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DCMetroRaleigh

North Carolina attracting industry at a Cost

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WSJ

North Carolina had had its best year ever for attracting new business and jobs, but it hasn't come cheap: the state has promised nearly five times the incentives as last year to attract the companies.

The state has committed to give $55 million in grants to companies that have pledged $1.7 billion in investment through the end of July, state Commerce Secretary Jim Fain said. More than 12,000 jobs are on tap from the business recruits.

Last year, the state handed out almost $12 million worth of incentive grants in exchange for $1.5 billion in investment with almost 10,000 jobs.

This year's numbers don't reflect plans by Fidelity Investments to invest $100 million and hire 2,000 workers in Research Triangle Park in Raleigh. Fidelity, which announced the plans earlier this week, received promises of up to $69 million from state and local governments.

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I really don't like this game where municipalities and states getting into "bidding" wars over companies "wanting" to locate in their area. Many of these companies are already immensly successful and don't need a government welfare check to move. But, unfortunately, without changes this is a game we will be forced to play and it will only get more expensive.

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