MARCH 2025 Volume 70 • Number 2 SITE SELECTION2 MARCH 2025 SITE SELECTION p.63 ▼ FEATURES 40 DATA CENTERS Shark Tank’s Kevin O’Leary bets $70 billion on a new AI park in Alberta. 47 CYBERSECURITY As cybersecurity investments reach “unprecedented Levels,” the U.S. is the far-and-away leader, but one executive from India explains why his country is on the rise. 51 BIOPHARMACEUTICALS Could AI save lives? Deployments by Moderna and Amgen will off er evidence. Arnold & Porter’s Global Life Sciences lead shares insights on the convergence of AI and life sciences. 54 AIRPORT & AIRPORT CITIES A report from Geneva, Switzerland–based Air Transport Action Group documents aviation’s contribution to global prosperity. 143 AGRIBUSINESS Is the zeitgeist right for agrihoods? Gary Daughters looks into the increasingly popular neighborhood concept and talks to one of its champions. ▼ INTERNATIONAL UPDATE 12 MIDDLE EAST Tens of billions of dollars in projects are headed to Saudi Arabia. Many are in the surging AI space, and one big one is in HVAC. 16 ASIA Tractus Asia Co-Founder John Evans off ers his perspective on a new level of uncertainty and risk in global site selection. 19 EASTERN EUROPE A look at how low-tax jurisdictions perform in corporate project attraction. 20 WORLD REPORTS Updates include Toyota Woven City in Japan; more TNT from Finland; Micron’s expansion in Singapore; GE Healthcare in Ireland; Repsol’s renewable methanol plant in Spain and insights on Africa from UN Trade & Development. 26 NORTH AMERICAN REPORTS Apple’s $500 billion bet on the United States; GlobalFoundries in New York; a new lithium refi nery in Oklahoma; CBRE’s 100 largest offi ce leases; Diageo in Alabama; Novva Data Centers in Arizona. 28 ONTARIO Roche Canada and OmniaBio join AstraZeneca in a life sciences surge. 35 CENTRAL AMERICA The region that welcomed the new U.S. Secretary of State on his fi rst trip abroad is making headway in the semiconductor supply chain, among other areas. 36 BRAZIL Market access, resources and a diversifying economy propel an FDI juggernaut. THE 2024 GOVERNOR’S CUPS 38 TOP INDUSTRIES Machinery & Equipment reigns supreme once again, while Business & Financial Services is the biggest upward mover. 98 TOP METROS Chicagoland, Greater Dayton, Ohio, and Bowling Green, Kentucky, top our tallies, while Austin, Sioux Falls, South Dakota, and yes, Bowling Green again, top our per-capita rankings. 128 TOP MICROS Steadfast Findlay, Ohio, is No. 1 again. Wait ’til you see how many other Ohio micropolitan areas are crowding the top of the rankings. Cover design by Richard Nenoff THE MAGAZINE OF CORPORATE REAL ESTATE STRATEGY AND ECONOMIC DEVELOPMENT VOLUME 70 NUMBER 2 March 2025 Texas wins for the 13th year in a row and South Dakota repeats as the per-capita champ. Editor Emeritus Mark Arend talks to Texas Gov. Greg Abbott, former South Dakota Gov. Kristi Noem (now U.S. Secretary of Homeland Security) and new South Dakota Gov. Larry Rhoden about their states’ success. “Freedom” is a common thread. SITE SELECTION MARCH 2025 3 ▼ INVESTMENT PROFILES 22 SAN BERNARDINO COUNTY, CALIFORNIA 96 PNK HOLDINGS, LLC 126 VIRGINIA EDP 204 MARYLAND MARKETING PARTNERSHIP ▼ DEPARTMENTS 4 EDITOR’S VIEW: Play Ball 214 INDEX TO ADVERTISERS RIVERSIDE COUNTY INTELLIGENCE REPORT 187 2025 INTELLIGENCE REPORT ▼ AREA SPOTLIGHTS 49 I-5 CORRIDOR In Seattle, it’s time to put a lid on things to reconnect people and places. 146 CALIFORNIA How Vacaville became a biotech boomtown in the Bay Area. Plus updates on wildfi re recovery, legislation, fi lm production in San Diego, energy storage at Camp Pendleton and the state’s leadership in green building. 164 NORTHEAST U.S. The hot-button issue of congestion pricing in New York City highlights a larger regional conversation about commuting and transit options. 167 SOUTH CENTRAL U.S. The Smackover Formation in Arkansas is one part of a regional lithium play with promise for the EV and battery sectors. 170 MISSISSIPPI RIVER CORRIDOR Greater St. Louis and Fort Madison, Iowa, top our rankings of metros along the entire river’s length according to their project activity. 172 ILLINOIS Stellantis will reopen its Belvidere plant. The state continues to attract investments in the EV and clean energy sectors. 178 INDIANA Primient and Sustainea Biologics partner on a novel approach to sustainability in the corn wet milling and plastics sectors. Superior Ag lands a new facility on the banks of the Ohio River in Spencer County. 196 SOUTH CAROLINA A new report quantifi es the economic impact of the state’s six commercial service airports. 200 MARYLAND Collection of year-end data for this issue allows a closer look at high- ranking metros within the state and the projects that make them so. 206 MINNESOTA Major projects show why SAF is the fuel of the future for the aviation sector. 210 PACIFIC NORTHWEST Hydroelectricity helps deliver the EV revolution to central Washington. 212 NEW MEXICO Three solar companies fortify Albuquerque’s sustainability profi le with projects. A helium production plant rises outside Roswell. siteselection.com 6 IAMC INSIDER: A letter from the Chair and an interview with water expert James Eklund. FOLLOW US! CORRECTIONS Owing to a place-value error during data collection, cost of power currency fi gures were off by two decimal places in the “Rankings that Matter” for each state in the 2025 State of the States report. The rankings order remains accurate. Corrected prices can be found in the updated report at https://siteselection.com/state-of-the-states-2025/. The Connecticut Spotlight in the January 2025 issue contained a project chart from another state. You can read the story and corrected chart at https://siteselection.com/connecticut/.4 MARCH 2025 SITE SELECTION I f you build it … chances are you’ll expand it later. at doesn’t have quite the same poetry as the mysterious voice telling Ray Kinsella “If you build it, they will come” in “Field of Dreams.” But the idea is music to the ears of community leaders who have attracted a company investment. It’s equally pleasing to company executives whose savvy location choice has proved itself for the long haul. Every year at this time, our research team works with Editor Emeritus Mark Arend and me to quality-check thousands of corporate facility project entries from the previous calendar year in the Conway Projects Database in order to determine the highly anticipated rankings in this issue: the Governor’s Cups, the Top Metros in three population tiers and the Top Micropolitans (i.e. small towns), as well as Top Industries globally and our look at project data along the Mississippi River Corridor. To ensure we don’t have duplicate entries, we routinely scan across a few years of data. It makes for more work, but it also allows insight into which companies and areas are making more work opportunities. is year, as in past years, I’ve been struck once again by how often an investing company chooses to invest again in a short span of time, sometimes more than twice. Far from duplicate data entries, these repeat investors — like a . hitter you know is coming to bat again — are more like prosperity dividends. Travel back in time through the Conway Projects Database and stories emerge from the data. e stories told by the people we talk to pick up where the data trail off . Across years of those stories and reports, we can see that, even where bricks and mortar are demolished or left behind and built back up again, the one constant is community, a place with character, a destination with some sense of destiny. In “Field of Dreams,” the one constant through all the years, the happily kidnapped writer Terrence Mann told Ray Kinsella on his cornfi eld bleachers, was baseball. In a speech broadcast around this time of every year in stadiums across the nation, the late James Earl Jones intones, “America has rolled by like an army of steamrollers. It’s been erased like a blackboard, rebuilt and erased again. But baseball has marked the time.” Projects mark the time in this and every issue of Site Selection. And we mark up our scorecards. Explore our fi ndings and see which places continue to be places companies “will most defi nitely come.” ey are a part of our past, Mr. Mann might say, but they’re building a future too. Site Selection (ISSN: 1080-7799) (USPS ), March 2025, volume 70 number 2. Published six times a year in January, March, May, July, September and November by Conway Data, Inc., 6625 The Corners Parkway, Suite 200, Peachtree Corners, GA 30092 USA. Periodical postage paid at Peachtree Corners, Georgia, and additional mailing offices. Single issue: $20 plus shipping. Annual subscription: $95 in the United States; $135 to non U.S. addresses. PRINTED IN USA. POSTMASTER: Send address changes to Site Selection, 6625 The Corners Parkway, Suite 200, Peachtree Corners, GA 30092 USA. ©2025 CONWAY DATA, INC. Publisher/Director LAURA LYNE Executive Vice President RONALD J. STARNER Head of Publications & Editor in Chief ADAM BRUNS Editor Emeritus MARK AREND Senior Editor GARY DAUGHTERS Associate Editor ALEXIS ELMORE Assistant Custom Content Editor LINDSAY LOPP Art Director NEGIN MOMTAZ Production Coordinator/Designer BOB GRAVLEE Lead Designers SEAN SCANTLAND RICHARD NENOFF Designer ASHLEIGH PORTER Data Services Manager KAREN MEDERNACH Senior Research Associate BRIAN ESPINOZA Research Associate McKENZIE WRIGHT GLOBAL SALES & MARKETING Vice President of Sales CHARLES FITZGIBBON Regional Director — Northeast U.S. MIKE GLENNON Regional Director — Midwest U.S. CATHY McFARLAND Regional Director — Southeast U.S. MARTA RUSSELL Regional Director — Western U.S. PAUL NEWMAN Director of Sales & Marketing for Custom Content U.S., Central & South America MARGARET ROSE EuropeBRENDAN DOHERTY, +44 7999 786752 Japan HIROKO MINATO, +81 50 8882 3456 Korea CHUL LEE, +82 2 466 5595 Sales Administrator CHRISTI STANSBERRY Sales Development Representative BRE ROGERS BUSINESS DEPARTMENT Chief Financial Officer DEBBIE PORTER Accounting Associate DAVIS WILSON CIRCULATION Circulation Manager JULIE CLARKE DIGITAL TECHNOLOGY TEAM Director of Programming & Analytics DANIEL BOYER IT CoordinatorMARK BERTRAM Webmaster DANIEL MONAGHAN The publishers believe that the information contained in this publication is accurate. However, the in formation is not war ranted, and neither Conway Data, Inc., nor the Industrial Asset Management Council, assumes any liability or responsibility for actual, consequential or incidental damages re sulting from inaccurate or erroneous information. Site Selection incorporates Industrial Development. PHONE: (770) 446-6996 FAX: (770) 263-8825 TOLL FREE: (800) 554-5686 EMAIL: editor@conway.com WEB: www.siteselection.com EDITOR’S VIEW Play Ball6 MARCH 2025 SITE SELECTION insider March 2025 Mark Your Calendar … www.iamc.org BOARD OF DIRECTORS Fall 2024 - Fall 2025 Chair Cary Hutchings BNSF Railway Company Vice Chair Matt M. Boehlke Excel Energy Secretary-Treasurer Jim P. Horigan Corning Inc. Past Chair Betsy Power PepsiCo James Chavez South Carolina Power Team William DeBoer Kohler Co. Connie Fricke Land O’Lakes Lindsay Friedman Prologis Robert Kontur EnerSys Dave Quinn, CEcD Fairview Texas EDC Eric Zahniser Cresa Marcus Rose NFI Industries Jonathan Majors Mohawk Industries Kristin Cahayla-Hoffman Lehigh Valley EDC IAMC President & CEO J. Tate Godfrey, CEcD Connecting the World: How the Supply Chain Affects and Connects Communities and Our Membership I n today’s global economy, supply chains are vital networks that influence not only the flow of goods, but also the welfare of communities and the success of our corporate members. Understanding those impacts can foster growth, sustainability and positive social outcomes and is why supply chain is a core competency of the professional development program at IAMC. I’ll share more on professional development in the coming months, but for now I’ll highlight how supply chain impacts our members. For corporate members , the supply chain is a critical component of strategic planning and operational success. Efficient supply chain management can lead to cost reductions, improved productivity and enhanced competitiveness. By optimizing logistics, inventory and supplier relationships, companies can achieve significant operational efficiencies and realize financial benefits. Through innovation and collaboration, our members can leverage each other’s strengths, improve our interactions and drive best practices. That shared experience is core to what IAMC does and does well. Service providers are the customer link to corporates, economic developers and each other. They are the driving force behind the availability, pricing and quality of products and services that we need to complete our projects. How they assist in optimizing the supply chain ensures we receive their desired products in a timely fashion and at competitive prices. This optimization not only enhances customer satisfaction but also fosters lasting relationships. The reliance and trust is core to what IAMC does and does well. Supply chains are the backbone of economic development in communities. They provide impactful investment, stimulate local economies and facilitate access to goods and services. A robust supply chain can uplift a community by creating employment opportunities in both logistics/ transportation and manufacturing roles. Moreover, supply chains can support local businesses by integrating them into broader networks, allowing them to reach new markets and expand their operations. However, the impact of supply chains on communities is not solely economic. They contribute to the overall well-being of the community through public/private partnerships and corporate responsibility. Driving quality impacts is core to what IAMC does and does well. Overall, the supply chain is a powerful connector that influences and shapes the interactions between our members. By understanding and harnessing this influence, each of our organizations can drive positive change, promote sustainability and achieve long-term success. As the world continues to grow more interconnected, come connect with us at IAMC and become a part of the positive impact! LETTER FROM THE CHAIR Cary Hutchings TO LEARN MORE, VISIT IAMC.ORG OR CALL IAMC STAFF AT 770.325.3430. Next >