< Previous136 JANUARY 2024 SITE SELECTION South Carolina Dept. of Commerce 1201 Main St., #1600 Columbia, SC 29201 Harry M. Lightsey III S ECRETARY 803-737-0400 sccommerce.com “As South Carolina continues to attract major investments and tens of thousands of new jobs, developing our workforce is more important than ever … These scholarships are still available, so spread the word that there are good-paying jobs out there, and if you do the work, South Carolina will train you for them.” — Gov. Henry McMaster , on September 13th, announcing that 32,426 residents have earned an industry credential through the state’s Workforce Scholarships for the Future Program, which launched in 2021 GDP 25 th 2022 GDP (in millions of current US$) $250,873 -2 -1 0 1 2 3 4 5 6 7 20222021202020192018 South Carolina Pop. (2023): 5,311,184 Pop. growth 2023–2028: 0.61% Median household income (2023): $60,025 Median age (2023): 40.1 Credit Rating: AA+ / Stable Right-to-work state: Yes LEGISLATIVE UPDATE In October 2023, Governor McMaster signed S. 164 into law, which repealed the state’s Certifi cate of Need (CON) required by most healthcare facilities to construct new sites, purchase certain medical equipment or provide certain medical services. Until 2027, CON will be used for construction of new hospitals or expansion of hospital beds, exempting hospital relocations in the same county or construction of a new hospital up to 50 beds in counties currently without these facilities. The bill also creates the Certifi cate of Need Committee, which will be tasked to recommend improvements to rural healthcare access or trends associated with quality and quantity of access in these rural areas. Governor McMaster’s FY 2023-2024 Executive Budget focused on investments in education, infrastructure, public safety and tax relief for residents and businesses. Notably the budget included $850 million to the South Carolina Department of Transportation for construction, expansion or improvements to the state’s roads, bridges, highways and Interstate 73. In addition, the budget gave $500 million to the state’s Department of Commerce to use for outstanding obligations and incentives related to new economic development. For mega-site development and acquisition a one-time fund of $200 million was allocated to identify and secure land for redevelopment. Higher Ed. R&D Expenditure in $000s: 808,860 Number of NCRCs: 470,839 | Percent Improvement 2022–2023: 0.38% Business Tax Climate Rank Change 2023–2024: +2 Industrial power cost per kWh: $7.13 Total Revenue as Share of Total Expenses, FY 2007-2021: 105.9% 2023 Workers’ Comp Index Rate: 1.35 GDP Growth Rate Trend SITE SELECTION JANUARY 2024 137 Tennessee Dept. of Econ. & Community Dev. 312 Rosa L. Parks Ave. Nashville, TN 37243 Stuart McWhorter C OMMISSIONER 615-741-1888 tn.gov/ecd “Tennessee is ready-made to lead America’s energy independence and drive continued economic growth with safe, clean and reliable nuclear energy for the future.” — Gov. Bill Lee, May 16, 2023 GDP 17 th 2022 GDP (in millions of current US$) $412,101 -4 -2 0 2 4 6 8 10 20222021202020192018 Tennessee Pop. (2023): 7,120,037 Pop. growth 2023–2028: 0.55% Median household income (2023): $61,449 Median age (2023): 40.3 Credit Rating: AAA / Stable Right-to-work state: Yes LEGISLATIVE UPDATE On April 17, Gov. Bill Lee signed the Transportation Modernization Act, investing $3.3 billion to create new strategies that address the transportation needs of Tennessee’s rural and urban communities. This legislation gives the Tennessee Department of Transportation the resources necessary to solve statewide mobility challenges through solutions such as public-private partnerships, exploring Choice Lanes to decrease congestion, and expanding the alternative delivery model. Through the signing of Executive Order 101, the Tennessee Nuclear Energy Advisory Council was created. This new committee — consisting of lawmakers, state offi cials, members of Congress and industry leaders — seeks to attract continued investment from nuclear-related companies, aiming to expand Tennessee’s nuclear energy ecosystem and establish the state as a national leader for nuclear energy innovation. Gov. Lee has already partnered with the Tennessee General Assembly to create a $50 million Nuclear Fund in the state’s Fiscal Year 2023-2024 budget. Through this support, Tennessee is able to provide grants and assistance to nuclear power-related businesses that relocate or expand there. Higher Ed. R&D Expenditure in $000s: 1,718,758 Number of NCRCs: 140,997 | Percent Improvement 2022–2023: 2.30% Business Tax Climate Rank Change 2023–2024: -1 Industrial power cost per kWh: $6.55 Total Revenue as Share of Total Expenses, FY 2007-2021: 105.2% 2023 Workers’ Comp Index Rate: 1.03 GDP Growth Rate Trend Utah Govenor’s Offi ce. of ED 60 East South Temple, Ste. 300 Salt Lake City, UT 84111 Ryan Starks E XECUTIVE D IRECTOR 801-538-8794 business.utah.gov “With the support of the state — and more importantly, the entrepreneurs in our state — we’re now the nation’s fastest-growing startup and entrepreneurial economy.” — Gov. Spencer Cox, December 11, 2023, on the Utah Innovation Lab GDP 29 th 2022 GDP (in millions of current US$) $213,898 0 1 2 3 4 5 6 7 20222021202020192018 Utah Pop. (2023): 3,458,220 Pop. growth 2023–2028: 1.06% Median household income (2023): $82,248 Median age (2023): 31.8 Credit Rating: AAA / Stable Right-to-work state: Yes LEGISLATIVE UPDATE During the 2023 General Session, the Utah Legislature funded over $500 million for water conservation, development and infrastructure. The 25 initiatives and bills that received funding encompass a wide variety of upgrades, innovation and optimization projects. In February, HB42, or the Technology Commercialization Amendments bill, was signed into law. This bill creates the Utah Innovation Lab, an independent nonprofi t organization that invests in startups at the “pre-seed” level, helping commercialize new technologies developed from university research projects. This endeavor is supported by a $15 million appropriation, which is being utilized to buy equity in selected startups, thus enabling the lab to become partial owners in ventures. Through the strategy, lawmakers aims to expand Utah’s tech ecosystem through company and job creation. In March, Utah lawmakers approved a $480 million tax cut package, dropping the state’s corporate and personal income tax rate from 4.85% to 4.65%. Low-income households will see around a 22% tax cut, middle-income households a 6% tax cut and high-income households a 4% tax cut. This change also increases the earned income tax credit (EITC) from 15% to 20% of the federal credit. Higher Ed. R&D Expenditure in $000s: 1,064,134 Number of NCRCs: 4,261 | Percent Improvement 2022–2023: 0.07% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $6.84 Total Revenue as Share of Total Expenses, FY 2007-2021: 110.7% 2023 Workers’ Comp Index Rate: 0.86 GDP Growth Rate Trend138 JANUARY 2024 SITE SELECTION Texas Economic Development Corporation PO Box 684702 Austin, TX 78768 Aaron Demerson P RESIDENT & CEO 512-981-6736 businessintexas.com “Texas’ continuing economic expansion, well ahead of the United States as a whole for the fourth quarter in a row, is further proof that when given the freedom to aspire, businesses invest and people prosper. Together, we continue to build a bigger, bolder Texas of tomorrow.” — Gov. Greg Abbott, Dec. 7, 2023 Higher Ed. R&D Expenditure in $000s: 7,444,647 Number of NCRCs: 36,812 | Percent Improvement 2022–2023: 6.30% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $7.13 Total Revenue as Share of Total Expenses, FY 2007-2021: 107.2% 2023 Workers’ Comp Index Rate: 0.88 GDP 2 nd 2022 GDP (in millions of current US$) $1,924,008 -4 -2 0 2 4 20222021202020192018 Texas Pop. (2023): 30,506,523 Pop. growth 2023–2028: 0.97% Median household income (2023): $69,529 Median age (2023): 35.7 Credit Rating: AAA / Stable Right-to-work state: Yes GDP Growth Rate Trend LEGISLATIVE UPDATE Replacing the now expired Texas Economic Development Act, HB 5, also known as the Texas Jobs, Energy, Technology, and Innovation Act, establishes the state’s latest economic development incentive. This new tool off ers a 50% abatement on local school district maintenance and operations property taxes. For projects in federally designated opportunity zones, the abatement increases to 75%. Projects located within in populations of at least 750,000 must create 75 jobs and invest a minimum of $200 million during the fi rst year of the incentive period. The Texas Water Fund was offi cially created with voter approval of Proposition 6 in November, allocating $1 billion to projects that address a range of water supply and water infrastructure issues. At least $250 million is slated to go toward projects that create new water sources. Voters also passed Proposition 8, formed through HB 9 and HJR 125, establishing the Texas Broadband Infrastructure fund. With the passage of this resolution, $1.5 billion has been allocated to expand internet availability across Texas. SITE SELECTION JANUARY 2024 139 LEGISLATIVE UPDATE Signed into law on June 5, S.100, better known as the Housing Opportunities Made for Everyone (HOME Act), amends Vermont’s 50-year-old Planning & Development statute, Act 250, and other laws to enable new approaches for housing development to combat the state’s housing shortage. With the passing of this bill, the construction of duplexes in areas already zoned for single-family housing is legalized. Towns and cities will also be required to allow tri- and four- plexes in areas served by water and sewer. On June 12, Gov. Phil Scott signed the largest transportation bill in the state’s history, H.479, making multiple signifi cant infrastructure investments, including over $140 million for paving projects, covering more than 450 miles of improvements, $48.8 million for public transit, $43 million in rail projects as well as $27.9 million to support a variety of eff orts to reduce carbon emissions. H 217 authorizes an annual investment of $125 million into the state’s child care system to increase access to aff ordable childcare, enhance programs and support for early childhood educators. It also expands income eligibility for the state’s Child Care Financial Assistance Program (CCFAP). Vermont can now provide support for families earning up to 575% of the federal poverty level, cementing the state as a national leader in this arena. Agency of Commerce & Cmty. Dev. Dept. of Economic Development Deane C. Davis Bldg., 6th Fl. 1 National Life Dr. Montpelier, VT 05620 Joan Goldstein C OMMISSIONER 802-272-2399 accd.vermont.gov/economic-development “This bill represents what we can get done when we all come to the table, work through our diff erences, and reach compromise to the benefi t of all Vermonters, especially our most vulnerable and marginalized.” — Gov. Phil Scott, June 5, 2023 Higher Ed. R&D Expenditure in $000s: 221,667 Number of NCRCs: 7,596 | Percent Improvement 2022–2023: 25.82% Business Tax Climate Rank Change 2023–2024: +1 Industrial power cost per kWh: $11.88 Total Revenue as Share of Total Expenses, FY 2007-2021: 101.5% 2023 Workers’ Comp Index Rate: 1.98 GDP 50 th 2022 GDP (in millions of current US$) $34,609 -6 -4 -2 0 2 4 6 20222021202020192018 Vermont Pop. (2023): 649,316 Pop. growth 2023–2028: 0.11% Median household income (2023): $75,269 Median age (2023): 44.1 Credit Rating: AA+ / Stable Right-to-work state: No GDP Growth Rate Trend West Virginia Dept. of Econ. Dev. 1900 Kanawha Blvd. E Charleston, WV 25305 Mitch Carmichael S ECRETARY 304-558-2234 westvirginia.gov “The world is watching West Virginia. The world sees West Virginia in a diff erent light today. We’re not the blunt end of a bad joke. We’re the diamond in the rough people missed. We’ve known for a long time how good we were. Today, we put our stake in the sand, inviting everyone to our state.” — Gov. Jim Justice, March 7, announcing HB 2526, the largest tax cut in West Virginia history. GDP 41 st 2022 GDP (in millions of current US$) $76,526 -4 -3 -2 -1 0 1 2 3 4 20222021202020192018 West Virginia Pop. (2023): 1,775,669 Pop. growth 2023–2028: -0.19% Median household income (2023): $52,903 Median age (2023): 43.8 Credit Rating: AA- / Stable Right-to-work state: Yes LEGISLATIVE UPDATE In March, Gov. Jim Justice signed the largest tax cut in West Virginia’s history, totaling more than $750 million. House Bill 2526 reduces the state’s personal income tax rate by 21.25% across all tax brackets, provides property tax rebates for business owners and installs trigger conditions for future tax cuts, which could eventually fully eliminate income tax in West Virigina. House Bill 3482, also known as the Coal Fired Grid Stabilization and Security Act of 2023, encourages the development, transportation and use of electricity generated using West Virginia coal. The bill directs the Department of Economic Development to designate sites viable for coal electric generation projects and expedite consideration for permit applications utilizing these locations. Gov. Jim Justice signed House Bill 2882, appropriating $105 million in state funding for a renewable energy battery plant. For this project, the state has partnered with Massachusetts-based Form Energy. Located in Weirton, the new plant represents a total investment of up to $760 million, including $290 million from the State. It is expected to create 750 jobs. A total of $525 million has been set aside to fund the new loans, which are targeted to projects that improve aging units, expand infrastructure such as roads and utilities to serve aff ordable housing, or convert vacant commercial buildings into aff ordable housing. Higher Ed. R&D Expenditure in $000s: 249,791 Number of NCRCs: 72,920 | Percent Improvement 2022–2023: 1.71% Business Tax Climate Rank Change 2023–2024: -1 Industrial power cost per kWh: $6.74 Total Revenue as Share of Total Expenses, FY 2007-2021: 104.6% 2023 Workers’ Comp Index Rate: 0.63 GDP Growth Rate Trend140 JANUARY 2024 SITE SELECTION K atoen Natie Norfolk Inc., a subsidiary of Belgium-based international logistics service provider and port operator Katoen Natie, announced on November 20 that it is investing nearly $60 million to expand its operations in Norfolk, Virginia. The plastics and polymers warehousing and distribution company plans to add a 450,000-sq.-ft. warehouse and rail yard and expand its existing rail spur to meet increased demand. The company established its Norfolk facilities in 2011 at a former Ford Motor Company assembly plant and body shop. This location allows producers of plastic resin pellets to ship bulk railcars to the warehouse, where the product is packaged and loaded into intermodal containers and then shipped internally through the Port of Virginia. While Georgia and South Carolina were also considered for this project, Katoen Natie President Frank Vingerhoets said, “Due to its central location on the East Coast, great workforce including former military, dual rail service via Norfolk Southern and CSX, and natural deep-water, great-functioning port, we chose Norfolk for our expansion.” The company expects this project to create 76 new jobs and has received funding and services provided through the Virginia Jobs Investment Program to support employee training activities. It is also eligible to receive state benefi ts from the Virginia Enterprise Zone Program, as well as resources from the Rail Industrial Access Program. The Virginia Economic Development Partnership worked with the City of Norfolk, the Hampton Roads Alliance, the Virginia Department of Rail and Public Transportation and The Port of Virginia to secure the project. PROJECT WATCH Port of Viriginia in Norfolk Photo courtesy of Port of Virginia Virginia Econ. Dept. Partnership 901 E. Cary St. Richmond, VA 23219 Jason El Koubi P RESIDENT & CEO 804-545-5600 vedp.org “We are hitting the accelerator to build a best-in-class business environment so the Commonwealth can compete to win.” — Gov. Glenn Youngkin, Jan 16, 2023, announcing $90 million in Virginia Business Ready Sites Acquisition Program grants GDP 13 th 2022 GDP (in millions of current US$) $576,964 -3 -2 -1 0 1 2 3 4 5 6 20222021202020192018 Virginia Pop. (2023): 8,787,063 Pop. growth 2023–2028: 0.35% Median household income (2023): $83,550 Median age (2023): 39.4 Credit Rating: AAA / Stable Right-to-work state: Yes LEGISLATIVE UPDATE The Virginia Business Ready Sites Acquisition Program (VBRSP), created through HB 1842, directs the Virginia Economic Development Partnership Authority to acquire and develop project-ready sites and enter into agreements with private employers for development. Amendments were later added to streamline processes and refocus the program specifi cally on large-scale projects. Twenty- one sites across the Commonwealth received grants, totaling $90 million, from the VBRSP during Fiscal Year 2023. HB 2332 and SB 1308 reduce the 100-acre site requirement for a VEDP site development grant to 50 acres in areas without sites of that size. According to a November press release, Gov. Glenn Youngkin believes that Wise County and neighboring localities in Southwest Virginia could attract up to $8.25 billion in clean energy capital investment. In March, he signed HB 1781 and SB 1116, tasking the Southwest Virginia Energy Research and Development Authority with bolstering energy projects at brownfi eld sites, former power plants and coal sites throughout the region. He also passed HB 2386, creating the Virginia Power Innovation Program and the Virginia Power Innovation Fund. Backed by $10 million, these initiatives will work together to support the development of clean energy technologies, with an goal of establishing a nuclear hub in Virginia. Higher Ed. R&D Expenditure in $000s: 2,121,745 Number of NCRCs: 38,277 | Percent Improvement 2022–2023: 11.13% Business Tax Climate Rank Change 2023–2024: +1 Industrial power cost per kWh: $7.99 Total Revenue as Share of Total Expenses, FY 2007-2021: 103.6% 2023 Workers’ Comp Index Rate: 1.01 GDP Growth Rate Trend142 JANUARY 2024 SITE SELECTION LEGISLATIVE UPDATE Gov. Jay Inslee signed a variety of bills to support Washington’s clean energy transition. HB 1216 established the Interagency Clean Energy Siting Coordinating Council, which is dedicated to consolidating the siting and permitting processes for clean energy projects. It also requires the Department of Commerce to create a new program for the designation of Clean Energy Projects of Statewide Signifi cance (CEPSS) in order to expedite the development of specifi c projects. HB 1416 ensures that clean electricity is used even when large industrial customers use out-of-state suppliers for their electricity. In May, state lawmakers passed a bill that provides support and resources for companies seeking to become employee-owned. Senate Bill 5096 created the Washington Employee Ownership program, a revolving loan program to help small businesses transition into co-ops, employee ownership trusts (EOT) and employee stock ownership plans (ESOP). This bill also established a tax credit of up to 50% of the fi rst $100,000 for ESOPs and $25,000 for co-ops and EOTs. To help combat Washington’s housing crisis in major cities like Seattle, the legislature passed two bills to expand housing options: HB 110 legalizes fourplexes or duplexes in most communities. HB 1337 lifts numerous construction restrictions and permits two accessory dwelling units per lot. Washington State Dept. of Commerce 2001 Sixth Ave., Ste. 2600 Seattle, WA 98121 Mike Fong C OMMERCE D IRECTOR 206-256-6100 choosewashingtonstate.com “Washington businesses are known for innovation, which we see in every corner of the state. Whether it’s using recycled steel to make rebar or opening a cross-laminated timber mill, our state is uniquely positioned to show what’s possible, and to reward that ingenuity.” — Gov. Jay Inslee, March 8, 2023, following the White House’s announcement of new actions to advance a cleaner industrial sector. Higher Ed. R&D Expenditure in $000s: 1,975,559 Number of NCRCs: 6,218 | Percent Improvement 2022–2023: 5.32% Business Tax Climate Rank Change 2023–2024: -7 Industrial power cost per kWh: $6.17 Total Revenue as Share of Total Expenses, FY 2007-2021: 101.8% 2023 Workers’ Comp Index Rate: 1.31 GDP 10 th 2022 GDP (in millions of current US$) $641,144 -1 0 1 2 3 4 5 6 7 8 20222021202020192018 Washington Pop. (2023): 7,962,223 Pop. growth 2023–2028: 0.58% Median household income (2023): $89,067 Median age (2023): 39.3 Credit Rating: AA+ / Stable Right-to-work state: No PROJECT WATCH S ila, a next-generation battery materials company, broke ground on its fi rst auto-scale manufacturing plant in Moses Lake in November. Build-out plans for this project include automotive-scale production lines, high-tech quality systems and enough capacity to serve multiple automotive customers, including Mercedes-Benz. Following this project’s completion in 2025, Sila will begin to commercially produce its breakthrough Titan Silicon anode for the fi rst time, which delivers a 20% energy density increase over the industry’s best performing graphite cells. “I’m happy to welcome Sila to Washington and Moses Lake, home to a growing number of clean energy innovators solving some of our biggest challenges in this transition. Producing the best EVs possible is a key piece of that transition and I look forward to seeing Sila’s pioneering work come to fruition,” said Governor Jay Inslee in a press release. In 2022, the U.S. Department of Energy’ s Offi ce of Manufacturing and Energy Supply Chains (MESC) selected Sila to receive $100 million grant to accelerate the construction process. The company has also invested a portion of the funding into partnerships with Big Bend Community College (BBCC) and Columbia Basin Technical Skills Center (CB Tech) to create coursework and dedicated training programs to prepare students for entry- level technical and operations positions. Over the next fi ve years, Sila plans to hire 100-500 full-time employees. GDP Growth Rate Trend Rendering of Sila’s new battery facility in Moses Lake, Washington. Rendering courtesy of Sila144 JANUARY 2024 SITE SELECTION LEGISLATIVE UPDATE Following two small edits to the state’s biennial budget, Governor Tony Evers gave Wisconsin’s education system a massive boost in funding for the next 400 years. Originally, Senate Bill 330, which increased funding to $325 per student, was only expected to last two years. Yet, due to a law unique to Wisconsin, Gov. Evers was able to extend the revenue limit until 2425. In June, fi ve bipartisan bills to expand access to safe and aff ordable housing were signed into law. This package establishes loan programs for builders, landlords and developers, making it easier to obtain permits for infrastructure upgrades. In December, Wisconsin lawmakers passed two bipartisan bills, Assembly Bill 438 and 439, ensuring that the Milwaukee Brewers stay in Wisconsin until 2050. This legislation provides over $500 million in public funds for upgrades to American Family Field, including more than $368 million in state funds and $67.5 million in local contributions from both Milwaukee County and the city of Milwaukee. Wisconsin Econ. Dev. Corp. 2352 S. Park St., Ste. 303 Madison, WI 53713 Melissa Hughes S ECRETARY /CEO 855-469-4249 inwisconsin.com “With billions of dollars in annual economic impact and hundreds of local, family-supporting jobs, I’m proud today to be signing these bills to ensure the Milwaukee Brewers will continue being a critical part of our state’s future economic success and a defi ning part of our state’s history and traditions for future generations.” — Gov. Tony Evers, December 5, 2023 Higher Ed. R&D Expenditure in $000s: 1,970,700 Number of NCRCs: 294,207 | Percent Improvement 2022–2023: 0.09% Business Tax Climate Rank Change 2023–2024: +3 Industrial power cost per kWh: $8.49 Total Revenue as Share of Total Expenses, FY 2007-2021: 103.7% 2023 Workers’ Comp Index Rate: 1.67 GDP 22 nd 2022 GDP (in millions of current US$) $335,689 -4 -3 -2 -1 0 1 2 3 4 5 20222021202020192018 Wisconsin Pop. (2023): 5,954,433 Pop. growth 2023–2028: 0.11% Median household income (2023): $69,284 Median age (2023): 40.5 Credit Rating: AA+ / Stable Right-to-work state: Yes GDP Growth Rate Trend Wyoming Business Council 214 W. 15th St. Cheyenne, WY 82002 Josh Dorrell CEO 307-777-2800 wyomingbusiness.org “The pathway to a prosperous global future will be paved with adequate, aff ordable energy and a rigorous commitment to a healthy environment. Wyoming understands the urgency of addressing climate challenges. Our unequaled leadership in innovating and developing needed technologies supports Wyoming’s all-of-the-above energy strategy.” — Gov. Mark Gordon, October 10, 2023 GDP 49 th 2022 GDP (in millions of current US$) $37,294 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 20222021202020192018 Wyoming Pop. (2023): 578,766 Pop. growth 2023–2028: 0.01% Median household income (2023): $65,783 Median age (2023): 39 Credit Rating: AA / Stable Right-to-work state: Yes LEGISLATIVE UPDATE The State of Wyoming and State of Colorado announced in June that they have signed a Memorandum of Understanding (MOU) regarding direct air capture (DAC) activity and development. The agreement will focus on the DAC sector’s potential to enhance existing and emerging industries. The two states have also formed the Colorado-Wyoming Regional Innovation Engine, which as of August was one of 16 fi nalists in the National Science Foundation Regional Innovation Engines Competition. Should the region prevail, the NSF will award about $15 million in the fi rst two years with potential for up to $160 million over 10 years. In March, the Fair and Open Competition Act, SF 14, was passed, ensuring equal opportunities for construction professionals to compete for contracts to build state, state-assisted, and local public works projects. The law went into eff ect on July 1, 2023, marking Wyoming as the 25th state with an active policy restricting the use of government-mandated project labor agreements. During the same month, Gov. Mark Gordon approved a bill to create the Wyoming Outdoor Recreation and Tourism Trust Fund. With an appropriation of $6 million, the newly established fund will work to strengthen the state’s outdoor recreation economy and fuel recreation infrastructure projects. Higher Ed. R&D Expenditure in $000s: 140,268 Number of NCRCs: 11,095 | Percent Improvement 2022–2023: 3.43% Business Tax Climate Rank Change 2023–2024: 0 Industrial power cost per kWh: $6.89 Total Revenue as Share of Total Expenses, FY 2007-2021: 122.2% 2023 Workers’ Comp Index Rate: 1.86 GDP Growth Rate Trend SITE SELECTION JANUARY 2024 145 Alabama STATE SPOTLIGHT SITE SELECTION JANUARY 2024 145 Companies Stay Future-Focused in Alabama Photo: Getty Images by ALEXIS ELMORE alexis.elmore@siteselection.com T he closing out of was lucrative for the state of Alabama. A healthy mix of new investments and expansion projects proved that there isn’t a region of the state unfi t to meet a company’s needs. If there was one word to describe the state of economic development happening around every corner it would simply be: advancement.Next >