Upfront: Getting jobs done – Business North Carolina

You would not believe the size of that thing,” is a comment I’ve heard from several friends who have driven past Toyota’s massive electric battery manufacturing complex nearing completion in Randolph County.

Indeed, the state appears poised to get more than its money’s worth through the largest corporate investment in state history. The project promises to transform the eastern Triad area as other companies follow the Japanese automotive giant into central North Carolina.

That positive spin underlines our annual checkup on North Carolina economic development efforts. Starting on Page 42, contributor Lawrence Bivins describes the 25 major job-creating projects announced over the past year, bolstering the state’s reputation as a favored spot for investment.

This year’s report shows the importance of foreign investment with Asian and European companies accounting for about half of the big deals. Top executives for German, Chinese and Indian companies clearly like North Carolina’s many attributes as a place to make products, many of them tied to the increasing electrification of the economy.

One attribute about North Carolina we hear frequently is how the state’s deep political divide is erased when officials chase relocating businesses. When Boom Supersonic celebrated completion of its Greensboro factory exterior in mid-June, Republican legislative leader Phil Berger and Democratic Gov. Roy Cooper appeared to be fast friends.

Skeptics argue it’s easy to be cordial when spending other peoples’ money, such as the large incentive offers to attract Toyota, Boom and others. But until states are prohibited from competing for such expansions, there’s bipartisan support among Tar Heel leaders for aggressive efforts to win the deals.

My liberal friends question if that approach will continue should staunch conservative Republican Mark Robinson become North Carolina’s next governor in his campaign versus Democratic Attorney General Josh Stein. The lieutenant governor has little experience dealing with corporate executives.

But my right-learning pals call it a non-issue because CEOs don’t make major capital investments based on short-term state politics. North Carolina also has a roster of top-notch economic development pros, including chief industry hunter Chris Chung, who play the game with great competence. Polls suggest it’s a toss-up election now.

To be sure, many projects on our annual job-creator lists never materialize or occur at a fraction of their expected scope. VinFast’s promise for an electric-vehicle plant in Chatham County has doubters these days, though company officials urge patience.

In many cases, North Carolina’s dynamism overcomes some difficult situations. Insurer Centene spent several hundred million dollars building a great headquarters building in Charlotte, then decided it wasn’t needed. Some real estate pros predicted that the 800,000-square-foot building could be empty for years. But this spring, Vanguard Group scooped it up for $117 million. It expects to consolidate its 2,400-employee Charlotte staff at the site.

Our report includes the past year’s largest layoffs and plant closings, which included a lot of sectors but particularly manufacturers. It’s a worrisome trend that underscores the need for North Carolina to be competitive in costs of energy, labor and real estate, some manufacturing industry experts say.

Still, the Toyota operation 20 miles south of Greensboro suggests bright days ahead. As the company’s old ad said, “Oh what a feeling.” ■