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

ASIA

Growing Pains

Vietnam’s Industrial Real Estate Conundrum

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From the September Issue

INVESTMENT PROFILE: MARYLAND

Ready for Takeoff

In Maryland, the time is right for drones.

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 CONWAY ANALYTICS SNAPSHOT 
Vermont has the lowest per-household credit card debt and overall credit card debt.
Photo by Ellen Curran and Dennis Curran courtesy of Vermont Tourism

The latest report from WalletHub looks at household credit card debt as of Q2 2021. As one would expect, the states with the largest populations have the most, while the least inhabited states have the least: Vermont is No. 1. However, evaluated by total credit card debt per household, Vermont is No. 1 there too, followed by South Dakota, North Dakota, Wisconsin and Iowa. Most of the 10 states with the lowest credit card debt per household are also among the lower half of all states in total credit card debt, with the exception of 12th-highest Michigan and 23rd-highest Wisconsin.

The highest in credit card debt per household? Hawaii and Alaska, followed in order by Connecticut, Virginia and Texas. Debt levels across the nation rose 32% more in the second quarter of 2021 compared to the same quarter in 2019. WalletHub projects that consumers will end the year with roughly $100 billion more in credit card debt than they started with, which would be close to an annual record. “The $45.7 billion increase in credit card debt during Q2 2021 indicates that consumers failed to learn much about sustainable spending from the pandemic,” said Jill Gonzalez, WalletHub analyst. “The fear people had of running out of money for food and housing, let alone other bill payments, has been overcome by enthusiasm at the prospect of post-pandemic life.” — Adam Bruns

Lowest Household Credit Card Debt as of Q2 2021
source: WalletHub

 

 MORE MISSOURI GUIDE 2021 

FDI

Where Foreign Companies Enter the U.S. Market

Recent investors from Italy, the Netherlands, Japan and Brazil are among the more than 720 international employers in the state employing 144,000 workers.

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From the September Issue

AGTECH & FOOD

Cool Beans

Agtech is a natural for Missouri. Just ask Benson Hill.

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 PROJECT WATCH 

Poland

According to a Google translation of a report from the Polish-language newspaper Legnica, Pepsico held a cornerstone ceremony for its fifth production facility in Poland on August 26th. Dedicated primarily to chips and snacks, the facility will supply Poland and more than 20 other countries, including Germany, the Czech Republic, Slovakia and Hungary. The facility “with an area of approximately seven football pitches” will be built on a 30-hectare (74-acre) plot of land located in Święte near Środa Śląska within the Legnica Special Economic Zone (Dolnośląskie Voivodeship). “We have been investing in Poland and operating for 30 years,” said Silviu Popovici, PepsiCo's president for Europe. “The central location favors the development of our food production in Central and Eastern Europe. However, development must take place in a sustainable manner — we want our plants to be the most ecological facilities not only in Europe, but also around the world. In Środa Śląska, we are creating the future of food production.”

Source: Conway Analytics

Iowa

By integrating former supplier Quality Food Processors into its national network, Memphis-based Monogram Foods expects its annual revenue to exceed $1 billion. “This is an important day for our company and one that ensures we continue to grow in the prepared meats space, especially in the bacon category,” said Monogram Executive Chairman and CEO Karl Schledwitz in June. Monogram now operates 10 food manufacturing facilities in six states and employs more than 3,000. The company was founded in 2004 with the purchase of King Cotton and Circle B Brand meats from Sara Lee Corporation. Before the acquisition in Denison (located in western Iowa about 75 miles southeast of Sioux City), the company’s most recent project was the April launch of construction on a 300+-job facility in Haverhill, Massachusetts, that will devote one-third of its space to production and the remainder to distribution services for the company’s multiple facilities in Greater Boston.

Source: Conway Analytics

 

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Site of the Week
From the January Issue

XCEL ENERGY’S REAL ESTATE PROGRAMS

Sites and Buildings Ready Today

Xcel Energy offers nearly 90 available real estate options, including Certified Sites, Ready Sites and Ready Buildings, across its eight-state service area. Xcel Energy’s real estate certification process follows a robust and credible protocol, starting with the collection and validation of essential property attributes and due diligence. Using information gathered during site visits, complemented by details provided by municipalities, utilities and economic development organizations, the Xcel Energy team reviews the due diligence on the property and infrastructure, including any required studies. Equipped with the knowledge already gathered on your behalf, you can move faster into your new location and increase your speed to market. And of course, each site enjoys reliable and robust electric service from Xcel Energy, one of the nation’s top providers of clean power. Take an aerial tour of Xcel Energy’s Certified Sites and find your next location, today.

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 SITE SELECTION RECOMMENDS 

A new report from the Information Technology and Innovation Foundation claims a new tax rule set to take effect in 2022 — amortizing R&D expenses over five years instead of in the same year the cost was incurred — will reduce U.S. GDP by $45 billion annually and cost more than 48,000 jobs after 10 years. Among other findings, the report shows that China’s R&D tax benefit for companies conducting R&D will increase from 2.7 to 5.7 times more generous than the U.S. benefit.

“Congress should move quickly to repeal this rule change before it takes effect, or it will dramatically reduce the incentive to invest in R&D in America, which will cost jobs and undermine U.S. competitiveness,” said ITIF President Robert D. Atkinson, who authored the report. “The United States was the first country to introduce an R&D tax credit 1981, and it has proved to be hugely beneficial. But since then, America has fallen behind dozens of competitors that provide far more generous R&D incentives. This rule would accelerate the slide and put America all the way near the back of the pack.”

 

 PHOTO OF THE DAY 
Photo courtesy of Vattenfall

Earlier this week His Royal Highness the Crown Prince of Denmark Frederik André Henrik Christian and Danish Minister for Industry, Business and Financial Affairs Simon Kollerup inaugurated Vattenfall's new offshore wind farm Kriegers Flak. The 72-turbine wind farm in the Baltic Sea is Scandinavia's largest, and the turbines are plenty large too, as the size of the technicians scaling one of them in this photo attests.

The wind farm will single-handedly increase Danish wind power production by 16%, with capacity corresponding to the annual energy consumption of approximately 600,000 Danish households. The installation will be serviced out of the Port of Klintholm on the Island of Møn. “With today's inauguration,” said Anna Borg, CEO of Vattenfall, “we are taking one step closer towards our goal of enabling fossil-free living within one generation.”

 
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