2024 Deals Of The Year & Impact Awards

The 2024 Deals of the Year & Impact Awards entries spanned industries and investment levels. Here are the stories of this year’s picks.

2024 Deals Of The Year & Impact Awards
(Photo: Adobe Sstock/Animaflora PicsStock)
By BF Editors
From the January/February 2025 Issue

At the start of this year, Business Facilities announced its annual Deal of the Year Awards, and on the following pages are the stories of these top economic development deals of 2024. Four projects were selected by our panel of judges and Business Facilities editors, who reviewed dozens of entries to narrow the winners down to Platinum, Gold, Silver, and Bronze selections. Investments by Meta, Amazon Web Services (AWS), Novo Nordisk, and xAI, respectively, are the projects recognized for the top spots.

These four projects are taking place in Richland Parish, Louisiana; Madison County, Mississippi, Clayton in Johnston County, North Carolina; and Memphis, Tennessee, respectively. That is great news for the regions that these companies are investing in — generating additional jobs in the area to service these companies as they construct their facilities and operate them for decades to come. It is also a sign that businesses believe in the communities they’ve chosen to locate or expand an existing operation.

The Business Facilities Impact Awards highlight projects and the EDOs and partners that worked on these deals. Featuring 20 categories, the Impact Awards showcase a particular angle that made a project stand out to the Business Facilities editors.

Business Facilities thanks all organizations who participated in this annual event, from the economic development groups that submitted their entries to our judges who took the time to evaluate the candidates to the companies that made it all possible.

Platinum Award

Louisiana Economic Development recognized for Meta data center, which represents a $10 billion investment in Richland Parish in northeast Louisiana.

Project partners include GrowNELA and Entergy

Meta announced in December 2024 that the tech giant has selected a former family-owned farm in Northeast Louisiana as the site of the company’s largest artificial intelligence-optimized data center in the world, a historic $10 billion investment that will bring more than 1,500 new direct and indirect jobs to rural Louisiana.

At 4 million square feet, the facility will extend more than one mile from front to back. The investment from one of the largest U.S. tech firms sends a powerful message about Louisiana’s emergence as a tech hot spot and hub for innovation.

“Meta is building the future of human connection and the technology that makes it possible. And this data center will be an important part of that mission,” said Kevin Janda, Meta Director of Data Center Strategy. “Richland Parish in Louisiana is an outstanding location for Meta to call home for a number of reasons. It provides great access to infrastructure, a reliable grid, a business-friendly climate, and wonderful community partners that have helped us move this project forward. We’re thrilled to be a new member of the Richland Parish community and are committed to investing in its long-term vitality.”

Meta, Deal of the Year
The Meta data center in northeast Louisiana will occupy 4 million square feet on the 2,250-acre former Franklin Farm mega site in Richland Parish. (Photo: Louisiana Economic Development)

The site is located in Richland Parish, which has a population of 19,712 and a median household income of $48,125. That is significantly less than the $80,000 and above average salaries Meta is expected to pay when the data center becomes operational. Among Northeast Louisiana communities, the project is widely seen as historic and transformational, bringing the promise of sparking robust economic activity and putting the region on the forefront of developing a statewide workforce ready to compete nationally for AI jobs.

Additionally, Meta has a track record of partnering with schools and local organizations to help area residents build skills and increase the use of technology; Louisiana Delta Community College has already begun developing a curriculum to ensure worker readiness for the facility’s projected completion in 2030. Meta makes a concerted effort to source Data Center labor and materials locally, sparking new economic activity and investments throughout the entire region and ensuring multiple industries benefit from the billions invested.

Once the facility opens, Meta has pledged to introduce a Data Center Community Action Grants program that will put technology to use for the community benefit, including improving educational resources, especially around science, technology, engineering, the arts and math (STEAM).

Five months before the project’s announcement, Louisiana Governor Jeff Landry signed Act 730 into law, which contains a new incentive program that reduces sales tax liability on data center equipment purchases. This program was a major factor in this project, and is expected to become critical to future final investment decisions.

In November, the Louisiana Legislature passed tax reform legislation that reduces the corporate and personal income tax rates, significantly improving Louisiana’s business tax climate and strengthening its competitive position for additional data center investments.
Other attractive features for Meta were Louisiana’s affordable utility rates and abundant water resources, both of which are critical to data center operations as demand increases.

Project Impact

  • $10+ billion investment is positioned to transform region.
  • Facility will support 500+ direct new jobs.
  • Expands Louisiana’s position as data center hub.

Gold Award

Mississippi Development Authority recognized for new Amazon Web Services data centers in Madison County, with $10 billion investment.

Project partners include Madison County Economic Development Authority and Entergy.

Amazon Web Services, Inc. (AWS) is investing $10 billion to establish multiple data center complexes in two Madison County, Mississippi industrial parks. The project is a planned $10 billion corporate investment and will create at least 1,000 high-paying, high-tech jobs. This investment by AWS is the single largest capital investment in Mississippi history.

The total impact of this project in Madison County is projected to be $15.5 billion in direct, indirect and induced economic effects, creating more than 35,000 jobs in the region. Additionally, the $80,000 average salary will generate more than $150 million in income for Madison County’s supplier and service sectors.

2024 Deals Of The Year & Impact Awards
In May 2024, Amazon Web Services (AWS) held a groundbreaking event kicking off its $10 billion investment for multiple data centers in two industrial parks in Madison County, Mississippi. (Photo: Mississippi Development Authority)

A significant challenge faced was the rising demand for power from companies like AWS. Mississippi’s utility providers have been upgrading power capacity at industrial sites to meet the demand. Utility company Entergy’s ability to meet AWS’ power requirements was a deciding factor in the company choosing Madison County.

In addition to Entergy, the state offered AWS competitive advantages that bolstered its efforts to win this project. The greater Jackson metropolitan area is positioned well for tech investment due to access to affordable, high-capacity power and untapped dark fiber. Also, Central Mississippi is home to multiple colleges and universities, which provides a talented pipeline of workers to fill the high-tech jobs. The region’s convenient access several interstate highways and an international airport, shovel-ready sites, fast permitting timelines, affordable cost of living, and competitive labor rates were all instrumental.

The state also boasts a robust incentives portfolio. Mississippi Development Authority (MDA) collaborates with local and regional economic development organizations to provide a unified support system for businesses. For this project, Governor Tate Reeves called a special session of the Mississippi Legislature to provide legislators with details about this project, leading to the approval of more than $844.4 million in support through grants, rebates, and savings.

“Winning the Gold Deal of the Year Award from Business Facilities is another proud moment for Mississippi and a clear validation of our pro-business policies that attract game-changing projects like Amazon Web Services’ $10 billion data center complex,” said Gov. Reeves. “This award demonstrates that Mississippi is not just competing on the national stage, it shows companies around the world that we are leading the way in recruiting transformative investments and creating amazing opportunities for our citizens. I commend everyone involved in making this achievement possible and look forward to continuing this remarkable momentum well into the future.”

AWS broke ground in May 2024, and the first data center is expected to come online in March 2025, with the first group of shells that will house additional operations slated for completion in early 2027.

Bill Cork, MDA Executive Director, said, “Under the leadership of Gov. Tate Reeves, Mississippi’s economic development efforts have culminated in record-breaking new investments in our communities. This massive project marks the highest capital investment in state history and positions Mississippi as a hub for data centers that depend on robust infrastructure and speed to market to operate efficiently and effectively. We know this monumental project will change lives, as well as the economic landscape of Mississippi, for generations to come.”

Project Impact

  • Highest capital investment in Mississippi history.
  • Jobs with $80,000 average salary.
  • Power capacity upgraded in the region.

Silver Award

Economic Development Partnership of North Carolina is recognized for $4.1 billion expansion by Novo Nordisk in Johnston County.

Project Partners include North Carolina Department of Commerce; NC General Assembly; NC Department of Transportation; NC Community College System; Johnston Community College; North Carolina Biotechnology Center; Duke Energy; Johnston County; and Johnston County Economic Development.

Novo Nordisk, a leading global pharmaceutical company, is investing $4.1 billion to build a second fill and finishing manufacturing site in Clayton, North Carolina, creating 1,000 new jobs in Johnston County. The new facility will expand Novo Nordisk’s current operations in Clayton and will grow the company’s ability to produce current and future injectable treatments for people with obesity and other serious chronic diseases. Novo Nordisk makes the GLP-1 diabetes and weight-management drug semaglutide, known as Wegovy and Ozempic, in addition to insulin and other products to treat diabetes.

This announcement is one of the largest manufacturing investments in Novo Nordisk’s 101-year history. It is the largest life sciences investment in North Carolina history.

2024 Deals Of The Year & Impact Awards
Pharmaceuticals company Novo Nordisk is expanding its Johnston County, North Carolina site with a $4.1 billion investment for new production facilities. (Photo: Novo Nordisk)

Novo Nordisk’s expansion will add 1.4 million square feet of production space for aseptic manufacturing and finished production processes, doubling the combined square footage of all three of the company’s existing facilities in North Carolina. The project will also add 1,000 new jobs; the company currently employs close to 2,500 in the region. Novo Nordisk established a presence in North Carolina 31 years ago for its first U.S. manufacturing site. In 2016, the company announced an expansion adjacent to its initial facility, at the time becoming the largest life science investment in North Carolina’s history.

“Clayton was the first manufacturing site for Novo Nordisk in the U.S., and this new, large-scale investment confirms the continued importance of our production facilities there as cornerstones of our company’s growth,” said Henrik Wulff, Executive Vice President, Product Supply, Quality & IT, Novo Nordisk. “For decades, we have partnered to foster a well-trained, dedicated and diverse local workforce in North Carolina. In Clayton and across our global manufacturing sites, we are driven by one purpose: to deliver more for the millions of people living with chronic diseases—and this facility will help us achieve just that.”

The facility aims to be LEED Gold certified, utilizing rooftop solar panels and innovative water strategies to deliver its products in an environmentally sustainable manner.
Roughly 2,000 external contractors are working on the project. Although wages will vary depending on the position, the average salary for Novo Nordisk’s new positions will be $70,000, exceeding Johnston County’s average wage of $50,605.

“Novo Nordisk’s decision to expand its manufacturing capability with a multi-billion-dollar investment is testament to North Carolina’s top-notch workforce and long history of being a leader in the life sciences and biopharmaceutical industries,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC). “This announcement is the largest life sciences investment in the state’s history, and we are proud that Novo Nordisk has confidence in the workforce, resources and partnerships North Carolina provides.”

Early clearing and foundational work are already underway to prepare the 56-acre facility footprint. Construction will gradually be finalized between 2027 and 2029. Around 2,000 external contractors will be engaged at the height of the project.

Project Impact
  • $4.1 billion expansion.
  • Expected to create 1,000 jobs.
  • Expands North Carolina’s position as a biotech hub.

Bronze Award

Greater Memphis Chamber is recognized for landing $12 billion investment to the city, and the state of Tennessee.

On June 5, 2024, Elon Musk firm xAI announced it has chosen Memphis, Tennessee as the site for the Gigafactory of Compute, the world’s largest and most advanced supercomputer facility. This landmark $12 billion (and growing) investment positions Memphis as a centerpiece of the digital age, driving economic growth and technological advancement for the city while cementing the region’s reputation as the Digital Delta.

Founded in 2023, xAI represents Musk’s vapproach to advancing artificial intelligence (AI) responsibly and accelerating human scientific discovery. Its flagship product, Grok, an AI chatbot hosted on Musk-owned X (formerly Twitter), is already making waves.

2024 Deals Of The Year & Impact Awards
Greater Memphis Chamber team at xAI announcement choosing to locate in Memphis, TN Greg Duckett, Chairman of the Board of Directors of the Greater Memphis Chamber; Ted Townsend, Greater Memphis Chamber President and CEO; Gwyn Fisher, Chief Economic Development Officer; and Troy Parkes, Sr. Vice President, Global Business Development. (Photo: Greater Memphis Chamber)

Memphis captured Musk’s attention for its strategic location, robust energy resources, and the Greater Memphis Chamber’s ability to address the project’s demands with speed and delivering results. Musk’s demands were clear—reliable power, swift execution, and operational scalability.

The Greater Memphis Chamber, led by President & CEO Ted Townsend, worked with Memphis Light, Gas and Water (MLGW) CEO Doug McGowen to deliver results. “We gave them the speed of decision-making they required,” McGowen explained, underscoring Memphis’ agility. The Chamber’s swift collaboration, particularly with Phoenix Investors—a trusted partner—allowed Memphis to pitch xAI’s leadership just days after discussions began.

The team’s quick action and innovative solutions sealed the deal. Within days, Memphis proposed scaling electricity from 8 megawatts to 50 megawatts by June 1, 2024 and 150 megawatts by year-end. Musk engaged in discussions, emphasizing power reliability. Concerns about water usage—estimated at 1.1 million gallons daily—were addressed by highlighting Memphis’ infrastructure, capable of producing 150 million gallons daily.

In a groundbreaking move, xAI committed to building the world’s largest ceramic membrane bioreactor (MBR) wastewater recycling plant, Colossus Wastewater Recycling Plant, which will treate and recycle 13 million gallons of wastewater daily. This operation will preserve 4.745 billion gallons of Memphis Aquifer water annually and support other industries and companies, including TVA and Nucor Steel.

The Gigafactory of Compute is projected to quadruple the combined power of the world’s two largest supercomputers, impacting fields such as logistics, medical research, and space exploration. This transformative facility is more than a technical marvel; it is an economic powerhouse, notes the Greater Memphis Chamber.

Additionally, the Chamber’s strategic efforts to launch this project in 122 days—a process that typically takes years—exemplify the city’s readiness for global innovation. Townsend described this as “a defining moment for Memphis.”

The city’s partnership with xAI extends beyond economic growth to encompass community development and environmental stewardship. For example, xAI’s expertise may bolster MLGW’s grid resiliency through battery storage innovation and introduce low-income neighborhoods to power walls for sustainable energy.

As Ted Townsend stated, “This is a moment that defines the future of Memphis. The eyes of the world are on us, and we are ready to lead. This historic partnership is a testament to Memphis’ resilience, vision, and capacity to embrace the transformative power of innovation. Together with xAI, Memphis is not just participating in the AI revolution—it is shaping it.

Project Impact

  • $12 billion represents 12.5% of Memphis’ 2022 gross regional product.
  • Expected to create up to 500 well-paying jobs
  • Potential to create new tech ecosystem

Deal of the Year Overview

Each January, Business Facilities, a leading publication for corporate site selectors, recognizes economic development organizations for their work in securing significant corporate relocation, expansion, or retention projects. The annual Business Facilities Deal of the Year Awards focus on capital investment, jobs creation, innovation, and impact on communities.

Economic development organizations submitted entries for projects in their regions announced or taking place between September 2023 through 2024. As evaluated by the judging panel and Business Facilities editors, three of the four 2024 Deal of the Year award winning projects are data centers.

Along with Business Facilities editors, the 2024 Deal of the Year judges were John Boyd, Jr., Principal, The Boyd Company, Inc.; Linda Burns, Incentives Practice Leader, WDG Consulting; and Robin Spinks, President, Greenfield Development Company. We thank them for their time and their insight for the 2024 Deal of the Year Awards.

Award Criteria Overview

For the Deal of the Year Award, an economic development deal is defined as:

  • A project or effort that resulted in the relocation/expansion of a company to a location served by the entering organization;
  • A project resulting in the expansion of a company already within the territory served by the entering organization;
  • A project or effort that resulted in the demonstrable retention of a company that would have otherwise left, in whole or in part, the territory served by the entering organization;
  • Any combination of these.

Nominees were requested to provide economic impact numbers, including direct, indirect and induced figures for economic output, job creation and capital investment when available, as well as anticipated new wages; and a narrative about the deal.

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The 2024 Deals Of The Year: Impact Awards

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2024 Deals Of The Year, Apple Data Center, Asahi Kasei, Austal, BF-Jan/Feb-2025, Capital Investment, Consumers Energy, corporate expansion, Costco Depot, Economic Development, Editors Pick, Eli Lilly and Company, Embraer, GAF Roofing, Gifthealth, Google, GSK, Impact Awards, Incyte, Micro Bird Project, National Championship Air Races Recruitment, Natron Energy, SeAH Superalloy Technologies, Site Selection, Topsoe, Weyerhauser Company

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