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| FROM SITE SELECTION MAGAZINE, MAY 2023 ISSUE |
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LATIN AMERICA
A global economic slowdown will dampen Latam’s growth prospects, says Deloitte. But a reconfiguration of the global economy following the war in Ukraine may give rise to unexpected opportunities for the region.
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NEWS DIGEST
Brief stories look into Steel Dynamics dipping its toes into aluminum in Mississippi; GE’s energy and aerospace investments across multiple states; the federal go-ahead for ConocoPhillips’ Willow Project on Alaska’s North Slope; a massive solar project in Idaho; Roche’s investment in Oceanside, California; and Fox Studios’ $1.5 billion expansion in Century City, California, 90 minutes to the north.
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Singapore
Last week Finland’s Neste Corp. said its renewable products expansion announced in 2018 has begun production, meaning a doubling of capacity to 2.6 million tons annually of which up to 1 million tons can be sustainable aviation fuel (SAF). “Singapore has world-class logistics connectivity enabling efficient transportation of the renewable raw materials as well as final products globally,” said Matti Lehmus, president and CEO of Neste. “Also, its world-class education supports the availability of future talents to be a part of our production and commercial operations, as well as to enhance our R&D in our recently established Innovation Center.” “Singapore is a leading aviation hub in the Asia-Pacific region,” added Sami Jauhiainen, acting executive vice president for the Renewable Aviation business unit of Neste. “In addition to being a global hub for Neste’s SAF production, we have established an integrated SAF supply chain to Singapore Changi Airport to make our product available to an increasing number of regional and international airlines.” Neste is developing a global network of airports where it has the capability to supply SAF directly into aircraft. The company’s total SAF production capability will be 1.5 million tons per annum by the end of 2023 when the modifications at Neste’s Rotterdam refinery are completed, and 2.2 million tons when the expansion of the Rotterdam refinery is completed by the first half of 2026.
Texas
The Lubbock Economic Development Alliance (LEDA) announced this month the expansion of X-FAB Texas, a manufacturer of analog and mixed-signal semiconductor solutions, with major investments over the next five years. Phase one amounts to $200 million and is expected to create up to 250 additional jobs. “This expansion comes on the heels of growth in reshored manufacturing of chip production,” a LEDA release stated, noting that the Lubbock operation is the only U.S. site for the Belgium-based company. “As the leading silicon carbide foundry, we must continue to invest to grow our capacity, capabilities and technical workforce to provide high-quality products and prepare for future generations of products,” said Lloyd Whetzel, president and CEO of X-FAB Texas. “X-FAB is committed to maintaining the foundry leadership position in silicon carbide.” The company has operated in Lubbock since 1999. X-FAB analog-digital integrated circuits (mixed-signal ICs), sensors and micro-electro-mechanical systems (MEMS) are manufactured at six production facilities in Germany, France, Malaysia and Lubbock. X-FAB employs approximately 4,200 people worldwide.
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| MASSACHUSETTS ECONOMIC DEVELOPMENT GUIDE 2023-24 |
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GATEWAY CITIES
Each of Massachusetts’ 26 Gateway Cities offers an abundance of rich amenities, purposefully designed to attract commercial ventures.
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COLLEGES & UNIVERSITIES
What partnership opportunities are available between universities and industry?
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| SITE SELECTION RECOMMENDS |
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As a timely follow-up to the “Let’s Get Together” Online Insider published in this space last week, CBRE has released a survey of 207 companies with U.S. offices that finds 65% of them are requiring in-office work at least some of the time. Office attendance levels at 60% of surveyed companies have reached a long-term steady state, up from 43% last year, CBRE found, but in many cases that steady state is smaller in size. “Fifty-three percent of companies expect their office portfolios to get smaller over the next three years compared to 46% that anticipate either no change or expansion,” CBRE reports. “Companies increasingly have multiple options to reshape their office portfolios to accommodate attendance patterns, employee preferences and market dynamics. Fifty-eight percent report renewing their leases, even if for less space. Forty-nine percent have allowed leases to expire, and 32% are relocating to better quality space.” The report takes a deep dive into workplace metrics. Find more insights in the Workforce 2023 report published by Conway Data earlier this year. Further exclusive analysis, case studies and reporting will be pursued for Workforce 2024, the fourth annual publication in the Workforce series.
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Site Selection EVP Ron Starner made this photo of downtown Rochester, New York, last week while in town on a familiarization tour. In addition to semiconductor industry investment occurring in the region, the just-concluded PGA Championship was expected to generate $190 million in direct, indirect and induced spending. Watch Site Selection and Siteselection.com for insights into the region’s economy from Ron’s conversations with corporate executives and community leaders.
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