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15 2 conditions and improving demographic trends will help Georgia's beleaguered financial institutions, but the compliance costs of re-regulations and less mortgage refinancing will be headwinds. Recent project announcements have brought, or will soon bring, substantial job gains at headquarters operations of companies such as Beaulier International Group, Dasan Machineries, Halyard Health, Bainbridge Manufacturing, Arab Shipping Company, Aalto Scientific, Air Watch, Porsche, Carter's Incorporated, and Mitsubishi Electric. IT companies also have announced major projects, including Ernst & Young, CBS Corporation, and Infosys. Healthcare IT is an emerging industry that promises to create thousands of high-paying jobs over the next decade. Companies that handle transactions processing, cyber security, and development of software and mobile apps also will see job growth. Services businesses that provide necessities should do well. The outlook for health services is excellent. After all, the number of chronically ill people continues to balloon regardless of the ups and downs of the business cycle or the uncertainties created by healthcare reforms. Upturns in residential and nonresidential development will spur demand for architects and engineers. Georgia's strong transportation and logistics infrastructure coupled with cyclical increases in economic activity will spur job growth in the logistics and distribution industry. The faster pace of economic growth also will bring relief to many consulting firms, but tight government budgets will limit the gains for firms with many public-sector clients. Manufacturing In 2015, Georgia will see substantial increases in advanced manufacturing activity and employment. Cyclical economic recovery, low domestic natural gas prices, rising production costs in China and elsewhere are some of the factors behind the expected increases. Concerns about product quality and management of the risks associated with increasingly complex supply chains also make domestic manufacturing more attractive. Additional factors that will help Georgia lure manufacturers include a superior transportation, logistics, and distribution infrastructure, low costs of doing business relative to other regions, a favorable tax structure, and very competitive economic development incentives. Manufacturers' contribution to Georgia's GDP will zoom in 2015, but the incoming employment data imply that manufacturing jobs are not coming back too quickly. The state added an estimated 5,700 jobs in 2014, and may add only 6,500 jobs in 2015. In terms of factory jobs, the talk of a manufacturing renaissance in Georgia is overdone, but the sector's output is growing much faster than its employment. Plus, the multiplier effects of factory jobs are often higher than jobs in most non-manufacturing industries. To become a state where manufacturing activity and jobs truly concentrates, Georgia must develop a better educated, more highly skilled, and more productive workforce that can use the newest technologies; and become a more fertile ground for developing and adopting productivity-enhancing technologies. The construction of the Georgia BioScience Training Center, which will support training for Baxter International's new facility, is a good example of providing much needed skills to Georgia's workers while simultaneously incentivizing life sciences companies. Private-Sector Restructuring The main reason why the recession hit Georgia so hard was the state's heavy dependence on real estate development and homebuilding and closely allied industries such as building materials manufacturing and real estate financing. Not enough of Georgia's economic growth was based on educating its own people, innovation, courting emerging high-tech industries, and promoting the growth of in-state capital markets.