Familiar faces return to the winner’s circle after claiming another first-place finish in Site Selection’s annual facilities race.
It’s déjà vu all over again, as the saying often attributed to Yogi Berra goes. Texas wins the 2024 Cup for total qualified capital investment projects — its 13th consecutive first-place finish. South Dakota repeats as No. 1 for total projects per capita. Qualified, private-sector projects are those that involve a minimum $1 million investment, creation of 20 or more jobs or new construction of 20,000 or more square feet.
Texas weighed in at 1,368 projects for 2024, which is 114 more than the previous year and twice the number of second-place Illinois, which logged 664. Rounding out the top five states for total projects are Ohio (565), California (323) and Georgia (262). For projects per capita, South Dakota, too, upped its project count for 2024 to 55 from 40 the previous year. Illinois placed second followed by Ohio, Texas and Kentucky (187).
Following are interviews with Texas Governor Greg Abbott and Kristi Noem, who served as governor of South Dakota from 2019 through the beginning of 2025, when she became the U.S. Secretary of Homeland Security. Noem was succeeded as governor by her lieutenant governor, Larry Rhoden, who also is interviewed for this report.
Composite image by Richard Nenoff
Texas
An Interview with Texas Governor Greg Abbott
The 2024 Governor’s Cup, the 13th win in a row for Texas, recognizes the highest project total for Texas ever. To what do you attribute the uptick?
Gov. Greg Abbott: Freedom is the force that propelled Texas to national and global economic dominance. People and businesses flock to our great state because they know Texas is the home of freedom and opportunity that you can’t find anywhere else. Texas offers businesses unmatched competitive advantages, including a business-friendly climate, no corporate or personal income tax, a highly skilled workforce, easy access to global markets, robust infrastructure and an exceptional quality of life. That is why Texas continues to be the leader in attracting world-class businesses, investment, and top talent from all over the world. We’re proud to accept the Governor’s Cup from Site Selection magazine for a record-breaking 13th year in a row.
Gov. Abbott and state leaders were happy to welcome their 11th straight Governor’s Cup in 2023. Now the streak is up to 13.
Photos courtesy of the Office of the Texas Governor
What impact do you see in the coming years from the new Texas Jobs, Energy, Technology & Innovation (JETI) incentive program?
Abbott: In Texas, we move at the speed of business and partner with entrepreneurs rather than look at their businesses as a revenue source like other states do. As a leading economy across the nation and around the globe, economic incentive tools like Texas’ new Jobs, Energy, Technology and Innovation program help us attract large, capital-intensive economic development projects in industry sectors critical for continued growth. The JETI program is structured to keep Texas competitive, ensuring that our great state continues to lead the nation in job growth and innovation.
Even before its late February pledge to invest $500 billion in the U.S., Apple was investing in Texas at this new R&D complex in Austin.
Photo courtesy of Apple
Texas has seen some major economic development wins in terms of corporate relocations and incorporations. What are you hearing from the CEOs you visit with?
Abbott: The CEOs I meet with tell me quite simply that Texas offers them the freedom to succeed. Texas welcomes more and more businesses each day seeking to relocate to our great state. Texas is the headquarters of headquarters. Some of the world’s biggest brands are here in Texas, with 52 Fortune 500 corporate headquarters and more than 3 million small businesses that employ nearly half of all working Texans. Industry leaders are also choosing Texas to incorporate their businesses, particularly those specializing in tech and innovation.
In New Delhi, India, in January 2024, Gov. Abbott spoke with Adani Group Chairman and Founder Gautam Adani and other Adani leaders about the growth of diverse industries in Texas including energy, technology and infrastructure. “Expanding the partnership between India and Texas will fuel even more economic growth,” Gov. Abbott said.
Photos courtesy of the Office of the Texas Governor
To ensure Texas continues to move at the speed of business, I signed a law creating the Texas Business Courts, statewide specialized business trial courts created to resolve complex commercial disputes, presided over by judges with judicial or litigation experience in commercial matters. And last year, I launched the Governor’s Small Business Freedom Council to review government efficiency for Texas businesses. Because when businesses succeed, Texas succeeds.
“Some of the world’s biggest brands are here in Texas, with 52 Fortune 500 corporate headquarters and more than 3 million small businesses that employ nearly half of all working Texans.”
— Greg Abbott, Governor of Texas
You are releasing a new statewide economic development strategic plan. How will that support continuing economic expansion across industries and regions in Texas?
Abbott: As the eighth largest economy in the world, Texas is a global economic powerhouse. That is why I released a five-year statewide economic development strategic plan. This plan creates a blueprint for continuing economic expansion and job creation across the state to build a stronger, more prosperous Texas than ever before. Over the past year, local, regional and statewide organizations and business and industry leaders partnered with Texas state agencies and my Economic Development & Tourism Office to develop this strategic plan. It identifies target industry sectors expected to drive strategic economic growth and job creation across the state. It also outlines objectives and initiatives to further advance our global competitiveness and provides data and recommendations to inform economic development decisions across Texas.
An “all of the above” energy strategy in Texas includes leadership in wind and solar power. The Swift Air Solar project from Origis Energy in Ector County will provide power for the Direct Air Capture (DAC) facility STRATOS currently under construction in the Permian Basin.
Photo courtesy of Origis Energy via PR Newswire
“As the eighth largest economy in the world, Texas is a global economic powerhouse.”
— Greg Abbott, Governor of Texas
Now that a pro-border-security presidential administration is in place in Washington, how is Texas’ business climate likely to change, if at all?
Abbott: For the past four years, Texas stepped up to combat Biden’s open border policies and protect Texans and Americans. Now, we have a president who will partner with Texas to deny illegal entry and uphold the rule of law at the border. Texas is the economic engine of America, and with a federal government that will secure the border, we will be in an even better position to attract investment, create jobs and keep communities safe.
Governor Greg Abbott met with Toyota executives and took a tour of the Toyota Commemorative Museum of Industry and Technology in July 2024 in Nagoya, Japan. The meeting was part of a three-nation economic development mission to Taiwan, South Korea and Japan.
Photo courtesy of the Office of the Governor
Do you have any workforce development initiatives in mind for 2025 that out-of-state readers should know about?
Abbott: More people and businesses move to Texas than any other state. We attract and retain the best and brightest talent from across the nation and around the world. In fact, our labor force today is the largest ever in Texas history. We made significant progress in aligning our higher education and workforce systems to industry needs. Texas is No. 1 in the nation for Tier 1 research universities, with 16 — more than California and New York.
“We are a leading state for biotech, engineering and electrical engineering doctorates. Also, more than 4 million Texans participate each year in our job training and workforce training programs offered through the state’s workforce system.”
— Greg Abbott, Governor of Texas
We also are a leading state for biotech, engineering and electrical engineering doctorates. Also, more than 4 million Texans participate each year in our job training and workforce training programs offered through the state’s workforce system. Ensuring Texans are trained for in-demand jobs — like welders, plumbers and electricians — is critical for Texas families and our state’s economy. That’s why I declared career training an emergency item this session so more students can go from graduation directly into good-paying jobs that meet industry needs in their regions.
Composite image by Richard Nenoff
South Dakota
An Interview with former South Dakota Governor Kristi Noem
How would you frame your legacy as governor in terms of economic development and South Dakota’s business climate?
Kristi Noem: Before my administration, South Dakota had never achieved this fantastic Governor’s Cup. Now, we’ve won it two years in a row! We brought incredible businesses into South Dakota and helped our existing businesses to grow and thrive. We declared our state “Open for Business” and then backed it up with action. We made South Dakota an example to the nation and set our state up for even better days ahead. We told our story through the Freedom Works Here initiative, and the nation took note. I am very proud of all that we accomplished!
Then-Gov. Noem in October attended a proclamation ceremony at ETRIA’s new joint venture in Mitchell, South Dakota, one of the largest producers of color toner in the nation.
Photo courtesy of the Office of the Governor
How is South Dakota’s competitiveness stronger today than when you first became governor?
Noem: When I first ran for governor, I saw a state that had been stagnant economically for too long. Our young folks were moving to other states to pursue their careers. I knew we needed to turn that around.
And we did. We brought new industries to South Dakota. We made it so that our kids and grandkids could find the career of their dreams right in our state. Over my six years as governor, we averaged the lowest unemployment rate of any state. We even broke the record for lowest unemployment rate in American history. That number represents so much more than a strong jobs market. To me, it means that our kids have opportunities and that our businesses are moving forward.
We took action very early on in my tenure to set our state up for this achievement. We made historic investments to bring high-speed broadband to every corner of South Dakota. We brought ag development into the Governor’s Office of Economic Development so that we could have a one-stop shop to drive economic growth. We passed fantastic regulatory reforms, like re-writing the process for zoning for CAFOs [Concentrated Animal Feeding Operations]. We supercharged our apprenticeship opportunities and passed several occupational license reforms to make it easier for South Dakotans to work in a trade.
“I’m proud that we’ve been able to keep our home-grown companies growing and thriving.”
— Kristi Noem, Former Governor of South Dakota
Gov. Noem in October 2024 attended the opening of a new 75,000-sq.-ft. prefabrication facility from Muth Electric in Mitchell.
Photo courtesy of the Office of the Governor
Gov. Noem in October 2024 attended the opening of a new 75,000-sq.-ft. prefabrication facility from Muth Electric in Mitchell.
Photo courtesy of the Office of the Governor
In what ways do you want to see the state’s economic development office and the legislature build on what you have accomplished going forward?
Noem: I hope they build on our proven success. We proved that freedom works. We don’t just have to talk philosophically about it anymore — we can just look from state to state and see what works and what doesn’t. And I hope that they continue to tell South Dakota’s story. Because we were so aggressive in sharing our message with the nation through the Freedom Works Here campaign, the entire country learned what’s so special about South Dakota. We took a risk, and it paid off big time.
Is there a project South Dakota won in 2024 that you consider to be particularly significant? How did the state win the project over other locations?
Noem: I want to highlight both a new business and a South Dakota business that made a key expansion.
Riverview LLP in Kingsbury County is a new dairy with 15,000 to 20,000 cows. It’s a nearly $200 million investment that will support 100 South Dakota jobs. We won this project because South Dakota has been intentional about supporting ag generally and the dairy industry more specifically. Ag has always been South Dakota’s largest and most important industry, and we’ve been looking for ways to diversify ag operations across the state to keep it growing and thriving into the future. Our total number of dairy cows in the state is up more than 70% since 2019, and when all of our current projects are completed, South Dakota’s dairy herd will have more than doubled over that time period. South Dakota farmers and ranchers are passionate about what they do. Their dedication to the industry has created a tremendous impact on our state’s economy, and our dairy industry in particular is thriving.
Masaba is a family-owned company that manufactures rugged mining equipment. They have been a strong part of the Vermillion community for 60 years. This past year, they made a crucial new investment to construct a new building that will support the manufacturing of even more construction equipment. The Governor’s Office of Economic Development and the City of Vermillion worked together to provide sales tax relief and a low-interest loan to help make this project possible. This new building will support nearly 100 additional jobs in Vermillion, which will be fantastic for that community. I’m proud that we’ve been able to keep our home-grown companies growing and thriving.
Created by South Dakota Artist Laureate Dale Claude Lamphere, the stainless-steel sculpture “Arc of Dreams” spans the Big Sioux River in Sioux Falls, South Dakota, a metro area continuing to welcome a steady flow of projects.
Photo courtesy of Travel South Dakota
How is South Dakota working to increase its inventory of large sites of interest to manufacturers?
Noem: We partnered with local communities to create several industrial parks in my time as governor. While the nation as a whole continued to see manufacturing jobs slip away, we focused on building things here in South Dakota. Several of our existing manufacturers made incredible expansions during my administration. And we brought new manufacturers like CJ Schwan’s, who broke ground on a more than $700 million project just this past year in one of our new industrial parks.
Are there any programs or initiatives you put in place in 2024 that could facilitate even more capital investment in the years ahead?
Noem: The CJ Schwan’s project has the potential to grow even larger in the years to come. Because of the success of the Freedom Works Here initiative, we kept our workforce growing to continue to draw more projects in the future. And we prioritized key industries like cybersecurity, firearms manufacturers and value-added ag, all of which will continue to carry South Dakota’s economy forward in the future.
I wish Governor Rhoden well and thank him for his great leadership while he was my lieutenant governor.
Composite image by Richard Nenoff
South Dakota
An Interview with South Dakota Governor Larry Rhoden
What do you consider to be the role of governor in attracting capital investment to the state?
Gov. Larry Rhoden: Generally speaking, I believe that it is the role of government to create the fairest, most competitive economic environment and then get out of the way. When it comes to attracting high-quality capital investment, a governor can be a very effective advocate for their state. Governor Noem proved that in spades, and I intend to similarly advocate on behalf of our great state.
Governors also set priorities and work with folks in communities across the state to achieve those priorities. After the legislative session is over, I will be conducting a tour of communities across the state to get on the same page about economic development opportunities and priorities.
“South Dakota will continue to focus on agriculture and industries that support agriculture. Ag is king in our state and always will be. Value-added agriculture is one area that we are growing and developing.”
— Larry Rhoden, Governor of South Dakota
What are your economic development priorities for 2025 and beyond?
Gov. Larry Rhoden: South Dakota will continue to focus on agriculture and industries that support agriculture. Ag is king in our state and always will be. Value-added agriculture is one area that we are growing and developing. We want to be able to draw as much value as possible from every crop and every animal.
Until recently, South Dakota was lagging far behind on international trade. The new South Dakota Trade office led trade missions to Mexico, Japan and Taiwan last year, and I had a chance to be part of them. Those missions paid dividends several dozens of times over. Last I heard, the Mexico trip paid an 80-to-1 return on investment. Those countries are very eager to partner with us to expand our trade, particularly with agricultural products. I am very optimistic about the potential for our international trade to continue to develop.
Gov. Rhoden attended the groundbreaking for a new children’s services center from LifeScape Foundation in April 2024 in Sioux Falls.
Photo courtesy of the Office of the Governor
“We have lower taxes than just about any state in America. We have some of the lightest, most common-sense regulatory policies anywhere. And we still have an old-fashioned work ethic that is tough to find anymore.”
— Larry Rhoden, Governor of South Dakota
The South Dakota State Capitol in Pierre
Photo courtesy of Travel South Dakota
How is South Dakota competitive relative to adjacent states companies might be considering for their operations?
Gov. Larry Rhoden: We have lower taxes than just about any state in America. We have some of the lightest, most common-sense regulatory policies anywhere. And we still have an old-fashioned work ethic that is tough to find anymore.
Work ethic is central to what it means to be a South Dakotan. Work is a gift, not a punishment. There’s value in working to create something from start to finish. In South Dakota, we teach our kids this from a very young age. We have some of the highest youth employment rates in the nation because we value teaching work ethic to our kids.
Then-Lt. Gov. Rhoden in July 2024 attended the groundbreaking for North Oaks Industrial Park in Hartford, South Dakota.
Photo courtesy of the Office of the Governor
