As it approaches its tenth year, a public-private partnership for North Carolina that uses tax incentives to entice businesses to locate there or to encourage already-existing businesses to grow there is managing 248 projects at various stages of development.
During a meeting of the organization’s Economic Development Accountability and Standards Committee on Monday, Chris Chung, who has served as the leader of the Economic Development Partnership of North Carolina for almost its whole history, gave authorities an update on the state of economic development.
The specifics of the initiatives for economic development are kept under wraps. And some are in different stages of development; these range from tire-kickers attempting to find out more about North Carolina to businesses planning to establish a presence in the Tar Heel state and prepared to sign an incentive agreement.
According to Chung, the 248 projects collectively have the potential to create about 75,000 employment and over $66 billion in capital investments, though it’s unlikely that all of them will come to pass. For any project, North Carolina is frequently in competition with several other states.
One pattern, according to Chung, is that many of the possible additions are industrial, blue-collar positions. He said that none of the 20 projects that got underway in January had anything to do with offices, phone centers, corporate headquarters, bank expansions, or the like. He stated that December was similar and that it was a part of a national trend. “We continue to see that same view where we sit,” he said, addressing everyone in the office real estate industry.
The team has located developable areas of at least 1,000 acres that might be used as megasites for industries or other types of development. Additionally, according to Chung, 15 additional smaller locations totaling a few hundred acres or less have been recognized as having the potential for lower-scale operations.
