No, demographics will continue to trend D. By the end of the decade, Georgia will be a swing state. Next decade, I imagine the Republican gerrymanders will be reversed.
What about the growth of the exurbs?
The rapid growth in the exurbs is fueled mainly by new settlers to the area. Statistical advantage for the Democrats. Cobb and Gwinnett (suburbs) are already close to flipping. Cherokee, Forsyth and Hall (~600,000 people) will remain heavily Republican probably forever and will probably remain split across 2 CDs in order to bolster Republican support in the area (the new 9th and 11th CDs). Cobb and Gwinnett (~1,600,000) will cancel out any of the exurb growth as it trends Democratic.
The Democrats' floor in Georgia is quickly improving. Look at the 2010 Governor's race. Roy Barnes, who was chastised out of office in 2002 by teachers and Confederate fools, still managed to get 43% of the vote. In a mid-term. In 2010. Deal barely got 53% (with a 4% diversion to Monds). Republicans - generally speaking - who aren't facing an incompetent Democrat are now topping out in Georgia at 51-53%.
Barnes was highly unpopular outside Democratic circles here. With his efforts to furlough teachers and his success in finally removing the Stars and Bars, he was about as well-liked as Joe Lieberman. Even though he's a "state" candidate and former governor, he was probably as unpopular as a national candidate, and yet did better than Kerry did here in an election cycle that significantly favored Republicans.
What percentage of the vote did the previous gubernatorial candidate get? 38.22%. In 2006, which was a good national year for Democrats. The Libertarian candidate also got around 4% this time, too.
To close the margin ten points between 2006 in 2010 at the state level in Georgia is huge, especially when you consider that 2006 was a +D year and 2010 was a +R year.