Georgia has continued to rack up top marks for its business climate—for example: No. 3 for workforce training (Business Facilities), No. 10 for business climate (Business Facilities), and No. 2 for economic environment (CNBC)—but it’s also earned a high ranking for something less positive: high energy costs.
According to a recent study by WalletHub, Georgia has the sixth most expensive energy costs in the U.S.—and the highest in the South. WalletHub analysts compared monthly bills for all 50 states and Washington, D.C. to come up with their rankings, which cover electricity, natural gas, motor fuel, and home heating oil. Monthly electricity costs came in at $152 (eighth highest), monthly natural gas costs were $40 (15th), monthly motor fuel was $118 (14th), and monthly home heating oil cost was $0 (44th).
Energy cost has long been a major concern for small business owners, who operate on thin margins and take in fewer profits or may be forced to abandon expansion and hiring plans when costs balloon.
A sliver of good news: Georgia businesses and homeowners are in the home stretch for the year, as July and August are the top two most expensive months for energy bills.