2024 State Of The Year: Top Contenders

These 12 states are full speed ahead with strategies and programs that support business.

2024 State Of The Year: Top Contenders
(Photo: Adobe Stock / Prompt2image)
By BF Editors
From the January/February 2025 Issue
2024 State Of The Year: Top Contenders

As part of the Business Facilities 2024 State of the Year evaluations, states with notable programs and successes are highlighted as 2024 Top Contenders. These states showed strong economic growth or had key programs to promote growth in 2024.

Arizona

During calendar year 2024, the Arizona Commerce Authority (ACA) and economic partners successfully won over 100 competitive projects from companies that committed to creating more than 25,800 projected new jobs and investing over $53.6 billion in the state. Governor Katie Hobbs launched two new Future48 Workforce Accelerators: a battery-focused accelerator and a semiconductor focused facility in Phoenix. Also, to support technician apprenticeship offerings, the ACA launched the AZ Semi Career and Apprenticeship Network in partnership with the SEMI Foundation. Through the partnership, employers have access to customized training and curriculum as well as an established network of training providers, education institutions, and community-based organizations.

Florida

In 2024, the Florida Defense Support Commission awarded $1.37 million in grants to preserve and protect military installations, support the state’s position in research and development arising out of military missions, and improve the state’s military-friendly environment This year, Governor Ron DeSantis signed Senate Bill 1420 into law, which provides long-term sustainability for the Florida Defense Support Task Force through the creation of the Florida Defense Support Commission. Since 2019, Gov. DeSantis awarded nearly $6.3 million through the Defense Reinvestment Grant Program to support infrastructure projects in Florida’s military communities. This year, Gov. DeSantis has awarded more than $69 million to 15 communities and education institutions for economic development through the Florida Job Growth Grant Fund.

Georgia

The Georgia Department of Economic Development’s Global Commerce team supported 429 facility expansions and new locations resulting in more than $20.3 billion in investment and the commitment of 26,900 new, private sector jobs statewide, during Fiscal Year 2024. A highlight: With Governor Brian Kemp’s focus on growth in rural Georgia, 83% of expansions and new locations are on their way to communities outside the 10-county Atlanta region, representing more than 18,300 new jobs and $12.5 billion in investment. Recently, Gov. Kemp announced six inaugural recipients of the OneGeorgia Authority’s new Rural Site Development Initiative grant. These inaugural grants totaled $9.3 million.

Indiana

The state marked the eighth consecutive record-breaking year for economic development, community development and entrepreneurship. In 2024, the IEDC secured more than $39.2 billion of committed capital investment, and this included helping to launch 482 small businesses, and awarding $500 million in quality of place funding to communities across the state through READI 2.0. In 2024, the IEDC secured 169 commitments from companies to locate or expand in Indiana, making plans to invest more than $39.2 billion (+37% from 2023) in their operations and create 17,062 new jobs with an average wage of $36.09/hour – or approximately $75,067 annually (+7% the national average wage and +28% the state average wage). Of these commitments, more than 72% are from companies already operating in Indiana committing to continued growth, nearly one third are from small businesses with less than 500 employees, 21% are from companies growing in rural and mixed-rural communities, and 20% are from foreign-owned businesses.

Michigan

With the mobility sector a big focus, the new Changing Lanes program leverages resources in the state’s entrepreneurship channels to create a talent pipeline, bridging startups and automotive ecosystems. Auto workers will be provided with a roadmap and tools including training programs, access to accelerators and funding channels, as well as personalized support to launch or join EV, autonomous transportation, or mobility services startups. Key pillars of this program include: Bridging the gap between two currently separate professional ecosystems by growing awareness and hosting cross-sector events; Offering tailored entrepreneurship training focused on the mobility sector; Facilitating partnerships with industry leaders, research institutions, and accelerators; and Focusing on key areas such as EV development, autonomous technology, shared mobility services, and clean transportation innovations.

Nevada

The state’s economy in 2024 showed positive growth, with its GDP reaching $198.4 billion, representing a 2.4% increase from 2023; this growth was driven by factors like a thriving tourism industry, a rising tech sector, and increasing focus on renewable energy, particularly lithium mining in the state. The leisure and hospitality sector saw significant job growth, while the tech and renewable energy industries also contributed to economic expansion. Nevada’s large lithium deposits are positioning the state as a leader in clean energy production and storage, attracting further investment. The state is also engaged with WaterStart and SRI to explore the intersection of economic development and water resource management.

North Carolina

The State of North Carolina announced 16,956 new jobs in the state in 2024, representing 218 business recruitment, expansion or rural development projects that engaged with the North Carolina Department of Commerce or its team at the Economic Development Partnership of N.C. in 2024. These projects will bring $15.2 billion of capital investment into the state. The 2024 performance tops 2023’s announcements of 14,114 jobs and $12.9 billion of capital investment. A highlight: Film productions across the state generated more than $302 million in direct in-state spending in 2024. This year is the second highest year-end total since 2015. For 2024, the state welcomed more than 55 productions across the state, with 12 projects receiving awards from the N.C. Film and Entertainment Grant.

Ohio

In 2024, Ohio’s economy was characterized by a growing job market, a low unemployment rate, and a gross state product (GSP) of $706 billion. A highlight: The Ohio Discovery Corridor is leading opportunity, innovation, and collaboration unlike anywhere else in the Midwest. It’s where the brightest minds and world-class institutions come together to shape the future of life sciences, technology, and more. This collaboration is enabled by $3 billion in investment from anchor institutions, the state of Ohio, and JobsOhio. Over 10 years, the Ohio Discovery Corridor is expected to inspire 47,500 additional STEM graduates and fuel an estimated 60,000 new jobs.

South Carolina

The state reported 2024 industry recruitment results, with an announced total capital investment of $8.19 billion from January to December 2024. Thes investments account for more than 5,500 announced new jobs. Existing industries reinvested in the state through expansion, accounting for $5.38 billion of all announced capital investment. information technology and computer equipment accounted for $4.1 billion; automotive accounted for $1.3 billion; and aerospace accounted for $1 billion.

Tennessee

This year, companies invested over $2.7 billion in the state and committed more than 9,000 new jobs. The unemployment rate remained below the national rate, hitting the lowest rate in history of 3.1% in July 2023. Other highlights include Tennessee Historic Development Grants awarded $6.1 million, for communities and private developers to reinvigorate idle buildings. Also, the state led the nation by becoming the first to address the impact of artificial intelligence (AI) on the music industry, when Governor Bill Lee signed the Ensuring Likeness Voice and Image Security (ELVIS) Act into law.

Texas

The state currently is home to the highest number of Fortune 500 companies. The state capitalizes on its higher education system that includes 52 public and private universities, three Tier-1 research universities, and the third largest community college system in the U.S. In spring 2024, Governor Greg Abbott launched the Texas Space Commission and appointed the inaugural members of the Texas Space Commission Board of Directors and the Texas Aerospace Research and Space Economy Consortium (TARSEC) Executive Committee at NASA’s Johnson Space Center.

Utah

The Governor’s Office of Economic Opportunity office administers the Economic Development Tax Increment Financing (EDTIF) and Rural Economic Development Tax Increment Financing (REDTIF) program. From July 2023 to June 2024, 20 companies participating in the state’s board-approved tax credit program and are collectively projected to create 8,549 new jobs, make $2.4 billion in new capital investments, pay $539 million in new state tax revenue, and provide $6.2 billion in new state wages over the next 20 years. Through three quarters of 2024, Utah’s real GDP growth rate led the nation at 4.6%. The state’s unemployment rate continued to rise from historic lows, but at 3.1% for 2024, it remained below the U.S. 4.0% unemployment rate.


Arizona, Awards & Rankings, Business/Industrial/Research Parks, Capital Investment, Cover Story, Economic Development, Education & Workforce, Featured, Florida, Georgia, Incentives, Taxes & Financing, Indiana, Industry Clusters/Hubs, Infrastructure & Logistics, Michigan, Nevada, North Carolina, Ohio, Public-Private Partnerships, Shovel-Ready & Certified Sites, Site Selection Factors, South Carolina, Tennessee, Texas, Utah, Workforce Development

2024 State of the Year, 2024 Top Contenders, BF-Jan/Feb-2025, Business Incentives, Capital Investment, corporate expansion, Economic Development, Employment, Site Selection, Workforce Development

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