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ONLINE INSIDER
From the September Issue

ONLINE INSIDER

How States Can Direct Economic Development to Places and People in Need

Following last week’s excerpt from David Wessel’s new book on Opportunity Zones, this week two experts on state fiscal health from the Pew Charitable Trusts explore strategies to strengthen place-based programs and better support distressed areas.

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

ASIA

Singapore Scales Toward a Sustainable Future

Anthony Cheung of Tractus Asia examines the five key pillars of Singapore’s Green Plan 2030 and the opportunities the plan presents for companies.

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From the September Issue

INVESTMENT PROFILE: PUERTO RICO

Hit Refresh

Game-changing companies and pioneering entrepreneurs alike say Puerto Rico feels like home.

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 EVENTS 

 

 CONWAY ANALYTICS SNAPSHOT 

RCLCO Real Estate Consulting has released its 2021 STEM Job Growth Index (which it has named the STEMdex) identifying which cities are poised for the greatest growth in STEM. The index, first created in 2016 in collaboration with CapRidge Partners, examines 24 indicators grouped in four categories: STEM Trends/Economic Factors (including population growth metrics, industry-specific growth and location quotient metrics, and STEM wages), Workforce Quality (including the growth of millennial households and educational attainment levels), Quality of Life/Health (including cost of living factors, commute times, walk scores, and more), and Business Climate (including office costs, local tax environments, and other metrics). Here are the top 10:

  1. Denver, Colorado
  2. Seattle, Washington
  3. Austin, Texas
  4. San Francisco, California
  5. Washington, D.C.
  6. San Jose, California
  7. Raleigh, North Carolina
  8. Boston, Massachusetts
  9. Portland, Oregon
  10. Salt Lake City, Utah

Among other findings, the only states with multiple cities in the top 20 are Texas, California (three cities each), and North Carolina (two cities). “Boston, San Diego, Minneapolis, and Washington D.C. have entered the top 20 for the first time as strong economic trends point to robust future growth,” says RCLCO. “While it remains far too early to fully assess how the COVID-19 pandemic and any current or future variants will continue to impact our daily lives, another year of data has given us increased confidence in the growth prospects for STEM jobs, particularly in the regions highlighted by the 2021 STEMdex,” said Gregg Logan, managing director of RCLCO. In the latest 10-year industry employment projections released by the Bureau of Labor Statistics (published in September 2021), higher than average employment growth, particularly for STEM jobs, is forecast.

Watch for further analysis of this report in the Top Tech Hubs feature in the January 2022 issue of Site Selection.

 

 SURVEY 

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 PROJECT WATCH 

Ireland

“League of Legends” creator Riot Games announced October 28 that it will open a new Remote Broadcast (RBC) and Content Production Center in Dublin, Ireland. Riot Games and its Esports Technology Group (ETG) are “growing to enable efficient, game-agnostic production of esports content, through technical innovation, standardized workflows and shared infrastructure,” said the announcement from IDA Ireland. “The RBC in Dublin will be the first of up to three facilities in a global follow-the-sun model, with each RBC having the ability to produce six events simultaneously across production and audio rooms, bullpens and live stages, all built upon a scalable technology backbone for future growth.” The RBC will be located in Airside Retail Park, Swords, County Dublin and will create more than 120 jobs across broadcast engineering, production, control crew and event production. Riot Games first set up its EMEA Headquarters in Ireland in 2010 and has grown over the past decade to 165 employees in its Dublin city center office. Watch this space next week for further coverage of the exploding esports sector.

Source: Conway Analytics

New Mexico

Facebook on October 27 announced (on Facebook) that the company is expanding its Los Lunas Data Center by two new buildings with an $800 million investment that will bring the site’s numbers to $2 billion invested, more than 400 operations jobs and 3.8 million sq. ft. developed since ground was first broken at the site exactly five years ago. The company also announced a new goal to restore 200% of the water the data center consumes into the New Mexico watersheds. “To date, we have invested in a total of five local water restoration projects, and in 2020, these projects restored approximately 64 million gallons of water right here in New Mexico,” the company said. “We are also announcing that we are partnering with Lokket and Valencia County to bring free WiFi to up to 900 homes in the area.” Meanwhile, the company’s portfolio of renewable energy generation continues to grow in the state too, with two new solar projects bringing the total to 10 projects across six counties.

Source: Conway Analytics

 

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 CHOOSE WASHINGTON 2021-2022

INVESTMENT PROFILE: TRI-CITIES

Tri-Cities: Where Legacy and Innovation Meet

Discover the impressive assets and attributes of one of the few West Coast metro areas with a lower cost of living than the national average.

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From the September Issue

CORPORATE HEADQUARTERS

Talent, Business Climate Drive Headquarters Expansions

You know the household names headquartered in Seattle. But there are growing corporate headquarters throughout the state.

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 SITE SELECTION RECOMMENDS 

The Government Accountability Office this week unveiled a new report on Opportunity Zones. According to the IRS, over 6,000 Qualified Opportunity Funds have invested about $29 billion in Opportunity Zones through 2019. The incentive attracted investment in housing, renewable energy businesses, and other projects. The IRS “developed plans to ensure these funds comply with requirements,” the GAO states. “But its plans depend on data that isn't readily accessible—which could make it hard for [the] IRS to find investors who aren't following the rules. We recommended addressing this risk.”

 

 PHOTO OF THE DAY 
Photo courtesy of Defense Visual Information Distribution Service (DVIDS)

James Varhegyi made this photo yesterday of a U.S. Air Force graphic he created at the Air Force Life Cycle Management Center at Wright-Patterson Air Force Base in Ohio, an 8,000-acre base that encompasses 30,000 employees, operational support for more than 100 associate units and an economic impact of $4.2 billion per year. In 1954 Congress passed a bill, which was then signed into law by President Dwight D. Eisenhower, establishing Veterans Day as a National Holiday. Each year since, November 11 — the date the armistice agreement was signed in 1918 to end World War I — is a day meant to honor all military veterans.

 
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