocating its headquarters from Chicago to the Atlanta area.

NCR split

Over 200,000 square feet within the NCR Corporation building is available for subleasing in Atlanta on Thurs., July 6, 2023. (Katelyn Myrick/katelyn.myrick@ajc.com)

Katelyn Myrick

icon to expand image

Katelyn Myrick

Atlanta-based financial technology company NCR split itself into two companies, reducing metro Atlanta’s count of Fortune 500 companies by one. NCR Atleos is the new name of the company that took over the automated teller side of the business. NCR Voyix is the digital commerce business.

Incentive audits

Woody Harrelson, left, and Casey Affleck star in “Triple 9," a cop thriller shot and set in Atlanta. (Bob Mahoney/Open Road Films via AP)

Bob Mahoney

icon to expand image

Bob Mahoney

The incentives Georgia provides for creating jobs and to bring film and TV production to the state came under scrutiny in a pair of audits that questioned the economic value of the tax breaks.

An audit of the state’s jobs tax credit showed it costs more to operate than the amount it generates in extra tax revenue.

A separate examination of the state’s film and TV production tax credit, Georgia’s largest corporate incentive, said the growing film industry creates far fewer jobs than boosters say, and the credit costs taxpayers $59,455 per job.

The Gathering at South Forsyth

This is a rendering of a proposed mixed-use development in south Forsyth County.

The Gathering at South Forsyth

icon to expand image

The Gathering at South Forsyth

Pro hockey in Forsyth County? Auto group CEO Vernon Krause is behind The Gathering at South Forsyth, a build-it-and-they-will-come vision for a pro hockey arena 30 miles north of downtown Atlanta, coupled with an Atlanta Braves-style live-work-play district.

The proposed $2 billion arena and entertainment district would include an 18,000-plus seat suburban arena surrounded by hotels, offices, restaurants, shops and apartments. The project is aimed at an NHL expansion franchise, though the league isn’t yet in expansion mode. The development team has been mum about what it might ask taxpayers to pony up to help build the vision.