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FROM SITE SELECTION MAGAZINE, MAY 2022 ISSUE
From the May Issue

HEALTH TECH & LIFE SCIENCES

U.S. R&D Lab Space Is Getting Harder to Find

A recent CBRE report documents what drove rents up by 7.8% in Q4 2021, and how companies and developers are responding.

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From the September Issue

INVESTMENT PROFILE: FLORIDA

Bottom Line: Florida’s Financial Services Sector Is Humming

Executives from three major companies explain why.

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 CONWAY ANALYTICS SNAPSHOT 
Utah in 2019 was No. 1 in IP-intensive industry employment.
Photo: Getty Images

The third edition of the U.S. Patent and Trademark Office’s “Intellectual property and the U.S. economy” report, released in March, finds that in 2019, 127 IP-intensive industries in sectors such as manufacturing; wholesale and retail trade; and professional, technical, management, and administrative services accounted for $7.8 trillion in U.S. GDP, or 41% of total GDP. “The report found a substantial wage premium for workers in IP-intensive industries, with average weekly earnings 60% higher than that received by workers in other industries,” said a USPTO release. “States in the Northeast, Mid-Atlantic, Upper Midwest, and West Coast regions generally had the highest concentrations of workers in IP-intensive industries.” The top five states in 2019 were Utah (37%), Washington (36.7%), New York (35.8%), Massachusetts (35.7%), and Illinois (35.5%). Other strong IP states include New Hampshire, California, Michigan and Wisconsin. Compare and contrast these findings with those states’ performance in Site Selection’s most recently published Prosperity Cup, Governor’s Cup and Business Climate rankings. — Adam Bruns

 

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TEXAS ECONOMIC DEVELOPMENT GUIDE 2022-2023

INVESTMENT PROFILE: ROUND ROCK, TEXAS

Round Rock: The High-Tech Hub of Central Texas

This city in Williamson County, part of the Austin-Round Rock metro area, has been at the center of all things tech since long before the current boom.

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 PROJECT WATCH 

Saudi Arabia

Electric car maker Lucid in May announced this new AMP-2 factory following agreements signed in February 2022 with the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, Emaar, The Economic City at King Abdullah Economic City (KAEC) and Gulf International Bank. The plant will eventually have a capacity of 155,000 EVs. Initial production will come from re-assembly of Lucid Air vehicle “kits” that are pre-manufactured at the company’s U.S. AMP-1 facility in Arizona, and, over time, for production of complete vehicles. Lucid has entered into an agreement with the Ministry of Finance of the Government of Saudi Arabia to purchase at least 50,000 and potentially up to 100,000 Lucid vehicles over a 10-year period. The overall agreements are estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next 15 years to build and operate a manufacturing facility in Saudi Arabia. “We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions,” said Peter Rawlinson, Lucid CEO and CTO, “as outlined in Saudi Vision 2030 and the Saudi Green Initiative, by taking steps to help diversify Saudi Arabia's economy through the establishment of manufacturing capacity in KAEC for up to 155,000 of Lucid's zero-emissions, electric vehicles per year.”

Source: Conway Analytics

Washington

On Monday India-based Jubilant Pharmove Ltd announced that subsidiary Jubilant Pharma Lt., through subsidiary contract manufacturer Jubilant HollisterStier LLC, has entered into a cooperative agreement for $149.6 million with the Army Contracting Command, in coordination with the Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense on behalf of the Biomedical Advanced Research and Development Authority within the U.S. Department of Health and Human Services. Got that? The agreement enables the doubling of the company’s injectable filling production capacity at a cost of $193 million, over and above a $92 million filling line expansion announced in November. “Jubilant HollisterStier LLC is committed to making the U.S. pharmaceutical supply chain more resilient with domestic manufacturing facilities and less reliant on foreign suppliers,” said Pramod Yadav, CEO, Jubilant Pharma Ltd.

Source: Conway Analytics

 

 

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 SITE SELECTION RECOMMENDS 

Illustration by Richard Nenoff

In the work-from-anywhere era it’s worth keeping tabs on the frequently updated research of WFH Research, which as you might guess is tracking work-from-home trends and activity. The team — which includes members from Stanford University and the University of Chicago — issued its latest update on Tuesday. Among its survey findings: Employers appear to be planning on employees able to work from home to be doing so at least two days a week. Also, WFH sure does make it easier to interview for prospective new jobs. Moreover, “since summer 2021, about 40% of respondents still working from home 1+ days per week would quit or seek another job if asked to return to full-time in-person work,” the update reports. In Site Selection’s Workforce 2022 report, Cresa’s Jason Jones and Paul Springer offered some strategic solutions for employers and employees going hybrid.

 

 PHOTO OF THE DAY 
Photo by Colin Hattersley courtesy of pa media

With a Celtic harp in the foreground, Site Selection Vice President of Sales Charles FitzGibbon, adorned in full kilt, fur sporran, brogue shoes and yes, a Prince Charlie jacket (that’s its name!), greets World Forum for FDI attendees on May 10 at a reception taking place inside the magnificent National Museum of Scotland. The structure opened in 1998, but its heritage goes back to the Society of Antiquaries of Scotland, founded in 1780. Among its items on display is the the silver casket believed to have been owned by Mary, Queen of Scots.

 
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