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FROM SITE SELECTION MAGAZINE, SEPTEMBER 2021 ISSUE
From the September Issue

COVER STORY

Canada and Texas Top the 2021 Global Groundwork Index

Find out which other countries and U.S. states lead the way in the fourth annual edition of this one-of-a-kind ranking combining the power of corporate facility investment with global infrastructure project data.

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From the May Issue

TOP UTILITIES

Unstoppable

This year’s Top Utilities in Economic Development — like their customers and communities — demonstrate perseverance, ingenuity and the spirit of service.

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From the May Issue

CANADA’S BEST LOCATIONS 2021

Tech Talent Leads the Way Among Elite Canadian Regions

Québec is the most competitive province in a competitive nation, and metro areas from Montréal to Oakville to Regina and Vancouver fill Site Selection’s annual Canada’s Best Locations list of top Canadian economic development groups.

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 CONWAY ANALYTICS SNAPSHOT 

Project success stories abound when it comes to deploying New Markets Tax Credits (NMTCs). A total of 100 Community Development Entities (CDEs) are hoping more such stories are in the offing as the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) yesterday announced $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities.

“Many of the communities that will receive these funds have confronted economic challenges over many decades,” said Secretary of the U.S. Treasury Janet L. Yellen, “challenges which have been made more difficult by a lack of investment. It’s critical that Congress sustain these investments over time by making the New Markets Tax Credit Program permanent.”

The 100 CDEs were selected from a pool of 208 applicants that requested an aggregate total of $15.1 billion in tax credit allocation authority. The award recipients are headquartered in 34 different states and the District of Columbia, with 20% of the investments made in rural communities. It is estimated that the award recipients will make more than $1 billion in New Markets Tax Credit investments in non-metropolitan counties.

Sorting through the award data reveals California as the top state in terms of amount allocated, at $565 million (across 11 awards), followed by Missouri at $365 million (six awards), Illinois with $350 million (seven awards) and New York at $310 million (six awards). Chicago and New York CDEs received the most awards at six apiece, followed by St. Louis, Missouri; Jackson, Mississippi; Denver, Colorado; Phoenix, Arizona; and Los Angeles at four each.

A total of 15 CDEs received the maximum award of $65 million. While many of those are in major cities, one of those top-dollar awards went to UB Community Development in Atmore, Alabama (northeast of Mobile) where NMTC-supported projects have included a new $87 million peanut shelling plant for Coastal Growers that will support more than 100 farm families across four states and create 135 permanent jobs.

Visit Conway Analytics to see the types of corporate facility investments that have been landing (or not) in these states and communities. — Adam Bruns and Karen Medernach

The Coastal Growers operation in Alabama will draw from some of the certified peanut-growing acreage shown here.
Map courtesy of the American Peanut Council
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 PROJECT WATCH 

South Korea

The Busan-Jinhae Free Economic Zone (BJFEZ) Authority announced in August that it had signed an investment memorandum of understanding (MOU) with the Busan City government and convenience store chain BGF Retail to establish a logistics center for BGF Retail. The company, which currently operates 32 distribution centers across the country, plans to invest in a site in Zone 9 of the International Industrial and Logistics City and proceed with the construction. “Once the logistics center is completed, the company will create jobs for about 1,000 local residents, revitalizing the local economy,” said a BJFEZ release, “and utilize the CU convenience store network to promote various cooperative projects with the local community.”

Source: Conway Analytics

Virginia

Prism Maritime LLC, a full-service provider of maritime support services to the U.S. government, announced last week it will construct two new 12,000-sq.-ft. facilities in the Greenbrier North Commerce Park in Chesapeake, Virginia, to be used for manufacturing, lab, and storage space. Virginia successfully competed with California for the project. “Prism Maritime’s impressive track record in the City of Chesapeake is a testament to Virginia’s favorable business environment and the region’s robust talent pool, enhanced by those of the 15,000 men and women exiting the military annually in Hampton Roads who then join the workforce,” said Virginia Secretary of Commerce and Trade Brian Ball. Prism Maritime CEO and President Ron Lee said, “This new fabrication facility allows Prism to continue to support the Navy with even more services on our prime contracts, as well as expanding our customer base within the commercial maritime industry. After collaborating with the City of Chesapeake and the Commonwealth of Virginia and considering the many benefits for doing business here, we chose this location for expansion to be near both our customers and our corporate headquarters.”

Source: Conway Analytics

 

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ILLINOIS INVESTMENT GUIDE 2021/22
From the January Issue

BUSINESS CLIMATE OVERVIEW

Where the A-Team Goes to Work

Illinois Governor J.B. Pritzker’s five-year economic plan pays immediate dividends.

Watch for stories from the rest of the Illinois Investment Guide to be posted throughout September and October. Or go to the Digital Edition print issue facsimile to access them all at once.

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 SITE SELECTION RECOMMENDS 

The 2021 State Export Report released by the US-China Business Council in May documents goods and services exports by state to China over the past decade. Some of the results might surprise you. Among the overall findings: U.S. goods exports to China grew by roughly 18% in 2020, up from a near-decade low in 2019. Thirty-five states saw growth in goods exports to China, and nine saw growth of over $1 billion.

Graph courtesy of US-China Business Council

 

MORE MISSOURI GUIDE 2021
From the January Issue

Q&A

A Balanced Approach to Business

Missouri Department of Economic Development Director Rob Dixon’s team works to improve the state’s business climate through key measures.

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 PHOTO OF THE DAY 
Photo courtesy of OceanSky Cruises, Hybrid Air Vehicles Ltd. and Design Q

The always compelling Arctic Today news organization has brought our attention to a new venture, as Sweden’s OceanSky Cruises moves closer to offering five-star accommodations on airships that will take travelers on 36-hour expeditions that will visit the North Pole. After the first 10 invitation-only trips, if all goes well, you can dig the spare change out of the couch and pony up just $226,000 for a cabin for two. The company has ties to the Hybrid Air Vehicles Airlander 10 aircraft documented in these pages.

Readers may recall the 2008 edition of our Canada’s Best Locations feature that examined the venture by SkyHook and Boeing to develop a heavy-lift airship to be used for infrastructure and refinery projects up north. However, development was halted in 2010 pending public funding availability.

 
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