Economic Development - Expansions and Relocations

[kayman]

https://www.wbtv.com/2023/02/11/north-carolina-working-reclaim-its-spot-one-nations-hottest-film-markets/

Motion picture industry is looking to grow again. It looks like Charlotte is likely to be the main target location of motion picture production soundstages. The article hints at the work with private investors on securing the funding to make this into a reality.

[KJHburg]

800 more manufacturing jobs maybe coming to Fort Mill with a Canadian solar panel maker.

https://www.bizjournals.com/charlotte/news/2023/02/21/york-county-silfab-solar-800-jobs-incentives.html

 ""the York County Council deferred a decision on the first reading for an ordinance authorizing the county to enter an incentives agreement for a project under the code name Project Mountie. County documents state that Canada-based solar panel manufacturer Silfab Solar Inc. is the company behind the project, which calls for an investment of $150 million and the creation of 800 new jobs.""

what is good for York County is good for Charlotte too! 

[videtur quam contuor]

This announcement is a good example of things I think about. The unemployment rate in York County has been 3.4%-2.6% for the past year. There are many other locations with similar figures. This is full employment in the overall meaning of the term. From where will the 800 new employees come? This announcement says 800 "created" thus not moving here from other company location(s). Add this announcement to all the others you see and ask that question.  Will hospitality and care workers take those positions making those service sectors even more stressed than today? Will everyone, the incoming company and the current employers poach from each other on a rotation? Will I encounter any employee who is established and knowledgeable about his position/job/company/service in the near future?

https://ycharts.com/indicators/york_county_sc_unemployment_rate#:~:text=York County%2C SC Unemployment Rate is at 2.80%%2C compared,long term average of 6.09%.

[KJHburg]

Small start up founded in San Francisco moved to its HQ to Chicago now moving to Charlotte to scale up.

https://www.bizjournals.com/charlotte/inno/stories/news/2023/02/23/food-rocket-delivery-startup-san-francisco-chicago.html?

[KJHburg]

Remember that NC Research Campus up in Kannapolis?  Here is start up pharma company based there that is tripling its staff with a new production plant in Concord.

https://www.bizjournals.com/charlotte/inno/stories/news/2023/03/07/startup-genixus-expands-manufacturing-site-concord.html

https://genixus.com/

[KJHburg]

Well this is good news.    From the Charlotte Regional Business Alliance: 

""Through February, we have a project pipeline of $7.1 billion in potential capital investments in the region with a projection of 18,900 jobs. These projects are all new business opportunities, and do not include expansion projects. For comparison, when examining both expansions and new recruitment projects for all of 2022, announcements in the region totaled $4.8 billion in capital investment and 7,400 jobs in the region. 

The mix of projects considering our region has shifted over the last few months with a larger percentage of projects focused on office. However, the majority are industrial, which is historically the case for the region.""   so 22% are office related which is great for our challenged office market and since only 10% of the leads statewide are office related right now according to the EDPNC

https://charlotteregion.com/blog/2023/03/21/clt-alliance-blog/project-activity-in-charlotte-region-off-to-a-strong-start-in-2023/

speaking of the econ development here is the new Eli Lilly plant in Concord and is moving fast along.  600 jobs $1 Billion investment!  Announced in early 2022 and moving right along

 

https://www.ncconstructionnews.com/pharmaceutical-giant-breaks-ground-on-1-billion-campus-in-concord/

[KJHburg]

Iredell County EDC press release:

EPOC Enviro Selects Statesville for First North American Manufacturing Operations
 
EPOC Enviro (EPOC), a wholly owned subsidiary OPEC Systems, an Australia-based global environmental company, announced plans to establish their first. North American Manufacturing operations in Statesville, Iredell County, and Charlotte Region of North Carolina. The company plans invest a $5.72 million investment and will create 226 jobs.  EPOC Enviro will occupy 263,701 square feet of new Class A industrial space at the Statesville Commerce Center located at Highway 70 and Barkley Road.  Having developed several patented groundwater treatment technologies which have won innovation awards in Australia, the company is currently producing their containerized PFAS remediation treatment systems at an existing manufacturing facility in Australia. EPOC Enviro is already growing into new markets with these products and has signed a new multi-year contract with a US distributor to supply these units.

 

“After looking at possible sites all over America we are delighted to have settled on North Carolina as the hub for our US business activities,” said Peter Murphy, President of EPOC Enviro. “Statesville is perfectly situated in a beautiful corner of the country and it is exactly the kind of community we were hoping to become an integral part of.”

“We are excited about the company’s decision to locate in Statesville. Clean, high-paying jobs are what every community needs. We look forward to working closely with leadership as they transition into Statesville and become part of our ever-expanding patchwork.” – Mayor Costi Kutteh, City of Statesville.

“It’s great to welcome EPOC Enviro to Iredell County in the nationally recognized top state for business with the best workers in the world,” said North Carolina Governor Roy Cooper. “Our fight against polluted water and climate change will be bolstered by this company’s innovative products and its commitment to sustainability.”

Key partners in the project include the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, the North Carolina Department of Environmental Quality, the North Carolina Community College System, Mitchell Community College, Iredell County, Iredell County Economic Development Corporation, the City of Statesville, and the Charlotte Regional Business Alliance.

The project was awarded a Job Investment Development Grant and workforce training support from the State of North Carolina. The City of Statesville and Iredell County are scheduled to hold public hearings April 17 and 18 for the consideration and award of local incentives.

[KJHburg]

Charlotte recently hosted some economic development consultants and see what they had to say about the region.

https://charlotteregion.com/blog/2023/04/20/clt-alliance-blog/selecting-clt-top-consultants-get-fresh-look-at-why-companies-talent-choose-charlotte-region/

""Not surprisingly, many of the consultants thought Charlotte is purely financial services and banking. We were able to change the narrative to a more diverse one through the data. We positioned the Charlotte Region not only as a financial hub but also as an emerging hub for tech, life sciences and innovation with Lowe's Tech Tower, The Pearl Innovation District and Eli Lilly announcements.  ""

 

[RANYC]

1 hour ago, KJHburg said:

Charlotte recently hosted some economic development consultants and see what they had to say about the region.

https://charlotteregion.com/blog/2023/04/20/clt-alliance-blog/selecting-clt-top-consultants-get-fresh-look-at-why-companies-talent-choose-charlotte-region/

""Not surprisingly, many of the consultants thought Charlotte is purely financial services and banking. We were able to change the narrative to a more diverse one through the data. We positioned the Charlotte Region not only as a financial hub but also as an emerging hub for tech, life sciences and innovation with Lowe's Tech Tower, The Pearl Innovation District and Eli Lilly announcements.  ""

 

I'm curious to know what corporates have these "consultants" on retainer. 

Edited April 22, 2023 by RANYC

[KJHburg]

from the head of EDPNC Chris Chung about recent prospects.  He is not seeing any slowdown of projects considering NC. 

https://businessnc.com/chung-north-carolina-not-seeing-slowdown-in-industry-interest/

[RANYC]

6 hours ago, KJHburg said:

from the head of EDPNC Chris Chung about recent prospects.  He is not seeing any slowdown of projects considering NC. 

https://businessnc.com/chung-north-carolina-not-seeing-slowdown-in-industry-interest/

That’s good to hear although anyone receiving appropriations would be loathe to admit to a slowdown in public!

[KJHburg]

1 minute ago, RANYC said:

That’s good to hear although anyone receiving appropriations would be loathe to admit to a slowdown in public!

He is a pretty straight shooter and I don't think he would have gone into the details like he did if it wasn't true. 

British aerospace company Marshall announced today a new facility at PTI airport in Greensboro further cementing our state as an up and coming aerospace cluster.   Boom Supersonic, HondaJet, and several aerospace companies operate there.   Union County closer to home is another cluster of such businesses more parts and so forth. 

https://greensboro.com/business/technology/marshall-aerospace-commits-to-240-job-50-million-facility-at-pti/article_3c536808-70f9-5951-bd6b-6bcbdba55eff.html#tracking-source=home-top-story

[kayman]

I'm ready to see the EDPNC get behind supporting getting a motion pictures soundstages development here in Metro Charlotte.

https://www.wbtv.com/2023/02/11/north-carolina-working-reclaim-its-spot-one-nations-hottest-film-markets

https://www.filmnc.com/current-productions

We have so many in the area and the Charlotte area has the highest demand of site selections for motion pictures for the western portion of NC. This is an untapped market that ought to be capitalized upon to allow even more motion pictures productions in the Charlotte metro.

[15895]

2 hours ago, kayman said:

I'm ready to see the EDPNC get behind supporting getting a motion pictures soundstages development here in Metro Charlotte.

https://www.wbtv.com/2023/02/11/north-carolina-working-reclaim-its-spot-one-nations-hottest-film-markets

https://www.filmnc.com/current-productions

We have so many in the area and the Charlotte area has the highest demand of site selections for motion pictures for the western portion of NC. This is an untapped market that ought to be capitalized upon to allow even more motion pictures productions in the Charlotte metro.

You may already know, so apologies if so. And maybe others didn’t know so;

Before the controversial Bathroom Bill (HB2), I think Charlotte business leaders and KJ, were referring to Charlotte as Hollywood East. Lots of film production going on in Charlotte at the time and that came tumbling down after HB2 passed.

(https://www.bizjournals.com/charlotte/news/2021/06/10/take-two-why-did-nc-lose-film-production.html  (This article explains and wrongly gas lights Jennifer Roberts the Hollywood / HB2 NC Drama) 

Eastland Mall was even going to be either a major Film Production studio (with the other competing bid being extreme sports or something with an indoor slip slope) 

Rendering of the proposed film studio at Eastland. 

 

Even as early as 2019, a Netflix show about the OuterBanks refused to film in NC due to the HB2 (Bathroom bill) that despite having several portions of the law repealed, it is still on the books and some production companies still refuse to come to NC because of it. Ironically, most went to Georgia. 

And the film industry was becoming big in Charlotte. I remember bumper stickers or something saying “Hollywood East”. But man, I recall several productions just picking up and heading to Georgia practically over night when HB2 passed. 

I mention that because the film industry may not be the most solid industry to invest in given they seemingly can pack up and leave. If they want to film in Nc cool, but. I still remember that pretty vividly. 

Per the article below, filming production inquiries dropped 50-75% in NC with half the revenues drying up. I know some were hoping to try to recapture film production after GA passed the abortion law. There’s more drama regarding the film production tax situation but it happened at the same time and I think the NC GOP wanted to teach a lesson to Hollywood. 

https://portcitydaily.com/arts-and-culture/film/2021/04/17/could-georgias-own-divisive-politics-send-filmmakers-flocking-to-a-post-hb2-north-carolina/

[kayman]

1 hour ago, AirNostrumMAD said:

You may already know, so apologies if so. And maybe others didn’t know so;

Before the controversial Bathroom Bill (HB2), I think Charlotte business leaders and KJ, were referring to Charlotte as Hollywood East. Lots of film production going on in Charlotte at the time and that came tumbling down after HB2 passed.

(https://www.bizjournals.com/charlotte/news/2021/06/10/take-two-why-did-nc-lose-film-production.html  (This article explains and wrongly gas lights Jennifer Roberts the Hollywood / HB2 NC Drama) 

Eastland Mall was even going to be either a major Film Production studio (with the other competing bid being extreme sports or something with an indoor slip slope) 

Rendering of the proposed film studio at Eastland. 

 

Even as early as 2019, a Netflix show about the OuterBanks refused to film in NC due to the HB2 (Bathroom bill) that despite having several portions of the law repealed, it is still on the books and some production companies still refuse to come to NC because of it. Ironically, most went to Georgia. 

And the film industry was becoming big in Charlotte. I remember bumper stickers or something saying “Hollywood East”. But man, I recall several productions just picking up and heading to Georgia practically over night when HB2 passed. 

I mention that because the film industry may not be the most solid industry to invest in given they seemingly can pack up and leave. If they want to film in Nc cool, but. I still remember that pretty vividly. 

Per the article below, filming production inquiries dropped 50-75% in NC with half the revenues drying up. I know some were hoping to try to recapture film production after GA passed the abortion law. There’s more drama regarding the film production tax situation but it happened at the same time and I think the NC GOP wanted to teach a lesson to Hollywood. 

https://portcitydaily.com/arts-and-culture/film/2021/04/17/could-georgias-own-divisive-politics-send-filmmakers-flocking-to-a-post-hb2-north-carolina/

I understand what you are saying but that "just picking up and heading to..." notion could be applied with any major industry accept public education in the 21st century.  However, that shouldn't preclude the motion pictures industry from not expanding in Charlotte.  Furthermore, Georgia is actually worse off politically than North Carolina when it comes to regressive policymaking.  In the 21st century,  money talk but tax breaks and incentives are determines what walks or goes away.  Finally, with the exception of California, every other state with significant motion pictures industry investments are a giant duspster fire politically.

Edited April 26, 2023 by kayman

[kermit]

^ Georgia kinda won the film production lottery thanks to the massive gravitational    force in the industry that is Tyler Perry and his massive studio at Fort McPherson. I believe it is much larger than what Dino Delaurnetis built in Wilmington in the 80s (Maximum Overdrive!) which created the talent base which kickstarted our production cluster.

Even without HB2 we would have gotten clobbered, but HB2 certainly accelerated the exodus.

Edited April 27, 2023 by kermit

[kayman]

2 hours ago, kermit said:

^ Georgia kinda won the film production lottery thanks to the massive gravitational    force in the industry that is Tyler Perry and his massive studio at Fort McPherson. I believe it is much larger than what Dino Delaurnetis built in Wilmington in the 80s (Maximum Overdrive!) which created the talent base which kickstarted our production cluster.

Even without HB2 we would have gotten clobbered, but HB2 certainly accelerated the exodus.

Actually the Screen Gems on the old Atlanta Lakewood Fairgrounds and Pinewood Studios soundstages in Senoia, GA did that long before the Tyler Perry Studios soundstages on most of the former Fort McPherson site was a thing. Ironically,  I was there and worked on that property ownership allocation with the City of Atlanta.

However, Louisiana is still pushing along consistently landing motion pictures productions.

https://www.louisianaentertainment.gov/film

That's why I said Charlotte should continue to push forward on recruiting and growing the motion pictures industry. 

Edited April 27, 2023 by kayman

[KJHburg]

NC voted for 3rd year in a row by Site Selection magazine (the bible for economic development consultants and professionals) as winner of the Prosperity Cup.  I know some think things like this don't matter but most people and companies want  to be near success.  

https://siteselection.com/issues/2023/may/2023-prosperity-cup.cfm

""North Carolina has won its third consecutive Prosperity Cup, which recognizes the competitiveness of state-level economic development agencies and their success in landing capital investment projects according to a 10-point index (see methodology). It’s in the heart of the Southeast, a region whose states consistently perform well in this and other Site Selection rankings. Georgia ranks second this year in the Prosperity Cup contest, followed by Ohio, Indiana and Kentucky.""

 

[KJHburg]

I will put this here from NC Dept of Commerce:

[rancenc]

Jobs and investment coming to Mecklenburg County.

https://governor.nc.gov/news/press-releases/2023/05/09/governor-cooper-announces-205-new-jobs-ev-charging-company-expands-mecklenburg-county

[KJHburg]

5 hours ago, rancenc said:

Jobs and investment coming to Mecklenburg County.

https://governor.nc.gov/news/press-releases/2023/05/09/governor-cooper-announces-205-new-jobs-ev-charging-company-expands-mecklenburg-county

Great thing about Atom Power is that this company is locally founded and the president is a UNC Charlotte grad.  Great local success story.

https://wraltechwire.com/2023/05/09/nc-company-focusing-on-electric-vehicle-charging-to-create-200-jobs-in-expansion/

[KJHburg]

1st quarter 2023 report from Charlotte Regional Business Alliance shows slowing growth.  Most announced and in the pipeline are manufacturing based and less office users.

Download your copy here

https://charlotteregion.com/pages/growth-report/

[atlrvr]

On 3/25/2022 at 10:24 PM, atlrvr said:

So, my question above is actually a question on if this is a good investment for NC taxpayers.  Hyundai imported cars here for 19 years before opening a factory, presumably because it took that long to prove demand.  They were also a lower price point car to gain market share.  Personally, I'd like to see their business model proved here first before we write incentive checks.   I'm sure some will argue the structure helps protect tax payers, but thinking about this how a private investor would, the Toyota deal is a much better risk/return than this deal unless incentives turn out to be much lower than I expect.

Looks like a good thing they deferred their plan to break ground here.  

https://www.roadandtrack.com/news/a43875030/2023-vinfast-vf8-first-drive-unacceptable/

[DCMetroRaleigh]

Vietnamese electric-vehicle maker VinFast is going public through a SPAC deal that would value the combined company at $23 billion, shifting gears in its path to public markets after it initially filed for a U.S. IPO.

https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-12-2023/card/ev-maker-vinfast-strikes-23-billion-spac-deal-DuIQ9i04US3xurzFsnR9

[KJHburg]

This is interesting and good news hopefully it passes the NC House too.

""The budget proposal the North Carolina Senate released Monday allocates more than $1 billion to a statewide economic development nonprofit backed by some of the state's most influential business leaders.

The Senate is proposing a one-time allotment of $1.425 billion that would serve as a sort of endowment for NCInnovation, which would use the proceeds from investing this endowment to support applied research within universities that could translate to commercial opportunities.

NCInnovation was formed in 2018 by a group of North Carolina business leaders who were concerned about the state's performance compared to others in turning research into innovation. This includes Kelly King, the former CEO of Truist Financial (NYSE: TFC).

The group has already signed memorandums of understanding with four anchor universities – East Carolina University in Greenville, North Carolina A&T in Greensboro, UNC Charlotte and Western Carolina University.""

https://www.bizjournals.com/charlotte/news/2023/05/15/senate-proposes-investment-in-ncinnovation.html

then it makes me wonder if this endowment will help NC get one of these new Federal tech hubs:

https://www.bizjournals.com/triangle/inno/stories/news/2023/05/14/north-carolina-rtp-chips-act-tech-hub-program.html

Charlotte and Raleigh Durham would certainly be contenders in this state.