Shown here are 12 of the recipients of Area Development’s 2014 Gold & Silver awards, which were bestowed in recognition of the states’ efforts to capture new facility and expansion projects that resulted in significant investment and job creation. All told, 20 states were recognized for their efforts.
There’s more involved in successfully reshoring a foreign manufacturing operation back to the U.S. than simple cost comparisons. These initiatives have many moving parts and require careful planning. So where should a company begin?
Those charged with making the location decision look to satisfy the company’s long-term goals, while achieving a return on the investment and minimizing risk.
With increased demand for industrial space in primary markets, expanding or relocating business may find that secondary markets can meet prospective needs while offering financial benefits over core MSAs.
Long-term savings achieved by sustainable facility design can trump short-term savings, while also resulting in a more productive, environmentally conscious workplace.
At least 80 percent of the cost of a tire comes from the logistics and transportation of moving that tire through the supply chain – as such, identifying the ideal location for a DC is a crucial process for a global company like Michelin.
Technology has had a major influence on facilities in recent years — affecting everything from where a company needs to locate, to building infrastructure, to space requirements. It has also changed the job description for facility managers, professionals increasingly in short supply.
Identifying all stakeholders early on, defining evaluation criteria, staying ahead of the changing environment, and assessing risk lead to obtaining an appropriate site and avoiding costly mishaps.
If there is to be a sustained U.S. manufacturing resurgence, firms must act in consortia to grow regional industrial ecosystem resources, just like aircraft engine manufacturers and suppliers are doing in the Connecticut River Valley. But, to preserve manufacturing's most precious resource - skilled workers - our thinking, and educational polices, must be revised on a national level.
Jennifer Carter, curriculum director for SpaceTrek at Morehead State University and director of Space Science for the Institute of Aerospace Education, recently talked with Area Development about the role that space science is now playing in growing the leaders and small businesses of tomorrow. The Space Science Center has become an important focus for research in nanosatellite technologies.
Earlier this year, George Mason University, celebrated the opening of its new Simulation and Game Institute (SGI) which could become a regional pipeline for STEM talent.
For a small but growing number of locales, “crowdfunding” is part of the solution for funding economic development projects.
States in the mountain region are pulling out the stops to attract advanced technology companies. Nowhere is this more true than in Nevada, where Tesla is building its gigafactory, which will be the world’s largest and most advanced battery factory.
The Southern States are driving into the future on the strength of the motor vehicle industry. These states tend to be heavy on manufacturing; their manufacturing sectors tend to have strong automotive activity, and it’s a good time to be in that business. That’s among the reasons all six of the states in this region took home Area Development’s Silver Shovel honors earlier this year.
California is applying unique approaches to economic development programs in order to encourage in-state development while the other Pacific States are leveraging their unique geographic and market positions to focus on aerospace, clean tech and exports growth.
Jobs are coming back slowly in New England, with aerospace/defense, bioscience, and fulfillment centers taking the lead.
In the Wizard of Oz, Dorothy’s Kansas home is blown away by a powerful tornado. Today, this prairie state is harnessing its wind power for economic development gain. And, the generally low tax environment and plentiful incentives are encouraging investment in renewable energy, life sciences, other R&D throughout all of the plains states.
With numerous new and expanded facilities being announced in 2013 and 2014, the South Atlantic region’s string of success stories is continuing.
One of the biggest recipients of FDI, Mexico has attracted a range of industrial investments in recent years, with its exports rebounding strongly.
The well-known investment disclaimer states that past performance is not indicative of future results. It stands to reason that just because Texas has led the nation in job growth for four years in a row, that doesn’t mean growth will continue to sizzle in the future. And yet, analysts expect that it will. The same rosy outlook holds true in Arizona, and there are healthy jobs reports in New Mexico and Oklahoma as well.
Economic growth in the Midwest was steady in 2014, thanks to solid performances by the agriculture and manufacturing sectors, especially transportation equipment. The economy also got a boost from the surging energy sector, led by oil-shale production in Ohio, which improved sales for supporting industries like sand, chemicals, and steel drill pipe made in Midwestern steel plants.
In general, the Mid-Atlantic’s strongest sectors are financial and business services, healthcare, biomedicine, food processing, and energy. It’s been an uneven year for the Mid-Atlantic, but there are plenty of bright spots to light the way.
There are lots of reasons Canada is consistently a top G-7 performer - not only is its banking system one of the best in the world, it has a highly diversified economy, ranging from traditional industries like forestry and mining to knowledge-based sectors like IT, life sciences, and advanced manufacturing.
By helping entrepreneurs and small business, Kentucky has managed to regain economic strength sapped by the recession.
“Deconstructing” its business, hiring the talent it needs, and leveraging technology will allow a company to manage growth in a challenging market.
As New Orleans approaches the 10-year anniversary of Hurricane Katrina in 2015, the city is in many ways barely recognizable to what it was years ago. Economists and national publications say it has undergone one of the most rapid and dramatic economic turnarounds in recent American history.
Receive quarterly issues of Area Development Magazine at no charge for qualified executives and consultants to industry.
Corporate Exec Survey Results
Leading Metro Locations
Top States for Business
Annual Econdev Awards
