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15 3 Americas. In addition, access to talent and the excellent business climate are important drivers of headquarters locations in the Atlanta MSA. In fact, 31 companies with headquarters in metro Atlanta currently rank among the Fortune 1,000 and 16 rank among the Fortune 500. Georgia's transportation and logistics industry will expand thanks to the abundance of these projects in the development pipeline. Additional state-specific drivers include the outstanding performance of the Ports of Savannah and Brunswick and their ballooning cargo volumes. Improvements in the state's transportation infrastructure will expand Georgia's importance as a regional and national logistics and distribution center. Above- average population growth will help, too, as will the accelerated shift from in-store to online shopping. Many major distribution and logistics projects are close to completion. Among these are Sam's Club new distribution center in Lithia Springs, Bradshaw Homes East Coast distribution center near the Port of Savannah, and Procter & Gamble's new distribution center in Butts County. In addition, Duluth Trading Company will have a new distribution and fulfillment facility in Bartow County, and Amazon will open a would build a giant fulfillment center in Savannah. Finally, global container shipping company Hapag-Lloyd will open its North American headquarters in Dunwoody. Assuming labor disputes are settled, we expect Georgia's film industry to expand in 2024. Since the Georgia Entertainment Industry Investment Act was signed into law in 2008, direct spending by the film industry has increased from $93 million in 2007 to $4.4 billion in FY 2022. Business Facilities magazine ranks Georgia No. 1 in motion picture and television production. According to FilmLA, Georgia's film industry ranks third to California and New York in the production of feature films. Similarly, Georgia ranks third in new cable TV projects, live action scripted series, and new streaming projects. State incentives account for this recent growth and ensure that nearly all studio space is booked while the Georgia Film Academy helps to ensure that well-t rained workers are available. The state's diverse locations provide a good fit for a wide range of film and TV productions, too. Most of Georgia's financial institutions will weather the economic slowdown relatively well, but as the economy slows, credit problems will worsen. Banks with high exposure to commercial real estate loans or with large holdings of commercial mortgage-backed securities bear watching. Above-average population growth will help banks, however, as will the end of the recent downcycle in single-family housing. In addition, it is very reassuring that almost all new mortgage loans are very well collateralized. Home prices are expected to hold steady, or at worst to drop slightly. Deposits will continue to migrate from banks to higher yielding alternatives while the inverted yield curve will limit financial institutions' ability to profit from borrowing short and lending long. We do not expect long-term yields to rise above short-term yields until sometime in 2025. The downturn in commercial real estate markets—especially severe in the nation's largest metros with highest vacancy rates—is the main threat to the banking industry. A fatal combination of high interest rates and high vacancy rates will continue to crush commercial real estate prices and the value of commercial mortgage- backed securities. Meanwhile, outflows of inexpensive deposits will reduce banks' ability