First Word: Meeting The Moment
As manufacturing roared back to life in 2022, companies jumped into action to meet the resurgence of demand from around the globe. In North America, the number of site selection projects took off, and economic developers responded to a flurry of inquiries to show companies how their locations were ready for the revived phase of production we have seen all around us. Inflation, the labor shortage, and supply chain challenges are putting steady pressure on business decisions, but these did not in actuality slow the wave of relocation and expansion projects across the manufacturing sector.
And while virtually all industries made big moves to get products to market faster and more efficiently, the electric vehicle and semiconductor industries were two trumpeted seemingly everyday in the headlines. In 2022, North Carolina attracted megaprojects from both of these industries—the top two of which are expected to create nearly 10,000 jobs over the next decade. Vietnam-based EV-maker VinFast chose the state for its first North American plant, and last fall Wolfspeed chose its home state to build a plant aimed at increasing production capacity ten-fold. Announcing the decision, Gregg Lowe, Wolfspeed President and CEO, pointed to his firm’s relationship with North Carolina Agricultural and Technical State University “to nurture our best-in-class talent pool,” highlighting the world-class education institutions in the Tar Heel State.
New investment from relocating and expanding companies across all industries in North Carolina totaled $19.3 billion, nearly double 2021 figures. Bipartisan pro-business legislation and pro-active economic development organizations are instrumental in bringing this to fruition. Business Facilities recognizes North Carolina as its 2022 State of the Year for not only the hard numbers, but the work of these entities behind the scenes to foster a business climate where companies from all sectors can find success.
Business Facilities January / February 2023 Issue
ON THE COVER
STATE OF THE YEAR: NORTH CAROLINA | On a winning run, the Tar Heel State has seen record-breaking investment brought on by officials in both public and private sectors creating a business environment ripe for success. Plus, our Regional Runners-Up!
2022 DEAL OF THE YEAR AWARDS
- PLATINUM AWARD | A $100 billion investment from Micron Technology brings a mammoth semiconductor operation to New York State.
- GOLD AWARD | Intel is investing $20 billion to build its first semiconductor facility in the U.S. in four decades, choosing Licking County, Ohio.
- SILVER AWARD | Chevron Phillips Chemical’s joint venture with QatarEnergy solidifies its Texas roots with an $8 billion integrated polymers facility.
- BRONZE AWARD | A shovel-ready site and southern hospitality helped to attract Hyundai Motor Group’s $5 billion EV and battery manufacturing plant to Georgia.
- IMPACT AWARDS | Business Facilities editors chose 18 projects with the most impact in their respective categories.
TOP PICKS: 2023 TOP UTILITIES | These providers help keep the economies growing in their service areas.
SHOVEL-READY SITES | Site selection is accelerated when sites certified to meet companies’ needs are at the ready.
LAUNCHING TO SUCCESS | The aerospace and defense industry is taking off, and locations with the technology, workforce, and ingenuity to serve needs are winning projects.
INTERMODAL FACILITIES: LOAD IT UP | Locations with intermodal shipping capabilities are crucial to companies to get products to market.
TECHNOLOGY BOOSTS FOOD PROCESSING | Food and beverage makers are employing digital tools to improve agility.
SOARING DEMAND FOR DATA CENTERS | Internet access needs are at an all-time high, and the industry needs locations to provide sufficient resources.
CALIFORNIA FOCUSES ON GROWTH | Big names like Google and Apple have chosen to locate here, while many others are discovering what the Golden State has to offer.
CUTTING-EDGE COLORADO | Advanced industries are thriving with skilled workforce and incentives.
FLORIDA ATTRACTING PEOPLE, BUSINESS AT A FAST PACE | With population rising, the Sunshine State has programs in place to develop its diverse workforce.
BILLIONS INVESTED INTO KANSAS | Supporting investments, large and small, is paying off for the Sunflower State.
BUSINESSES BOOM IN NORTH CAROLINA | Business is booming in this southeastern state.
OHIO: GAINING NEW GROUND | With a long history of fostering innovation, the state is seeing a Renaissance of sorts.
OPPORTUNITY ACCELERATES IN TEXAS | The Lone Star State is full of options for business, from both within the U.S. borders and across the globe.
CANADA IS CALLING | FDI into this northern nation is robust, and that’s just one bright spot.
LABOR MARKET TRENDS: THE NEXT CHAPTER | For military veterans seeking employment, private sector programs are part of an ecosystem to connect with marketable skills.
MICHIGAN: NO SLOWDOWN IN SIGHT | Manufacturers are moving toward EV in this historically automotive-focused economy.
LOUISIANA: A NEW ENERGY FOR THE BAYOU STATE | This southeast state is evolving it energy industry with H2theFuture, a clean hydrogen plan.
- NEW & NOTEWORTHY | News from New Jersey, Delaware, Florida, Texas, Costa Rica, Germany, and North Carolina. Plus, People In The News.
- Q&A: AMARILLO, TX | The largest city in the Texas Panhandle offers workforce and incentives for companies to succeed.
- WHY… OREGON? | The post-pandemic economic rebound in this western state is fueled by manufacturing, services, and wholesale trade.
- LIVEXCHANGE EMERGING INDUSTRIES CONNECTS HIGH-GROWTH SECTORS | Event focused on site selection trends and issues facing companies in emerging industries, including advanced manufacturing, EVs, AI, fintech, biotech, and agritech.
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