RETURNS ON INVESTMENTS.

• Author: Saylor, Teri
• Position: ECONOMIC DEVELOPMENT: INDUSTRIAL PARKS NC

It was a busy two months for North Carolina economic development news. Toyota announced it was building a $1.3 billion lithium-battery factory at the 1,800-acre Greensboro-Randolph Megasite in December. It's expected to employ about 1,750 people and help meet growing demand for electric vehicles. About a month later and roughly 30 miles away, Boom Supersonic unveiled plans for a $500 million commercial aircraft factory, which will create almost 1,800 jobs initially, on Piedmont Triad International Airport's campus.

Greensboro Chamber of Commerce president and CEO Brent Christensen doesn't hide his excitement for the two large undertakings. "Projects like these come along every five or 10 years, and we had two announcements within six weeks," he says. "Frankly, those in the economic development world would kill for even one of them"

North Carolina's industrial parks are eyed by manufacturers and companies from other industries that are starting, expanding or relocating. "One of the great things about our state is the diversity of its business base," says Melissa Smith, vice president of business recruitment and development for Economic Development Partnership of North Carolina. "We have a lot of sector diversity in the business in our pipeline and in corporations that have announced and that are already here."

Each company has its reasons for choosing North Carolina. But most point to the state's workforce, which is developed and trained by robust university and community college systems. And many find a shorter path to being operational. Smith says many industrial sites, including megasites in Chatham, Brunswick, Edgecombe, New Hanover and Randolph counties, are shovel ready--utilities, access to rail, road and airports, and other necessities are already in place. "Everything that drives our conversations with companies looking to locate new operations is all about speed to market and risk reduction," she says. "So, having sites and buildings or real estate options that are ready to go helps [companies] feel confident that part of the work has already been done or is scheduled."

If the Toyota plant is a big deal for Guilford County, it's even better for Randolph County, its residents and workers. "First of all, having that many new jobs in the community with strong wages and great benefits gives Randolph County residents an opportunity to improve their lives," says Kevin Franklin, Randolph County EDC president. He expects other businesses...