Racing Revs Up Mooresville Development
Charlotte's Web of Headquarters
Eastern N.C. Logs Laudable 2001
Research Triangle Draws International Firms
Textile Industry Evolves As It Contracts
NORTH CAROLINA SPOTLIGHT, page 5
Research Triangle Draws
With international companies leading the way, new and expanding industries announced more than $346 million in investment and 2,801 new jobs during the first three months of 2002. This includes a $160-million expansion by Japan-based AW North Carolina in Durham and a $20-million expansion by Singapore-based Flextronics International in Franklin County.
Clustering was a factor in Bayer's decision to locate the North American business headquarters of its Bayer CropScience operations in Research Triangle Park.
"We will have a modern infrastructure situated among a number of other well-known research-based companies such as ours," said Emil Lansu, president of Bayer's Agriculture Division. "It's a location where we can readily retain and attract top quality employees."
Symbolic of the growing importance placed on clustering, former Gov. Jim Hunt will chair an RTRP task force on regional clusters. The task force will review the Clusters of Innovation study by Harvard University professor Michael Porter and make recommendations.
Raleigh/Durham was the fourth-fastest growing area in the country according to the 2000 U.S. Census. CoStar says that growth and its subsequent development surge, coupled with the "imploding" of the technology sector, crippled the commercial office market. In its first quarter report, CoStar says the vacancy rate has nearly doubled from the end of 2000 to 19 percent at the end of March. Vacancy is even higher in Research Triangle Park where it is approaching 30 percent, according to CoStar.
"The good news for Raleigh/Durham is that the technology industry seems to have stabilized and there is less than a half million square feet of new space under construction," states the CoStar report.
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