2022 Chief Executive Guide to Site Selection

2022 CEO GUIDE TO SITE SELECTION

NE W

THE LAWS OF

‹

ATTRACTION What does your n ext g want—and where eneration of talent do they want to b e?

A guide to the fu ture of your work place.

2022 CEO GUIDE TO SITE SELEC TION EDITOR Dan Bigman

CONTENTS

MANAGING EDITOR Jennifer Pellet DIGITAL EDITOR C.J. Prince ART DIRECTOR Gayle Erickson PRODUCTION DIRECTOR Rose Sullivan

8 Bullish On The City

CHIEF COPY EDITOR Rebecca M. Cooper

By Dan Bigman

Craig Guillot, Marshall Goldsmith, Kelly Goldsmith, Patrick Lencioni, Jeffrey Sonnenfeld

10 The New Laws of Attraction CEOs are finding that culture is now more important than compensation in engaging great people—no matter where you're located. A guide to what's coming and how to prepare. By Russ Banham

22–72 State Profiles In alphabetical order, a primer on economic development programs, workforce quality, the tax and regulatory environment, economic activity and more for each of the contiguous states.

By Craig Guillot

CONTRIBUTING EDITORS Dale Buss, Daniel Fisher,

EXECUTIVE EDITOR, STRATEGICCXO360

Emily DeNitto DIGITAL PRODUCER Alessandra Cooper VP, PUBLISHER, CHIEF EXECUTIVE

Christopher J. Chalk | 847-730-3662 cchalk@chiefexecutive.net DIRECTOR, BUSINESS DEVELOPMENT

Lisa Cooper | 203-889-4983 lcooper@chiefexecutive.net MANAGER, STRATEGIC PARTNERSHIPS

Rachel O’Rourke | 615-592-1198 rorourke@chiefexecutive.net

CHIEF EXECUTIVE GROUP EXECUTIVE CHAIRMAN

Wayne Cooper CHIEF EXECUTIVE OFFICER

Marshall Cooper CHIEF CONTENT OFFICER

Dan Bigman DIRECTOR OF EVENTS & PUBLISHER, CORPORATE BOARD MEMBER

Jamie Tassa VP, PUBLISHER, STRATEGICCXO360.COM

KimMarie Hagerty DIRECTOR OF MARKETING Simon O’Neill VICE PRESIDENT Kendra Jalbert HR MANAGER / OFFICE ADMINISTRATOR

Patricia Amato RESEARCH DIRECTOR Melanie Nolen DATA SERVICES DIRECTOR Jonathan Lee DIRECTOR, DIGITAL PRODUCTS Leigh Townes

A NOTE ON SOURCES All state-page information was compiled from a variety of sources, including state and local economic development agencies (incentives, deals, big company listings); state and local press reports (deals, governors’ and governor-elect quotes, C-Suite testimonials); company press releases (deals, C-Suite testimonials); state governor’s offices and press releases (quotes, deals, C-Suite testimonials); campaign websites and press releases (quotes and related information); The Fortune 500 (headquarters locations); The Tax Foundation (tax ranking); National Right to Work Legal Defense Foundation (right to work status) U.S. News & World Report (high-school graduation rates, quality of life); The U.S. Census Bureau (college degrees, population growth); The Bureau of Labor Statistics (unemployment, as of Oct. 2021) and U.S. News & World Report (quality of life ranking).

ASSISTANT CONTROLLER Brittney Smith STAFF ACCOUNTANT Marian Dela Cruz MARKETING MANAGERS

Simone Bunsen, Nicole Shorette EVENTS & MEMBERSHIP MANAGER Rachael Gaffney EVENTS COORDINATOR KP Wilinson DATA ANALYST Denise Gilson CLIENT SUCCESS MANAGER Victoria Campbell CLIENT SUCCESS COORDINATOR Aftan Walls STRATEGIC PARTNERSHIPS ASSOCIATE

Lara Morrison RESEARCH ANALYST Isabella Mourgelas

CHIEF EXECUTIVE NETWORK PRESIDENT Rob Grabill EXECUTIVE DIRECTOR Chuck Smith DIRECTOR OF OPERATIONS JoEllen Belcher MARKETING DIRECTOR Janine O’Dowd DIRECTOR OF MEMBER SERVICES Brandon McGinnis SALES SUPPORT ASSOCIATE Brittany Hochradel

2 2022 CEO GUIDE TO SITE SELECTION

We built the foundation so you can build your dream life.

From shorter commutes to better business incentives, Ohio sets you up for success in all areas of your life. Ohio was ranked the #1 most affordable state in 20201 and ranked #3 in housing affordability2. If you’re used to big city life, that’s the difference between having your whole office in a closet and having a whole closet just for your shoes.

Ohio’s Economic Development Corporation

Sources: 1 - U.S. News Rankings 2 - Moody’s Analytics

T H O U G H T L E A D E R S H I P P R O V I D E D B Y D E LO I T T E CO N S U LT I N G L L P

Location strategy and carbon-reduction: How will your corporate real estate footprint help drive your environmental, social and governance (ESG) strategy and resiliency?

BY SVEN GERZER

WITH THE GLOBAL PANDEMIC STILL ON EVERYONE’S mind, another major global subject facing corporate executives has been highlighted with the conclusion of the United Nations Climate Change Conference (COP26) in Glasgow1 during November 2021. COP26 set forth a multitude of new guidelines, government programs and frameworks to be incorporated in many countries around the world, including the United States. The U.S. Department of Commerce has released new programs on climate and clean tech solutions,2 and businesses have been adjusting their priorities, risks and expenses to create new opportunities to thrive in an increasingly climate conscious world.

But what does a carbon-neutral or carbon-reduction location strategy look like? Why is it important to have one? How should climate-concerned CEOs incorporate green concepts into their strategic location and footprint initiatives?

With conversations increasing about climate change and corporate responsibility, companies are seeing customers, shareholders and employees demand a more climate-conscious approach. A recent Deloitte article, “Tectonic Shifts: How ESG is changing business, moving markets, and driving regulation”3 discusses how companies, shareholders and employees are driving these new strategies: “As employees, people are increasingly concerned with the ESG activities of their employers across all geographies. In a 2019 survey of business leaders by the Environmental Defense Fund, 85 percent believed their employees would hold them more accountable for their impact on the environment, a 13-percentage-point increase from the prior year”.

In a decarbonizing word, especially in Europe and North

America, new market opportunities in the form of having either products, processes or solutions in place that are carbon-friendly not only help companies achieve their ESG goals but also provide improved profit potential due to increasing demand for sustainable products and processes.

Being able to offer these to other businesses could further reduce the overall carbon footprint and create new lines of revenue beyond the traditional value of the equipment and services by placing a price tag on the overall carbon reduction of the site.

The Deloitte article4 referenced above continues: “The Global Sustainable Investment Alliance’s latest investment review shows that global sustainable investment now tops US$35 trillion—up 15 percent in two years, and in total equating to 36 percent of all professionally managed assets.”

While some businesses merely see these major changes as compliance obligations, forward-thinking companies are seeing growth opportunities. “A purely compliancefocused mentality might appear to be the easier choice but may leave you falling behind your investors’ expectations, your customers’ needs and your competitors’ actions. Adapting to thrive in this business environment requires incorporating stakeholder feedback into your long-term business plans, recognizing the new risks that could emerge in an era of dynamic environmental and social change and identifying new opportunities for value creation in a more sustainable future. Stepping up to be accountable now opens the door to the transformations that follow,” the Deloitte article concludes.

In short, businesses are either forced to adapt to new climate-friendly policies or they choose to do so in order to benefit from a rapidly growing market.

What are some example strategies that leaders can implement to achieve a more carbon-friendly business?

2) Understanding renewable power standards for manufacturing companies and large power users

1) Growing desire for office tenants and corporate headquarters to utilize green building standards

Besides the construction of buildings for office, distribution or manufacturing use, many manufacturers struggle with how carbon-based energy consumption can be reduced within their processes. Using renewable power can be one effective and impactful alternative. Many U.S. states and regions now offer some form of renewable energy in their portfolios, but deciding on providers and types of energy options is not always an easy task. According to the U.S. Energy Information Administration,7 there are over 3,000 electric utility and distribution companies in the U.S. In 2020, renewable energy sources accounted for about 12.6 percent of total U.S. energy consumption and about 19.8 percent of electricity generation. Some states offer completely deregulated utility portfolios, with businesses being able to choose renewable sources for up to 100 percent of their energy demand. In other states, utilities offer a renewable portfolio, but the customer is not always able to choose the power source or percentage. Other locations do not offer any renewable energy standards at all, and it is up to the customer to either generate its own power or work with the utility providers to figure out solutions. Within each state, an educated location decision is crucial to ensure that a site can be served with renewable energy without extraordinary infrastructure investments based on the providers to a specific site.

According to the American Institute of Architects (AIA)4, 40 percent of U.S. energy is consumed by buildings, and buildings alone count for 39 percent of greenhouse gases.

Having corporate headquarters and office buildings LEED (Leadership in Energy and Environmental Design) certified is one step towards a more climate-friendly and cost-effective, office environment. A 2014 UC Berkeley5 study cited by the US Green Buildings Council,6 found that by building to LEED standards, buildings contributed 50 percent fewer greenhouse gases than conventionally constructed buildings due to water consumption, 48 percent fewer greenhouse gases due to solid waste and 5 percent fewer greenhouse gases due to transportation.

Implementation of green building standards, LEED and passive-house concepts has risen dramatically over the last decade. LEED-certified projects grew to over 100,000 in 2019, according to the Green Building Council. Businesses can make use of the new green building standards when relocating or opening new locations and take advantage of a variety of possible tax credits and incentives, in addition to achieving a lower carbon footprint.

There has been increased focus in the marketplace regarding companies looking to either supplement or fully replace their power demand by renewables. Many manufacturing companies are looking for new locations with a higher priority percentage of renewables to be reflected in their business cases.

4) Overall carbon reduction or carbon-neural production sites

3) Transportation and logistics

translate into them being open to and actively recruiting new partners to their facilities that can reduce the overall carbon output of the site. This can be an additional incentive for companies that are carbon-negative or have carbon-reducing products to co-locate in such areas—from a tax perspective, but also from a shared cost perspective with the existing facility.

Almost every manufacturing company is affected by the reduction of carbon emissions in one way or another; few businesses can escape the modern demand towards reducing greenhouse gas emissions. These pressures With the Glasgow Climate Pact structured to accelerate generally come from location-driven political requirements efforts towards the phasedown of unabated coal power for carbon reduction, customer base and/or employee and phase-out of inefficient fossil fuel subsidies, demands to make reductions or the business along with the increase in natural gas prices, seeing growth opportunities in combined with a renewed federal manufacturing carbon-neutral and emphasis on climate change, the negative products. Using new alternatives across the country for technologies, energy efficient COP26 set forth a renewable power are expected automation and manufacturing multitude of new guidelines, to rise significantly. Solar energy methods, and locating in regions could account for 40 percent of that financially incentivize the government programs, and U.S. electricity by 2035, according growth of low-carbon emission frameworks to be incorporated to a recent Department of businesses provide a lot of Energy study.9 Businesses that options for the climate-conscious in many countries around are considering expanding or executive. the world relocating part of their operations Additionally, some existing have a great new tool by utilizing all manufacturers that operate with the different power supply options to a high-carbon output have started reduce their overall carbon footprint and looking for synergistic opportunities to the associated cost. reduce their own carbon footprint. This could Transportation, logistics and supply chains that have been at the top of every executive’s mind due to the pandemic, play an increasingly important role in carbon emissions and ESG goals. If shipping continues the way it has been pre-pandemic, freight emissions will surpass energy as the most carbonintensive sector by 2050, according to Suzanne Greene at MIT.10 The Global Logistics Emissions Council11 (GLEC), a group of leading logistics providers and large freight forwarders have created a harmonized calculation of the logistics greenhouse gas emissions across the supply chain. Having a corporate location strategy for new and existing facilities could not only have tremendous effects on the corporate carbon balance but also on global supply chains and logistics.

https://ukcop26.org https://www.trade.gov/climate-and-clean-technology-solutions https://www2.deloitte.com/us/en/insights/topics/strategy/esg-disclosureregulation.html 4 https://content.aia.org/sites/default/files/2021-07/2030-Annual-Report.pdf 5 https://escholarship.org/uc/item/935461rm 6 https://www.usgbc.org/leed/why-leed 7 https://www.usgbc.org/articles/infographic-leed-reaches-over-100000commercial-projects 8 https://www.eia.gov 9 https://www.energy.gov/articles/doe-releases-solar-futures-study-providingblueprint-zero-carbon-grid 1

How and to what extent a business will and is able to reduce its carbon footprint is certainly a case-by-case scenario, but with a proper strategy and an informed site decision, significant progress can be made in the reduction of greenhouse gases, and along with those steps, better align to shareholder, customer and employee expectations.

Sven Gerzer is a manager at Deloitte Consulting

10

2 3

11

https://medium.com/mitsupplychain/how-to-make-co2-a-kpi-for-freighttransportation-ccc3c280b1c4 https://www.smartfreightcentre.org

i Herbert Smith Freehills, “Future of work: Adapting to the democratised workplace ,” December 2, 2019 ii Environmental Defense Fund, Business and the fourth wave of environmentalism , 2019. iii Global Sustainable Investment Alliance, Global sustainable investment review 2020 , accessed May 10, 2021.

As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.

This article contains general information only and Deloitte is not, by means of this article, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.

Deloitte shall not be responsible for any loss sustained by any person who relies on this article.

How will your corporate footprint help drive ESG strategy and resiliency?

As many companies begin to evaluate their carbon footprint and strategies to reduce greenhouse gas emissions, while building greater resiliency within supply chains and operations, there is a great need for objective, multi-disciplinary insights to fuel real estate and location decisions. From country analysis to detailed labor market, energy infrastructure, and site due diligence, Deloitte’s Location Strategy practice can help your organization align its footprint to support near-and long-term goals. www.deloitte.com/us/locationstrategy Copyright © 2021 Deloitte Development LLC. All rights reserved.

THE 2022 CEO GUIDE TO SITE SELEC TION

BULLISH ON THE CITY THE OFFICE IS DEAD. Everyone wants to work from home. Cities are unsafe—no one wants to commute to the city. You’ve heard the verdicts rendered by the chattering classes in this Covidaddled age, you’ve got new neighbors from Southern California who paid cash. Perhaps the best way to answer all this smug surety is to shrug and paraphrase Buddha: We’ll see.

Somewhat clearer, as Russ Banham reports in the cover story of this year’s CEO Guide to Site Selection, is what it now takes to attract the best and brightest to your company.

Competitive pay is table stakes. Young millennials and GenZs want to know how working for you is going to help the world. Older workers want to know Where will the future of that you’re going to be around on the glidepath to retirement.

And everybody wants affordable healthcare (good luck with that), work take place? Well, at least according to one a plan for how they’re going to get promoted (very doable) and a surprising new study, the boss that they like (who doesn’t, right?).

Now that we’ve answered what, we can get back to the question answer may be: cities. of where. Where will the future of work take place? Where should you put your new operations, your offices, your factories? Well, at least according to one surprising new study, the answer may be cities.

Despite all the anti-urban vibe going around, a survey of global business leaders by consulting firm Protiviti and Vlad Mykhnenko, David Howard and Nigel Mehdi of Oxford University’s Kellogg College unearthed a consistent majority of executives predicting they will be locating operations in urban centers over the next decade. Only 6.6 percent of those surveyed said their investment on real estate, corporate headquarters or employee campuses would decrease. The survey also found:

• 64 percent say that the role of cities in business will increase over the next 10 years.

• 56 percent say the density of urban labor pools will be increasingly important to their operations • 54 percent say they expect the cost disadvantages of operating in a city will

decline or remain the same—with a whopping 61 percent of North American executives expecting costs to fall.

Driving this attitude is, of course, opportunity. In North America, that means access to a technology hub (46 percent), the education system (42 percent), infrastructure (47 percent) and talent (31 percent)—respondents could pick more than one answer. Tax breaks? Not so much— just 24 percent say that would pull them into a city. As for a pro-business climate? Just 20 percent expect one. “Business leaders across the world have responded to say that despite earlier signs of a white-collar shift to move [to] online, home-based work regimes, city locations matter, and will matter more by 2030,” the authors conclude.

With a caveat—at least in North America. When it comes to what they think will endanger our continent’s cities, 61 percent of executives polled ranked the political climate and taxes first— versus just 42 percent in both Europe and Asia.

In other words, when it comes to the comeback of the city—at least the American city—it is as the Buddha might say: We’ll see.

—Dan Bigman, Editor

8 2022 CEO GUIDE TO SITE SELECTION

BUSINESS SUCCEEDS HERE “ Hytrol has been in Jonesboro, Arkansas, since 1962. We began with 28 employees and have grown to more than 1,200 employees in that location. When it came time to expand with an additional production facility, it was an easy decision to stay in Arkansas.”

David Peacock, President Hytrol

To learn more about how inspiring Arkansas businesses are leading the way to a strong economy, visit ArkansasEDC.com/whyarkansas or scan to watch the video.

10 2022 CEO GUIDE TO SITE SELECTION

NE W

‹

THE LAWS OF

ATTRACTION CEOs are finding that culture is now more important than compensation in engaging great people—no matter where you’re located.

A guide to what’s coming, and how to prepare.

BY RUSS BANHAM

FIVE YEARS AGO, Joe Walsh struggled with the number of people leaving the employ of small business software provider Thryv Holdings, where he has served as CEO since 2014. Many employees grumbled about the 45-minute commute to the public company’s Dallas, Texas, headquarters, their eyes open for better job opportunities elsewhere.

“I remember saying to our CFO that if I had a nickel for every employee exit, I’d have a heck of a lot of nickels,” said Walsh.

Then, in early 2020, the pandemic struck and Thryv’s 3,000 employees were sent home to work.

Their grinding commute ended, as it did for millions of other workers across the world. In May of that year, Walsh made a momentous decision. “I pulled the trigger on a work-from-anywhere model, and it created this profound sense of personal joy across the workforce,” he said.

The employee exits stopped, despite a war for talent that recruiters maintain is the worst they’ve ever seen. While Walsh cited other factors in his ability to hold onto crucial skillsets and add to this talent base, including a digital transformation making work more efficient, upskilling and reskilling opportunities, and worthwhile contributions helping small businesses survive the pandemic’s impact, people who were happy in their work and

life made the biggest difference.

“The money we’re saving in reducing our real estate footprint by letting employees work where they want is being directed to create more fun and compelling social interactions when they do physically get together,” he said.

Walsh runs a business that does not require people to report to a physical workspace every workday.

But even CEOs of companies that rely on on-premises work have found that enriching employees’ lives is the optimal strategy to win the war for talent.

“We don’t have a work-from-home option, but we haven’t lost a single employee since the pandemic began or even in the last decade—and we’re having no trouble hiring as we continue to grow,” said Rita Case, CEO of Rick Case Automotive Group, the largest retail automotive dealership in the country owned and operated by a woman, with 14 dealerships in Florida and Georgia and nearly $1 billion in annual revenues.

This is an extraordinary accomplishment as it turns out. The 60-year-old company competes for talent in an industry desperately struggling to recruit enough employees. Seventy-two percent of franchised auto dealers in a June 2021 staffing study say that finding and hiring employees is a challenge. What’s Case’s secret sauce?

2022 CEO GUIDE TO SITE SELECTION 11

“We’ve always treated our employees as a big extended family,” she said. “Our pay and benefits are competitive, but where we stand out is our culture—a positive work environment, beautiful lunchrooms and rest rooms, monthly recognition and award programs, a defined career path and a company newsletter reporting on everyone’s life activities and work accomplishments.”

She equated the automotive group to companies a century ago, when Ford, Boeing, DuPont and many other large corporations sponsored local softball teams, bowling leagues and picnics, and their chief executives knew not only the names of employees but also the names of their spouses, children and grandkids. After nearly two years of a life-sucking global health crisis, topsy-turvy economy, polarized politics and a knee-jerk transition to remote work, the focus on people’s health, wellbeing and happiness—by way of recruiting and holding on to needed skillsets—is not misplaced.

“People are tired and grieving,” said Bryan Hancock, a partner at McKinsey & Company leading its global talent practice. “Nearly two-thirds of U.S.-based employees have told us that Covid-19 has caused them to reexamine their individual purpose—what they’re doing in life and work and what they want to be doing in the future.”

These self-reflections are among the biggest factors causing the current war for talent, which the media has distressingly dubbed The Great Resignation, The Great Attrition and The Big Quit. According to the U.S. Bureau of Labor Statistics, 4.2 million people vacated their jobs in August, nearly 3 percent of the workforce, while almost 20 million people switched their jobs between April and August. The Big Quit continues, with 40 percent of employees in a recent McKinsey survey saying they’re likely to leave their job in the next three to six months, 64 percent of them without another job in hand.

“Most CEOs think the main driver of attrition is compensation; it isn’t,” said Hancock. “The top three reasons employees tell us they are quitting are because they don’t feel valued by their organization, they don’t feel valued by their manager, and they don’t feel a sense of belonging at work.”

At a time of increasingly scarce yet desperately needed skillsets for CEOs to achieve their vision and strategy, companies need to reemphasize what the business is all about in human terms and how this connects with the longings of employees to, as Hancock puts it, “have more purposeful work and enjoy more meaningful lives.”

The Work-Life Connection While the emphasis on human-to-human connections may come off a bit Ted Lasso-y for hardboiled business executives, McKinsey is far from alone among the big consultancies in expressing the value of egoless kindness as a people motivator.

As the subtitle of a recent special report on the employer-employee relationship by Deloitte declared, “If we’re not family, what are we?”

“A worker’s sense of purpose is the dominant force driving the relationship with the employer today,” said Art Mazor, a Deloitte principal and global human capital practice leader. “Employees want to feel the time they put into work has a positive impact—

12 2022 CEO GUIDE TO SITE SELECTION

The New Manager Cecile Alper-Leroux has dedicated her life’s work to helping companies design the best possible experiences for people to achieve great things at work. These days, the veteran economic anthropologist is designing work experiences that extend beyond a physical workspace for the evolving work-from-anywhere model that many companies are adopting.

“HR leaders tell me they’ve got new employees onboarding to work remotely, and they’re worried about them becoming less attuned to the culture since they can’t come to the office and meet everyone,” said Alper-Leroux, group vice president of research and innovation at workforce management solutions company UKG. “I tell them ‘culture’ has nothing to do with colocation.”

Her point: Companies can provide the means for people to gather when necessary, either for specific work needs like learning about a new product launch or simply for social reasons and team-building exercises—business-speak for fun. “I don’t want to diminish the importance of physical communications and collaborations, but there are virtual ways of accomplishing the same things,” she said. “I have people on my team I physically see maybe two to four times a year, but I virtually see them most every day, typically across several times zones.”

CEOs adhering to work models that require people to be physically seen and supervised a set number of hours each day of the workweek need to reconsider who is really being served by this structure, she said.

Managers, it turns out, may be actively or inadvertently preserving these work practices.

“Managers will tell you they trust their people, but they still want to see them working,” said Alper-Leroux, author of From Dissonance to Resonance: Bringing Your People and Organization Into Sync. “It’s an enduring disconnect. Manager reskilling is long overdue.”

Many managers were trained to organize, direct, supervise and control the work of others. People in this model are treated like cogs in a wheel—not exactly a compelling recruitment campaign following a demanding war for talent following a soul-crushing pandemic.

More than three-quarters (76 percent) of employees in a recent survey by Mind Share Partners reported at least one symptom of a mental health condition in the past year, up from 59 percent in 2019. “CEOs are leading workforces that, to a significant extent, remain traumatized and vulnerable,” Alper-Leroux said.

The fix? Companies need to reskill managers in foundational human qualities like empathy and compassion to become “professional coaches and business guides for people,” she said. And CEOs must adopt a “genuinely life-aware understanding” of employees’ work. “Employees want more autonomy over when, how and where they work. They expect to be valued as fellow human beings by managers and leaders and appraised for the quality of their work.

“They’re not objects—'cogs moving the wheel.’ They are the wheel.”

on other people, communities and the world at large. And after spending nearly two years working remotely on a highly productive basis for the most part, they want continuing job flexibility to provide these contributions in the future.”

This flexibility isn’t limited to traditional knowledge workers although it’s a lot easier for these employees to work on a flexible time and location basis. But even workers in retail, hospitals, manufacturing and distribution need to be offered greater choice in when, where and how they work, the consultants said.

“The days when employers took for granted that workers would show up and be available all the time, hiding who they are and what they needed in terms of their personal health, happiness and wellbeing, well, those days are shifting and are likely over,” said Mazor. “The pandemic made everyone deeply realize how sensitive and delicate human life is.”

All human life, as the environmental and social issues of the past year and one-half have palpably demonstrated. A company’s position on issues like diversity, equity, inclusion and belonging (DEIB) and environmental, social and governance (ESG) can be dealbreakers employment-wise. “Workers have a ‘voice’ now more than they’ve ever had before,” said Mazor.

CEOs who fail to listen to these voices, particularly those of younger Millennial and Gen Z workers with the mission-critical software engineering, machine learning, data science and DevOps skills they desperately seek, do so at their peril. “Every policy must be put under a microscope to ensure it includes a promise of better equity; otherwise, the company risks a backlash among current employees and job candidates at a time when our surveys suggest that seven in ten employers are struggling to find workers with the right mix of technical skills and human capabilities they need,” said Mazor.

These human capabilities include people with interpersonal skills like leadership, empathy and adaptability, as well as advanced cognitive skills like critical thinking, project management and decision-making, said Hancock. “Our research suggests that the share of employers looking for interpersonal and empathy skills has nearly doubled in the past year,” he added.

Different functions like marketing, operations, IT and finance are all hunting for this combination of technical and human relationship skillsets. In a recent survey by BlackLine of more than 1,150 C-level executives and finance professionals in midsized and larger organizations, most respondents said they “lacked confidence” in attracting analytical, consultative, planning and due diligence skillsets.

What Are CEOs Doing?

These various talent issues are top of mind for CEOs like Al Crawford at Bankers Healthcare Group (BHG), a national nonbank lending company with 1,200 employees and $2.4 billion in assets. Having committed to a work-from-anywhere model for BHG’s 1,200 employees composed of physical offices, at home or a hybrid combination of the two, Crawford conceded he misses “collisions in the workplace, those unexpected opportunities that arise from chance encounters,” he said.

To ensure these missed social interactions don’t erode motivation, Crawford has instituted mandatory off-site quarterly

14 2022 CEO GUIDE TO SITE SELECTION

Back at the Old Corral While the work-from-anywhere model suggests that more people will work remotely, the opportunity does not preclude going to the office or, as Brian Hancock, who leads McKinsey’s global talent practice, calls it “the new offsite.”

The reason for the change in nomenclature is the purpose of an office in an era of remote work—to do “those things that are harder to do remotely, such as connectivity, culture and apprenticeship,” Hancock said. “Consequently, we are likely to see spaces evolve to include more flexible meeting and conference rooms and perhaps fewer individual workstations.”

Art Mazor, who heads up Deloitte’s global human capital practice, has a similar perspective, visualizing an office of the future with a dedicated collaborative space, integrated meeting rooms that connect remote and in-office workers, and increased safety measures such as partitions around desks. “On a strategic level, there’s an opportunity to rethink the workplace as 'phygital'—integrating the physical space with the digital practice, while embracing constant change.”

Office design firms are conjuring these workspaces of tomorrow. The WorkSpace Futures research group at Steelcase, for instance, is creating designs that integrate video cameras, large monitors and other technologies positioned around a shared space to ensure an equity of experience, blurring the distance between people working remotely and those at the physical space.

Other design considerations account for the unobserved, untethered and destressing experiences working from home, which is tough to replicate at an offsite designed for busy in-person collaborations. The WorkSpace Futures Group has come up with a design called Pod Tents that look like, well, one-person pod tents. Made of canvas-like material, the tent includes a small desk and chair to relax or ruminate, as well as a video camera, speakers and a Lume Cube broadcast light to jump on a quick Zoom call.

Office designer Rapt Studio takes equity of experience even further, creating a space in which virtual reality technology is used to make it seem like employees working at home are inside the room. To pull off the feat, everybody wears a VR headset; each person’s face appears the same size, with a background that looks like a boardroom (or beach). Not a cubicle in sight.

BEFORE Y U LOC TE YOUR BUSINESS NYWHERE, CONSIDER EVERYTHING. Natural disasters like hurricanes, wildfires and droughts can upset your company’s access to resources, supply chains and employees. They can even affect the very continuity of your business.

Wisconsin’s remarkably low risk of natural disasters and solid infrastructure will help keep you up and running. That, along with our fiscal responsibility, steady growth and abundance of clean energy makes Wisconsin a low risk, high rewards choice in any climate.

Learn more at InWisconsin.com/locate

meetings funded by the company. Employees can even choose the meeting location within reason, making it serve as a retreat of sorts, he said. “It ensures our teams are staying creative, innovative and establishing authentic relationships with each other,” Crawford said.

Aside from the flexible work policy, BHG also offers free health insurance, on-site gyms, monthly cash awards and a 401k match to recruit needed skillsets and retain current talent. The company hosts monthly workshops that cover personal finance, investing, mindfulness, healthy eating and more.

“Employees can qualify for advanced training and personal coaching; their voices are heard and valued here,” Crawford said.

Helping Thryv Holdings win the talent war is its transition in 2017 into a subscription-based software platform for small businesses with two to 50 employees (previously, it was known primarily as the publisher of the Yellow Pages). Using mobile tools, the platform helps small business owners generate estimates and invoices, automate marketing through email and text, and process payments, among other features. “Our mission to help small business entrepreneurs at a time of existential challenges resonates with job candidates,” said Walsh.

The company’s charitable foundation, which provides employee time and company financial resources to support small businesses, is another inducement to hire on. But Walsh said his decision to make Thryv a work-from-anywhere company has made the biggest difference, augmenting people’s joy in life and work, while liberating the company to recruit and hire much-needed software and tech skills outside its home state of Texas. “We’re a 'hire-from-anywhere’ organization, too, just in time to help maintain our 30 percent quarterly growth rate,” he said.

At BlackLine, a developer of cloud-based services designed to automate financial close, accounts receivable and intercompany accounting processes, CEO Marc Huffman has found it valuable to get personally involved in talent recruitment.

“The supply of labor is moving like water, going towards the easiest places,” Huffman said. “What I mean is that if your talent hiring processes are burdensome—absorbing too much time to write a

"The supply of labor is moving like water, going toward the easiest places.

If your talent-hiring processes are burdensome... other companies will outmaneuver you."

16 2022 CEO GUIDE TO SITE SELECTION

job description, post a search, interview candidates, and so on—other companies will outmaneuver you.

To make sure this is not the case here, I've prioritized investments in our sourcing, recruitment and onboarding tools and processes."

Other talent strategies include a commitment to providing remote work options across parts of the organization, with investments in upgraded workspaces for specific instances when people need to collaborate physically.

“Our world will be much more respectful of employee choices on where they want to work," said Huffman. "When there is a reason for them to come in, we will provide collaboration spaces they will want to go to.” At present, Huffman is reviewing a series of design renderings on this future space.

Huffman has instituted policies to ensure BlackLine’s culture is not impacted by what are likely to be predominantly remote work experiences.

“We’ve made significant investments in virtual collaborations, building a production studio at our Los Angeles headquarters and hiring related talent to produce 'one-to-many' content that’s broadcast to our employees and customers,” he said. “We’re broadcasting such high-quality content it feels like we’re in the TV business, which in a way we are. I just spent 10 days in LA filming spots for our upcoming user conference.”

EisnerAmper, one of the country’s 20 largest audit, accounting and business advisory firms, also is offering remote work options to attract needed skillsets as it transitions into a technology-infused outsourcing services provider. The transition is predicated on carving a sharper competitive edge as a provider of services to clients on their digital transformations.

“We’re building a lot of proprietary technology around data analytics and dashboarding, requiring us to recruit people with both subject matter expertise and technological skills, which are in high demand,” said Charly Weinstein, the firm’s CEO. The firm’s emboldened vision and mission will make a difference in its recruitment objectives, he said, noting that EisnerAmper recently received an infusion of capital from private equity firm TowerBrook Capital Partner to drive the firm’s long-term growth initiatives, which include investing considerably in talent and technology. “Having additional capital and resources to accelerate our growth is creating opportunities to make us a more attractive destination for talent,” Weinstein said.

To offset the impact on culture by a remote work model, the CEO is increasing investments in the firm’s employee resource groups (ERGs), representing different groups of employees with shared characteristics. “One of our ERGs just hosted a combination event at a winery in New Jersey, where more than

Richmond Rising

Photo Credit: Creative Dog Media

Virginia's capital is a magnet for companies with ESG and diversity agendas.

AMERICA’S CEOS ARE RIVETED TO NEW IMPERATIVES from sustainable energy and to achieving net zero carbon dioxide and their employees, customers, suppliers and shareholders around methane emissions from its power generation and gas infrastrucenvironmental, social and governance (ESG) issues including diture operations by 2050,” says Charlene Whitfield, senior vice versity, equity and inclusion (DEI). But much hasn’t been talked president of power delivery for Dominion Energy. about in relation to places that are ESG minded and how that is a In the region, there are plans for a $2.3 billion GreenCity mixedtool for recruiting new businesses. use development that will be an “adaptive re-use” of an existing In 2021, CNBC included DEI as a key factor why Virginia was named 300,000-square-foot building rather than increasing the project’s the best state for business for the second year in a row. carbon footprint with all-new construction.

And according to site location consultants who are inGreenCity is moving forward with a planned 600 The capital of volved in roughly half of all corporate relocation and rooms in two hotels; about 2.2 million feet of office Virginia has expansion projects, ESG is now a key criteria for how space; 280,000 square feet of retail space; a 17,000become a hotbed communities are scored competitively. seat arena; 2,100 residential units; green space and of corporate, In Richmond, Virginia, the Greater Richmond plazas—and the expectation that companies comgovernment and Partnership president and CEO Jennifer Wakefield mitted to sustainability will lease space in a facility public-private thinks her region offers “a unique combination of that helps them live out that commitment. U.S. Enefforts to elevate businesses and government entities that are both ergy Secretary Jennifer Granholm recently visited ESG initiatives thoughtful and proactive about the increasing imGreenCity and declared it a “poster child of what portance of ESG and DEI overall.” kind of world we can create” with sustainable living.

Wakefield feels that ESG-minded companies are likely to conMeanwhile, Virginia Commonwealth University is exemplifying sider the Richmond region more heavily as they learn of the comhow Richmond’s colleges and universities—including the Univermitments in this area. sity of Richmond and Virginia Union University and Virginia State Meanwhile, the diverse population of the region (38 percent University, both HBCUs—are helping drive the business communinon-white compared to US average of 28 percent non-white) and ty’s commitment to energize DEI initiatives. U.S. News and World its universities is making Richmond a prominent stage for transforReport ranks VCU as the number five campus in the nation for mation of companies, institutions and neighborhoods alike. ethnic diversity.

Altria is one of them. The packaged-goods giant moved its VCU has launched a robust program to enlist as many comheadquarters to Richmond from New York City more than a depanies as possible in the area to provide paid internships, rather cade ago, and it’s in Richmond that the company’s strategies for than just unpaid research and community-service experience, for ESG and DEI have flourished.

LGBTQ and BIPOC students.

“Richmond is a great place to do business when you’re focused “We’re reaching out to them to create meaningful internships,” says on these [ESG] concerns,” says Sal Mancuso, Executive Vice PresKarol Kain Gray, senior vice president and CFO of VCU. “We want to ident and Chief Financial Officer of Altria. be transformative. And we want these graduates to stay in Richmond Altria’s long-term vision is to “responsibly lead adult smokers to a so we can create a greater pool of qualified candidates to employ.” smoke-free future,” Mancuso says, and in the process to “make an imIn another arena, three entrepreneurial women created the Jackpact on broader society” through efforts to promote the company’s son Ward Collective, an incubator to revive the original spirit of a strong ESG principles, from attracting and retaining a diverse workneighborhood that used to be known as “the birthplace of Black force to promoting sustainable business practices. It is looking to cut entrepreneurship.” Jackson Ward once was one to more than 100 emissions from its own operations as it supports initiatives that would businesses owned by African-Americans. curb climate change that could impact the growing of tobacco leaves Even as it specifically tilts toward boosting ESG and DEI efforts and all of agriculture. And Altria is championing workers’ rights on toof its corporate citizens, Richmond is climbing overall in the regard bacco farms overseas. of companies and economic-development professionals as a place “These are important issues for us to be viable in the future,” for headquarters and significant secondary and divisional facilities.

Mancuso says.

In fact, Richmond ranks No. 3 in the U.S. as cities where people are Just down the road at Dominion Energy, their vision is to be the moving because of the pandemic, according to a survey by LinkedIn. most sustainable energy company in America. To reach that goal, In 2020, Worth magazine ranked Richmond as a “top 10 city to watch.” they are investing heavily in innovation and are currently building “We’re worth watching for a lot of reasons,” Wakefield says, the largest offshore wind project in the nation. “and more companies are looking at how we can help them with “Dominion Energy is committed to safe, reliable, affordable, and their ESG and DEI efforts.”

50 people physically attended and dozens of others joined virtually,” said Weinstein. “It was such a success in terms of esprit de corps that we’re deploying the events across all the ERGs.” Other companies like Gallup are reimagining the role of managers, one of the three top reasons why employees are quitting, according to McKinsey’s research. Jim Clifton, the global polling and consulting firm’s longtime chairman and CEO, said Gallup now measures employees’ anonymous opinions about their managers. “Employee stress is through the roof, with many people experiencing symptoms of burnout and depression,” he said.

Clifton directed a redesign of the firm’s traditional employee engagement survey to include a series of new questions about managers, such as: Does your manager care about your wellbeing? Do they treat you with respect? Are they helpful when you express a problem? Does the manager listen? The anonymous response data is an insightful guide for managers.

“We’ve changed the function of our managers from administrative supervisors to coaches,” he said.

“If someone is feeling subpar, it’s the manager’s job to find someone else on the team to pitch in.”

People Power Unlike Thryv, BHG, EisnerAmper, Gallup and BlackLine, Rick Case Automotive is an entirely on-premises enterprise, with face-to-face sales and on-site car repairs and servicing. These obligations haven’t impeded the company’s talent objectives, despite the industry’s steep talent recruitment and retention challenges.

“We’ve invested in state-of-the-art technologies like apps, iPads and WiFi; do both digital advertising and traditional TV spots; and provide employees, whom we call associates, with the ability to see their paychecks and other employment data online,” said Case. “These days, that’s table stakes in any business.”

But what has been most important to the company’s talent retention and recruitment success is its treatment of people. “Treat your employees well on an equal and consistent basis and they will do the same for your customers,” said Case, recipient of the 2022 Horatio Alger Award.

She will not tolerate “negative energy” at a dealership, she said. “If I see a piece of paper in the street outside, I pick it up and toss it in the trash. I expect that others here will do the same. It shows respect for other people, building feelings of trust, safety and wellbeing. And it’s contagious,” she explained. “We’re all in this together.” CE Russ Banham is a Pulitzer-nominated business journalist and best-selling author.

18 2022 CEO GUIDE TO SITE SELECTION

An HQ-and-Hub Work Model Emerges As more companies embrace a work-from-anywhere model, the choices made by employees about where to remotely work are being balanced against organizational needs for in-person collaborations and the innovations these encounters spark. While “anywhere” does not imply “everywhere,” it nonetheless posits extraordinary socioeconomic changes across the United States in the years ahead.

Employees who work for companies that have announced full remote-work policies, for instance, may choose to move out of more expensive cities like New York and San Francisco to areas with a different cost of living, to be closer to their family or to shift lifestyles.

“Popular destinations like Lake Tahoe, Aspen, Jackson Hole and Park City experienced exponential growth during the pandemic, as some employees chose to live and work in places normally thought of as vacation spots,” said Art Mazor, principal at Deloitte and the consulting firm’s global human capital practice leader.

Other employees are moving to states with lower taxes. “This helps explain why Texas is one of the fastest-growing states, while California is growing slower than the national average,” Mazor said.

While Deloitte’s research indicates that four out of five CEOs have increased work flexibility, Mazor said there’s still a need for in-person collaborations, connections, social interactions, creative collisions and innovations, requiring relative proximity to a physical workspace. To provide this space, many organizations are introducing an HQ-and-hub concept, designating certain cities as collaboration hubs for traditionally office-based workers. “This way, the workforce’s choices about where to live is balanced by the organization’s desire to bring people together at moments that matter,” he explained.

Bryan Hancock, a partner at McKinsey & Company who leads the management consultancy’s global talent practice, said the firm anticipates that most employees will be in commuting distance to an office “location,” even if they are not coming in the office every day. In choosing these hubs, companies have a rare opportunity to increase workforce diversity, offering jobs in places where people of color live. “At present, fewer than one in 10 Black workers live in the fastest-growing regions of the country,” said Hancock. “Cities like Atlanta, with its skilled and diverse workforce, will be attractive for companies looking to develop hubs outside their primary headquarters location.”

THE FASTEST ROUTE TO MARKET RUNS THROUGH KENTUCKY

Team Kentucky brings all partners together, ensuring your project can quickly decide on a location, build, hire, train and open faster than anywhere else.

• • • •

Site selection and visits Infrastructure Permitting Utilities

• Incentives • Workforce recruitment • Employee training

WHY KY? https://ced.ky.gov

THOUGHT LEADERSHIP PROVIDED BY INVEST PUERTO RICO

PUERTO RICO PUTS OUT THE WELCOME MAT FOR

GAME-CHANGERS A resilient infrastructure, billions in federal dollars and a hungry talent pool combine to draw businesses eager for growth.

SINCE 1997, John Biagas, CEO of Bay Electric Company, has operated the electric service and engineering company from its headquarters in Newport News, Virginia. But over the past year, he and his wife began thinking about a change. They didn’t want to stop running the company—they just wanted to run it from someplace else.

He learned about the prospect of relocating to Puerto Rico from a colleague in the Young Presidents’ Organization who had been training apprentices in Puerto Rico and teaching them the shipbuilding trade. “Then he takes those workers and sends them back to the mainland for ship repair work,” explains Biagas.

When Biagas looked into the island as a possible new home, he realized that it might be perfect timing: as part of a restructuring deal post-Hurricane Maria, Puerto Rico is using $80 billion of federal dollars for an infrastructure overhaul. “The electronical infrastructure here needs a lot of upgrading and that fits into our core type of work that we do throughout the East Coast,” he says. “We also do a lot of battery-charging stations, and with the generational shift to electrical vehicles,

they’re going to be upgrading and adapting—it’s a very good fit for us.”

Biagas is not alone. An increasing number of businesses are finding, to their surprise, the U.S. territory nestled in the Caribbean has a lot more going for it than just beautiful beaches and balmy weather. For starters, access to top talent is a well-kept secret: Puerto Rico boasts the second-largest concentration of women engineers in the country and the sixth-largest concentration of STEM workers in the world, plus 88 universities, including the University of Puerto Rico-Mayagüez, which is the leading producer of scientists and engineers for NASA. Solid Pipeline for Talent Most of the island’s universities have a long history of partnering with both the aerospace and pharmaceuticals industries, says Rodrick Miller, CEO of Invest Puerto Rico, the island’s economic development organization. “[They] understand that they’ve got to work arm-in-arm with industry in terms of how they design their programs and the level of readiness of their students and what are the competencies that students need to have to thrive in the

world,” he says. “So those partnerships are deep and wide.” The island is currently the largest exporter of biopharmaceuticals in the U.S. and the world’s fifth-largest pharmaceutical manufacturing hub by volume. It is also home to more than 80 manufacturing facilities operated by some of the largest drug makers, including Amgen, Johnson & Johnson, Medtronic, Becton Dickinson and GlaxoSmithKline, amongst other large-scale manufacturers.

With the lowest labor costs of any region under U.S. jurisdiction, and an unemployment rate that is two to three times that in mainland U.S., Puerto Rico offers an enviable talent pool for companies that have been plagued by skills shortages and high turnover. “It’s a bit of a captive workforce here,” says Biagas, who currently employs 40, but expects to ramp up in the near future. He is also working on a possible apprenticeship and training in San Jose to teach solar work and provide training on some of the newer technologies in solar. “If you make sure people are happy here and give them a great job and a great opportunity, it only gets better.” The island’s culture—which is “about hard work and trying to get ahead”—has also been a

good fit for Bay Electric.

Biagas adds that the 2019 Puerto Rico Incentives Code was a big draw as well. Act 60, as it’s known, promotes economic growth through investment, innovation and job creation, offering a host of tax benefits to companies that export goods or services out of Puerto Rico, including a 4 percent corporate tax rate and up to 50 percent back in tradeable tax credits on R&D expenditures. (As another plus, individuals who move to and live on the island more than half the year can enjoy 0 percent personal income taxes on dividends and net capital gains.)

“We’ve got the most aggressive incentives in the U.S., by far,” says Miller. Biagas, for his part, estimates that his current corporate tax rate would hover around 50 percent on the mainland. “And for us, the great advantage of the 4 percent rate is that it’s going to allow us to really reinvest tremendously in our company.”

But while companies may come because of the incentives, “that’s not why they stay,” he says. “They stay because of the value.”

The Value Proposition For real value, Miller points to high rates of worker loyalty, with an average turnover rate between 2-3 percent. He notes that days after Hurricane Maria, which devastated the northeastern Caribbean in September 2017, “people were right back at work. Even if their homes weren’t there, if they hadn’t figured out their personal situations, they were back at work because people are glad to have jobs and they’re loyal to their companies here.”

Miller says that since the pandemic began, and particularly as the Great

Resignation has gotten under way stateside, he’s been inundated with queries from mainland employers desperate for employees who are eager to work and contribute. “I literally was getting bombarded with résumés every week from random people around the globe, and on the flip side, by companies saying, ‘Yeah, I know your job is to bring companies to the island—but can we find the workers that we need?” So Miller’s team set up a LinkedIn group specifically focused on making those connections.

They were also being inundated with requests from potential investors looking for opportunity, driven in part by the fact that about 98 percent of Puerto Rico is considered an Opportunity Zone. “But as an organization, we weren’t set up with a pipeline of companies or projects to invest in, because we were focused on bringing in the companies from outside, and those companies brought investment in with them,” says Miller.

So his team developed a platform to marry investor dollars with projects in Puerto Rico. The hub, known as Impeller, allows companies to post opportunities, the type of capital they are seeking, the expected returns and so on. “We are three months in and we’ve got more than 600 people on the site and 22 live projects, and around 50 more interested in listing in the near term.”

Do companies ask about the hurricanes? “All the time,” says Miller. But he is quick to point out that it’s no different than the environmental risks facing other locations companies flock to: the hurricanes of the Northeast and Florida, the wildfires in California, the tornadoes in the Midwest. “As we know, no location is immune to risk, whether

John Biagas, CEO of Bay Electric Company, says, “As our firm has concentrated on solar and energy storage, Puerto Rico was a no-brainer—and the export benefits are also a huge incentive.”

force majeure or manmade,” he says.

“But there’s not a higher percentage or higher concentration of natural disasters in Puerto Rico than anywhere else in the country.”

But Puerto Rico does have an advantage there: “Because of our history, we’ve built a very resilient environment.

The architecture was built to withstand hurricane season, and we don’t typically have major issues outside those once-in-a-lifetime experiences of Maria and Irma.” After those storms, Miller adds, most of the island’s pharmaceutical manufacturing operations were up and running in two days—but the FDA and other regulators weren’t able to get to the island to validate performance.”

And it doesn’t hurt to have temperatures in the 80s all year round. “Yeah, I don’t want to rub that in,” says Biagas.

“But it’s pretty great.”

A CEO’S GUIDE TO SITE SELEC TION

Alabama

A SWEET HOME FOR INNOVATION AND MANUFACTURING

“Hyundai Motor Manufacturing Alabama is an integral member of not only the River Region but the entire state of Alabama.

I’m thrilled to celebrate the 5 millionth vehicle rolling off the line in our great state. Alabama has become a major player in the automotive industry, and today’s milestone proves we will maintain our status as an industry leader.” —Gov. Kay Ivey

TAXES

6.5% top corporate income tax

#40 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 92% of students graduated high school in 2019

25.5% of adults age 25 and older have a bachelor’s degree or higher

While Michigan often claims the fame, Alabama continues to climb the ranks as an auto manufacturing powerhouse. Hyundai recently marked its 5 millionth vehicle made in the state at the Montgonery assembly plant, and new auto industry investments continue to pour in. Alabama also continues to foster its innovation with two key pieces of innovation legislation backed by the Alabama Innovation Commission, a high-level statewide panel focusing on entrepreneurship, technology and innovation. House Bill 540 created the Alabama Innovation Corp, a private-public partnership tasked with growing the state’s technology and innovation ecosystem.

KEY INCENTIVES Apprenticeship Tax Credit: Offers a state income tax credit up to $1,250 per qualifying apprentice for up to ten apprentices employed.

Jobs Credit: Offers an annual cash rebate of up to 3% for new, direct jobs for up to 10 years.

Investment Credit: Offers up to 1.5% of the qualified capital investment expenses for a qualified project of up to 10 years.

Growing Alabama Credit: Offers funds for site preparation and public infrastructure needs of existing industrial sites and other qualified purchases.

EDCs Alabama Department of Commerce Business Development Division madeinalabama.com/business-development Economic Development Partnership of Alabama edpa.org Amazing Alabama amazingalabama.com

UNEMPLOYMENT RATE

Economic Development Association of Alabama edaa.org

RIGHT TO WORK STATE Yes

Birmingham Business Alliance birminghambusinessalliance.com

QUALITY OF LIFE

HIGHLIGHTED PROGRAM OR INITIATIVE

POPULATION GROWTH 5.1% increase between 2010 and 2020

JumpStartAL is a VR-based education and training program designed to build Alabama’s next generation of skilled labor. Its mission is to develop a partnership of public and private entities that create career awareness and training courses working to meet the state’s labor needs of tomorrow.

22 2022 CEO GUIDE TO SITE SELECTION

ArcelorMittal broke ground in February 2021 on a $775 million project that will create 200 jobs near Mobile.

Amazon announced in May 2021 a $100 million project that will create more than 500 jobs.

Landing announced in June 2021 plans to relocate its headquarters from San Francisco to Birmingham and create 816 jobs.

Westwater Resources announced in June 2021 a $124 million processing plant and 100 jobs.

Mazda Toyota Manufacturing announced in September 2021 it will invest an additional $830 million in its Huntsville plant.

BIG COMPANIES Regions Financial Corp. (Fortune 500 headquarters) Mazda Toyota Manufacturing Mercedes-Benz Amazon Airbus Hyundai Lockheed Martin Northrop Grumman ArcelorMittal (AM/NS Calvert)

C-SUITE TESTIMONIALS

3.1%

#46

BIG DEALS Mercedes-Benz announced plans in October 2020 for a $54 million investment in its EV assembly line.

“We have successfully operated our Mercedes-Benz plant in Alabama for nearly 25 years now, building SUVs and other models destined for customers around the globe. We have expanded our operations multiple times, added new products and worked with Alabama to secure our suppliers, workforce and other key elements critical to our business success.”

—Michael Göbel, President and CEO, MercedesBenz U.S. International “We are having a very different and positive experience as a small business in Alabama. The community is pro-business, moving at the speed of industry and finding every opportunity to support SAS in our exciting expansion.” —Heather Bulk, President and CEO, Special Aerospace Services (SAS) “Landing has seen incredible growth since the company launched in 2019, and we couldn’t be more excited to share that success with Birmingham. We are proud to be part of one of the fastest-growing tech hubs in the country, bringing new jobs and economic opportunity to the region.” —Bill Smith, Founder and CEO, Landing

A CEO’S GUIDE TO SITE SELEC TION

Arizona

GRAND JOB GROWTH AND COLLEGE GRADS

“Lucid’s ongoing investment in Arizona represents an investment in good jobs and livelihoods for Arizonans now and in the future… We are proud to call the Lucid Air ‘Made In Arizona’ and look forward to many more innovations to come.”

—Gov. Doug Ducey

TAXES 4.9% top corporate income tax rate

#24 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

75% of students graduated high school in 2019

29.5% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

According to the Small Business Jobs Index from Paychex and IHS Markit, Arizona led the nation in small business job creation in the fall of 2021, recovering more jobs than it lost since April 2020. Phoenix remains one of the top labor markets in the United States with a high concentration of college graduates. Tata Consultancies, Lucid Motors, Facebook and Intel have all made announcements here in the past year.

KEY INCENTIVES Quality Jobs Tax Credit: Offers up to $9,000 in tax credits spread out over a three-year period for each new qualifying job.

Research and Development Tax Credit: Offers an income tax credit for investing in R&D in Arizona. Credit is non-refundable and equal to 24% of the first $2.5 million in qualifying expenses plus 15% of the qualifying expenses in excess of $2.5 million.

Qualified Facility Tax Credit: Offers a tax credit of up to 10% of the qualifying capital investment of $20,000 per job for projects up to $2 billion in a capital investment in a manufacturing facility.

BIG DEALS Tata Consultancy Services announced a $300 million investment and more than 220 new jobs at an expansion of its operations in Phoenix.

ElectraMeccanica broke ground on a $35 million manufacturing facility and will create 500 jobs in Mesa.

KORE Power announced in July 2021 it will build a one million square foot lithium ion battery manufacturing facility in Maricopa County.

Lucid Motors announced in September 2021, the start of production of its Lucid Air at the Advanced Manufacturing Plant in Casa Grande. AMP-1 will create more than 6,000 jobs by 2029 and have an economic impact of more than $100 million.

Intel broke ground in September 2021 on two semiconductor facilities at the company’s Ocotillo campus in Chandler.

Facebook announced in August 2021 plans to build a one million square foot Facebook Mesa Data Center.

BIG COMPANIES

EDCs

Eight Fortune 500 companies headquartered in state: Avnet Carvana Freeport-McMoRan Insight Enterprises Magellan Health Republic Services Sprouts Farmers Market Taylor Morrison

Arizona Commerce Authority azcommerce.com

C-SUITE TESTIMONIALS

International Operations Center (IOC) Program: Offers utility tax relief for businesses that operate an International Operations Center (IOC) in Arizona that is certified by the Arizona Commerce Authority.

Greater Phoenix Chamber phoenixchamber.com/economic-development

5.2%

Sun Corridor Inc. suncorridorinc.com

RIGHT TO WORK STATE Yes

Arizona Regional Economic Development Foundation aredf.org

QUALITY OF LIFE

#39

HIGHLIGHTED PROGRAM OR INITIATIVE

POPULATION GROWTH 11.9% increase between 2010 and 2020

The Arizona Advanced Technology Network is a first-ofits-kind partnership developed by Arizona’s employers, public sector and academic institutions to meet the demand for high-tech manufacturing skills today and into the future. Through the network, select community colleges worked together to develop a unified, industry-recognized curriculum specifically designed for advanced manufacturing.

“Arizona has been core to Intel’s growth over the past 40 years and is the cornerstone of our growth strategy for the next 40.” —Pat Gelsinger, CEO, Intel “We are delighted to expand our presence in Arizona, tap local talent to help clients in their transformation journeys and contribute to the growth of the technology industry here.” —Surya Kant, Chairman of North America, TCS “Mesa stood out as a great location for a number of reasons. It has great access to infrastructure, opportunities for renewable energy development, strong talent for both construction and operations, and great community partners.” —Rachel Peterson, VP of Infrastructure, Facebook

2022 CEO GUIDE TO SITE SELECTION 23

A CEO’S GUIDE TO SITE SELEC TION

Arkansas “In Arkansas, we were the first state to require all schools to offer at least one [computer science] class, and we are one of the three states that require a computer science credit to graduate… Digital literacy is the foundation our nation needs to succeed in the high-tech economy of the 21st-century in everything from logistics to farming to national security.”

—Gov. Asa Hutchinson

TAXES

6.5% top corporate income tax rate

#45 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

INNOVATION IN THE NATURAL STATE

BIG DEALS

Home to Walmart and several of its ancillary businesses, Arkansas has long thrived as a distribution hub. However, it is also continually climbing the ranks in innovation and technology. Ambitious plans to educate students in computer science and coding, combined with new innovation centers in Little Rock and Fayetteville are now producing startups. Amazon, Emerson and Mars Petcare have all announced projects in the Natural State in the past year.

Amazon opened its first two fulfillment centers in Central Arkansas in the fall of 2021 which have created more than 1,500 jobs.

KEY INCENTIVES Advantage Arkansas: Offers a state income tax credit for the creation of jobs with wages equal to or above the lowest county average hourly wage.

Tax Back: Provides sales and use tax refunds on the purchase of building materials, machinery and equipment to eligible businesses.

Equity Investment Tax Credit: Offers a discretionary income tax credit of up to 33.3% of amount invested for technology-based businesses offering wages above state or county averages.

Create Rebate: Provides a discretionary incentive that provides annual cash payments based on a company’s annual payroll for new, permanent employees.

Customized Training Grants: The grants offer reimbursement for both on- and off-site training for newly created positions related to an expansion or new location.

89% of students graduated high school in 2019

23% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

3.7%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#44

POPULATION GROWTH

3.3% increase between 2010 and 2020

24 2022 CEO GUIDE TO SITE SELECTION

EDCs Arkansas Economic Development Commission arkansasedc.com Association of Arkansas Development Organizations arkansaseconomicregions.org Little Rock Regional Chamber littlerockchamber.com/economic-development Fort Smith Regional Alliance fortsmithregionalalliance.com

HIGHLIGHTED PROGRAM OR INITIATIVE Shortly before the pandemic hit, Arkansas rolled out its Future Fit program. The program helps place qualified workers directly into jobs with participating companies throughout the state. Participants complete a training program that prepares them for entry-level employment with these companies. The program can be tailored to industry-specific training for each region of the state and is now offered at more than a dozen colleges.

Mars Petcare expanded operations twice in 2021 with a total investment of $262 million and 260 new jobs.

The U.S. Air Force selected Ebbing Air National Guard Base in Fort Smith, Arkansas, to host a multi-national training site for F-16 Falcon and F-35 fighter jets. The project is expected to have an $800 million to $1 billion economic impact on the region.

Emerson announced in October 2020 a $35 million investment and 245 new jobs in Ash Flat.

Majestic Steel USA announced in August 2021 a new plant and 225 new jobs in Blytheville.

BIG COMPANIES 4 Fortune 500 companies headquartered in state: Walmart Tyson Foods J.B. Hunt Transport Services Murphy USA

C-SUITE TESTIMONIALS “The state of Arkansas has been the most welcoming, most friendly and most encouraging location we’ve ever done business in.” —Jeff Thiessen, President, Dansons “The partnerships we formed and the support we have received at the local and state levels for this expansion project is a testament to the strength of the Little Rock community and the great state of Arkansas.”

—Sean Whiteley, CEO, Revolution “Thanks in large part to Governor Asa Hutchinson and our partners in the great state of Arkansas, Camden is poised to become a major center of large solid rocket motor production.” —Eileen P. Drake, CEO and President, Aerojet Rocketdyne

A CEO’S GUIDE TO SITE SELEC TION

California

THE GLOBAL HOME OF DREAMERS AND DOERS

“The state is still this remarkable, remarkable, home to more dreamers and doers than any other part of the globe.”

—Gov. Gavin Newsom

TAXES

8.84% corporate income tax rate

#49 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 85% of students graduated high school in 2019

33.9% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

7.3%

RIGHT TO WORK STATE No QUALITY OF LIFE

#24

POPULATION GROWTH 6.1% increase between 2010 and 2020

While it’s hard to overlook the growing number of companies moving their headquarters from California to other states, the Golden State remains an economic powerhouse with the 5th-largest gross domestic product in the world. CEOs often lambast California’s business climate and regulations, yet they don’t hesitate to set up shop and access the country’s top talent market.

While Tesla, Oracle, Palantir and Hewlett-Packard Enterprise have made announcements to leave the state in the past year, companies like Google, Apple, L'Oréal and Takeda Pharmaceuticals are doubling down.

KEY INCENTIVES California Competes Tax Credit: Offers a flexible income tax credit for businesses that come, stay and grow in the state. Applications are accepted three times per year, and tax credit agreements are reviewed and negotiated by GO-Biz and the California Competes Tax Credit Committee.

California Research Credit: Offers a tax credit of up to 15% to taxpayers engaged in qualified research activities to discover new technology, develop a new business component or pursue a “process of experimentation.”

Sales and Use Tax Exemption for Manufacturing: Offers a partial exemption of sales and use tax on certain manufacturing and R&D equipment purchases and leases.

Advanced Transportation and Manufacturing Sales and Use Tax Exemption: California Alternative Energy and Advanced Transportation Financing Authority offers a full sales and use tax exclusion for manufacturers that promote alternative energy and advanced transportation.

EDCs California Governor’s Office of Business and Economic Development business.ca.gov Greater Sacramento Economic Council selectsacramento.com Los Angeles Economic Development Corporation laedc.org San Diego Regional Economic Development Corporation sandiegobusiness.org San Francisco Office of Economic & Workforce Development oewd.org

HIGHLIGHTED PROGRAM OR INITIATIVE In April 2021, GO-Biz announced Source Diverse Source Local, a public-private partnership to strengthen an inclusive procurement and resilient California-based supply chain. The initiative is funded by a donation from Google and will build programming to recruit, sponsor and convene corporations, industry leaders and stakeholders to develop content and expand statewide expertise.

BIG DEALS Fisker announced in October 2020 it will establish a new global headquarters in Los Angeles County.

Google announced in March 2021 it would expand its footprint and add new jobs at its satellite facility in San Diego.

Apple announced in April 2021 it will add 5,000 employees to its workforce in San Diego by 2026.

Takeda Pharmaceuticals announced in July 2021 a $126 million expansion in Thousand Oaks.

Anheuser-Busch announced in August 2021 a $64 million expansion at its brewery in Los Angeles.

L'Oréal USA announced it will open a second headquarters in El Segundo in early-2022.

BIG COMPANIES 53 Fortune 500 companies headquartered in state, including: Apple Chevron Wells Fargo Intel Disney Hewlett Packard Enterprise Cisco Systems HP Oracle Facebook

C-SUITE TESTIMONIALS “We already knew that Southern California would be our future home. With 100 more employees planned to join the company by the end of the year alone, our challenge was to find the right facility to support our growth. Our new headquarters in Manhattan Beach will enable us to take a vehicle from a sketch to launch in an environment that is consistent with our asset-lite, digital-first philosophy.”

—Henrik Fisker, Chairman and CEO, Fisker "California has become a global stage for creativity, innovation, trends, diversity and talent in the beauty industry—and, as a result, it has become a driving force of our business. We are excited at the prospect of our brand teams coming together to build the future of beauty in the Los Angeles area." —Stéphane Rinderknech, CEO, L'Oréal USA

2022 CEO GUIDE TO SITE SELECTION 25

A CEO’S GUIDE TO SITE SELEC TION

Colorado “Throughout this challenging time, we’ve seen the best of Coloradans as people embrace new solutions and innovation to address the needs of our communities.”—Gov. Jared Polis

TAKING OFF IN THE CENTENNIAL STATE

BIG DEALS

The big buzz in Colorado is about space. A growing cluster of aerospace companies in Denver continues to expand, drawing even more companies and talent to the region. Lockheed Martin, Sierra Space, Ball Aerospace and United Launch Alliance now all have operations here. The industry is also fueling new companies and spinoffs like Red Canyon, which specializes in flight software and has partnered with Lockheed Martin on more than 20 interplanetary missions. United Airlines announced in June it will buy up to 270 new planes, a deal that would create 3,000 jobs in Denver in the next five years.

Multiple tech companies, including Orbit Fab, PteroDynamics, Melio and Finder, announced hubs and locations in Colorado in 2021.

KEY INCENTIVES

York Space Systems announced in May 2021 it will open a new “mega” manufacturing facility in Denver to meet its growing demand.

United Airlines announced in June 2021 plans to buy up to 270 new planes and add 3,000 jobs in Denver in the next five years.

Dawn Aerospace entered into a memorandum of understanding in June 2021 with Colorado Air and Space Port to create a relationship and eventually conduct test flights and spaceplane launches.

Job Growth Incentive Tax Credit: Offers a state income tax credit for businesses that create at least 20 jobs with annual wages of at least 100% of the county average wage.

Fidelity Investments announced in September 2021 it will add up to 500 more employees in Colorado in the coming months.

Foundation’s State Business Tax Climate Index ranking

Colorado First Customized Job Training Program: Offers up to $1,200 per employee in training by one of the state’s community colleges, provider of the company’s choosing or an in-house trainer.

BIG COMPANIES

EDUCATION

Enterprise Zone Tax Credits: Offers a variety of investment and workforce tax credits for companies operating in economically distressed areas.

TAXES

4.63% top corporate income tax rate

#21 on the Tax

82% of students graduated high school in 2019

40.9% of adults age 25 and older have a bachelor’s degree or higher

Strategic Fund: Offers up to $5,000 for each job created with average annual wages of 140% of the average county wage.

EDCs

UNEMPLOYMENT RATE

5.4%

Colorado Office of Economic Development and International Trade choosecolorado.com

RIGHT TO WORK STATE No

Economic Development Council of Colorado edcconline.org

QUALITY OF LIFE

Metro Denver Economic Development Corporation metrodenver.org

#16

POPULATION GROWTH 14.8% increase between 2010 and 2020

Colorado Springs Chamber & Economic Development Corporation coloradospringschamberedc.com

HIGHLIGHTED PROGRAM OR INITIATIVE The new Colorado Startup Loan Fund offers small grants and loans to entrepreneurs and small business owners who need capital they cannot obtain from traditional lenders. There is more than $31.35 million available in 2021.

26 2022 CEO GUIDE TO SITE SELECTION

10 Fortune 500 companies headquartered in state, including: Arrow Electronics DISH Network DaVita Liberty Media Ball VF Newmont DCP Midstream

C-SUITE TESTIMONIALS “Our next generation mega-center ensures our ability to deliver our proven solutions at a rate and scale that is unprecedented in the space industry.”

—Dirk Wallinger, CEO, York Space Systems “In order to provide unprecedented access to space, we’ve pursued technologies that will operate much like a fleet of aircraft—taking off and landing at airports globally. We’re pleased to work with the supportive Adams County Board to bring our rocketpowered suborbital plane and, longer-term, our orbital spaceplane to Colorado.” —James Powell, Co-founder, Dawn Aerospace

A CEO’S GUIDE TO SITE SELEC TION

Connecticut

A SMALL STATE MANUFACTURING A BIG FUTURE

“As we emerge from this pandemic, we are seeing Connecticut companies of all sizes increase their workforce and expand operations…

What is particularly significant is the fact that much of this growth is coming from companies like Frito-Lay that already have a presence here and know first-hand the benefits of doing business— and investing—in Connecticut.” —Gov. Ned Lamont

TAXES

7.5% top corporate income tax rate

#47 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 92% of students graduated high school in 2019

Connecticut’s economy grew 7% in the fourth quarter of 2020 and continued the momentum throughout 2021. The state’s manufacturers produced more than $31 billion worth of goods in 2020, slightly better than pre-pandemic figures. Electric Boat, one of the largest manufacturers in the state, recently secured a $9.5 billion contract to build submarines in a deal that will create 2,000 jobs. The state has also seen several company relocations from New York, including the 500-employee headquarters of Nuvance Health. Amazon opened three centers in the past year, and Infosys announced 1,000 new jobs.

KEY INCENTIVES Urban and Industrial Site Reinvestment Tax Credit: Offers a dollar-for-dollar tax credit on qualifying projects with a minimum of $5 million in distressed communities and $50 million in all other communities.

Connecticut Bioscience Innovation Fund: A $200 million, 10-year program that offers focused financial assistance to startups, early-stage businesses, nonprofits and accredited universities.

Angel Investor Tax Credit: Offers $25,000 or more in a qualified Connecticut business, equal to 25 percent of the investor’s cash investment when at least $25,000 is invested in qualifying businesses.

Digital Media Tax Credit: Offers a tax credit of up to 30% on qualified digital media and motion picture production expenses, up to $1 million or more.

39.3% of adults age

EDCs

25 and older have a bachelor’s degree or higher

Connecticut Department of Economic and Community Development portal.ct.gov/DECD

UNEMPLOYMENT RATE

AdvanceCT advancect.org

6.4%

RIGHT TO WORK STATE No QUALITY OF LIFE

#20

POPULATION GROWTH

.9% increase between 2010 and 2020

Metro Hartford Alliance metrohartford.com

HIGHLIGHTED PROGRAM OR INITIATIVE The Connecticut CARES Small Business Grant Program assists small businesses that have been impacted by the economic downturn related to the pandemic. It offers a one-time grant of $5,000 to businesses and non-profits that have fewer than 20 employees and a payroll of less than $1.5 million.

BIG DEALS General Dynamics Electric Boat was awarded in November 2020 a $9.5 billion contract that is expected to create more than 2,000 jobs in Connecticut and Rhode Island.

Frito-Lay announced in May 2021 a $235 million expansion and 120 new jobs in Killingly.

GE Appliances announced in September 2021 the launch of CoCREATE Stamford, a co-creation center aimed to bring small appliance manufacturing back to the state.

ITT announced in June 2021 the relocation of its headquarters from White Plains, New York, to Stamford.

Fintech startup Tomo announced in July 2021 that it would locate its headquarters in Stamford.

BIG COMPANIES 14 Fortune 500 companies headquartered in state, including: Cigna Charter Communications Hartford Financial Services Synchrony Financial XPO Logistics Stanley Black & Decker Xerox Frontier Communications

C-SUITE TESTIMONIALS “We have been a proud member of the Killingly community for more than 40 years and look forward to expanding our footprint and bringing more jobs.”

—Laura Maxwell, Senior Vice President of Supply Chain, PepsiCo Foods North America “Innovative, growth-oriented companies like Tomo are attracted to the state by the business-friendly environment and the deep talent available here. We intend to be the destination employer of choice for those who want to change how home-buying and financial services are transacted. I am proud to be in Stamford for our official launch today.” —Greg Schwartz, CEO and Co-founder, Tomo “Stamford’s rich history and prime location will provide the perfect home for our new global headquarters and will allow us to grow and build upon ITT’s long history.”

—Luca Savi, President and CEO, ITT

2022 CEO GUIDE TO SITE SELECTION 27

A CEO’S GUIDE TO SITE SELEC TION

Delaware

BUSINESS-FRIENDLY TAX STRUCTURES IN THE FIRST STATE

“We’re focused on investments that will build on the strengths of Delaware’s worldclass workforce and support Delaware families and businesses who were most affected by the Covid-19 pandemic.” —Gov. John Carney

TAXES 8.7% top corporate income tax rate

#13 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

87% of students graduated high school in 2019

32% of adults age 25 and older have a bachelor’s degree or higher

A report by the Tax Foundation and KPMG ranked Delaware among the top three states in the nation for corporate tax favorability. The report assessed the corporate tax burden in two categories of cities throughout the U.S. based on impacts like property tax, income tax and sales tax. It found Delaware ranked near the top in corporate tax favorability for new firms, mature firms and the manufacturing sector.

KEY INCENTIVES Delaware Strategic Fund: Offers grants and low-interest loans to promote job creation and capital investment.

New Economy Jobs Tax Credit: Offers an annual tax credit of up to 40% of the withholding taxes collected for employers that add at least 200 new jobs with an annual salary of $70,000, or 50 new jobs with salaries of at least $120,000.

New Business Facility Tax Credits: Offers a credit of $500 per employee hired and $500 for every $100,000 in capital invested for companies that create five new jobs and invest at least $200,000.

Transportation Infrastructure Investment Fund: Allows companies to make funded roadmap infrastructure improvements to support job-creating projects.

Workforce Training Grants: Offers matching grants of up to $100,000 per project for workforce training and development.

UNEMPLOYMENT RATE

EDCs

RIGHT TO WORK STATE No

Delaware Economic Development Authority Division of Small Business business.delaware.gov/delaware-economic-development-authority

5.3%

QUALITY OF LIFE

Delaware Prosperity Partnership choosedelaware.com/state-economic-development-agency

POPULATION GROWTH

Mayor’s Office of Economic Development, Wilmington, Delaware wilmingtonde.gov/government/city-departments/office-of-economic-development

#23

10.2% increase between 2010 and 2020

HIGHLIGHTED PROGRAM OR INITIATIVE The Delaware Innovation Space launched in February 2021 its Science Inc. accelerator program. It brings together a cohort of 10 startups seeking to grow their companies with weekly programming, mentoring and coaching, culminating in the Science Inc. Demo Day in June, when each company can pitch to investors and partners.

28 2022 CEO GUIDE TO SITE SELECTION

BIG DEALS Amazon announced in May 2020 a 3.7 million square foot distribution center and 1,000 new jobs in Newport.

Barclay’s announced in June 2020 a $6.9 million and 323 new jobs at a call center operation in Wilmington.

Wilmington’s Riverfront East is set to expand with a $100 million 86-acre mixed-use project.

Eastern Highway Specialists and Advantage Building Supply announced in February 2021 expansion plans in Wilmington.

Siemens announced in September 2021 a $32 million expansion of its Glasgow Business Community Facility in Newark.

BIG COMPANIES Two Fortune 500 companies headquartered in state: DuPont (Fortune 500 headquarters) Corteva (Fortune 500 headquarters) Navient (headquarters) Chemours (headquarters) Sallie Mae (headquarters) Incyte (headquarters) JPMorgan Chase M&T Bank Discover Marlette Funding Fair Square Financial

C-SUITE TESTIMONIALS “Our history goes back to the early 1900s with our roots in Delaware. With our great employee base and the talent pool in the area, Delaware is an ideal locale for Solenis, and we are excited about continuing to grow here.” —John Panichella, CEO, Solenis “We have proudly been part of this community for decades, and investing in advanced medical technology here in Delaware allows us to produce products for export and better secure our supply chain for the future, while creating or preserving high-wage jobs and benefitting the community.” —Deepak Nath, PhD, President of Laboratory Diagnostics, Siemens Healthineers

A CEO’S GUIDE TO SITE SELEC TION

Florida “Florida has reached a level of job growth only seen on four occasions in the past 30 years, despite concerning federal actions causing economic uncertainty. We are outpacing the nation because Florida is investing in real infrastructure, investing in workforce development and standing up for businesses. We will continue to work hard to keep Florida open, free and built for opportunity.” —Gov. Ron DeSantis

TAXES

4.5% corporate income tax

#4 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 88% of students graduated high school in 2019

29.9% of adults age 25 and older have a bachelor’s degree UNEMPLOYMENT RATE

4.6%

RIGHT TO WORK STATE Yes QUALITY OF LIFE #10 POPULATION GROWTH

14.6% increase between 2010 and 2020

THE SUN IS SHINING

BIG DEALS

While Gov. Ron DeSantis’ bold moves in the past year often went against CDC guidelines and the national consensus, there’s a strong case that it has helped the state’s economy weather the storm. Florida ranked #2 in Chief Executive’s 2021 Best and Worst States for Business for its business-friendly policies. The Sunshine State has landed several notable projects in the past year. Aviation manufacturer Aerion announced a $300 million capital investment that will create 675 new jobs by 2025. IT consulting firm Synergy Technologies is adding 300 new jobs with an expansion in Jacksonville. And Scotlynn USA, a logistics subsidiary of Canada-based Scotlynn Commodities, opened a new U.S. headquarters in Fort Myers.

Pfizer announced in February 2021 plans to open a global capacity hub in Tampa.

KEY INCENTIVES Capital Investment Tax Credit (CITC): Offers an annual corporate income tax credit, for up to 20 years, for projects that create a minimum of 100 jobs and invest at least $25 million in eligible capital costs.

High Impact Performance Incentive: Offers a grant for projects in clean energy, life sciences, financial services, corporate headquarters and other sectors that invest $50 million and create 50 new jobs over a three-year period.

Research and Development Tax Credit: Offers a credit of up to 10 percent of the excess qualified research expenses.

Urban Job Tax Credit Program: Offers between $500 and $2,000 per qualified job for eligible businesses located in one of 13 designated urban areas.

Veterans Florida Business Training Grant: Offers matching grants of up to $8,000 per veteran employee trained in high-demand fields.

EDCs Enterprise Florida enterpriseflorida.com Miami-Dade Beacon Council beaconcouncil.com Tampa Bay Economic Development Corporation tampaedc.com Orlando Economic Partnership orlando.org Greater Fort Lauderdale Alliance gflalliance.org

HIGHLIGHTED PROGRAM OR INITIATIVE The Rural Expansion Toolkit offers grant opportunities to rural communities in the state to assist their economic engagement and capacity building efforts. It consists of grant programs that include consulting, site preparedness, marketing and training.

KPMG doubled its investment in its Orlando operations and announced 350 additional jobs in May 2021.

InnovaCare moves its headquarters from New York to Orlando in July 2021.

Grant Thornton established a center of excellence and created 60 new jobs in Orlando in July 2021.

Terran Orbital announced in September 2021 a $300 million investment and 2,100 new jobs at its Commercial Spacecraft and Constellation Facility in Merritt Island.

AI firm TheIncLab announced in October 2021 an expansion and 40 new jobs at its facility in Tampa.

Battery tech firm Microvast opened in November 2021 its new R&D facility and created 100 new jobs in in Orlando.

BIG COMPANIES 20 Fortune 500 companies headquartered in state, including: Publix Super Markets Jabil Lennar AutoNation Fidelity National Financial Carrier Global Raymond James Financial Darden Restaurants Chewy Ryder System

C-SUITE TESTIMONIALS “As Florida becomes a key market for our growing management services organization (MSO) and other important partnerships, having a location in the heart of the state is hugely beneficial to our growth strategy.”

—Dr. Richard Shinto, President and CEO, InnovaCare Health “Tampa is an ideal location for our latest multi-functional hub, which will provide exceptional work experiences for our colleagues and a diverse range of centralized capabilities for Pfizer to deliver its purpose—breakthroughs that change patients’ lives. After conducting a comprehensive evaluation, we are excited by the opportunity Tampa offers, and we look forward to becoming an integral member of the growing Tampa community.”

—Bill Carapezzi, Executive Vice President of Global Business Services and Transformation, Pfizer “Orlando offered us the opportunity to continue our collaborations with research-driven institutions like University of Central Florida, and we look forward to continued innovation here.” —Yang Wu, CEO, Microvast

2022 CEO GUIDE TO SITE SELECTION 29

A CEO’S GUIDE TO SITE SELEC TION

Georgia

FUELING A BRIGHT FUTURE WITH FINTECH AND MANUFACTURING

“Thanks to our nation-leading workforce development efforts, resilient job creators, and strong pro-business environment, Georgia is emerging from the global pandemic with unprecedented economic momentum. My administration will remain focused on building on this solid foundation and continuing to bring more jobs and opportunity to hardworking Georgians across the state.”

—Governor Brian P. Kemp

TAXES

5.75% top corporate income tax rate

#31 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

85% of students graduated high school in 2019

31.3% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

3.1%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#18

POPULATION GROWTH 10.6% increase between 2010 and 2020

30 2022 CEO GUIDE TO SITE SELECTION

The Peach State continues to rise the ranks in Chief Executive’s Best & Worst States to do Business, moving up from #11 to 2020 to #9 in 2021. Atlanta’s increasing momentum as a fintech hub is fueled by big announcements from companies like Visa, which will add 1,000 jobs in the city. Manufacturing remains another strong sector in the state with companies like Peachtree Corners, Freshly, Danimer Scientific and Hyundai announcing expansions in 2021.

KEY INCENTIVES Job Tax Credit: Offers a tax credit of between $1,250 and $4,000 per year for five years for every new jobs created.

Port Tax Credit Bonus: Offers a tax credit for companies that increase imports or exports through a Georgia port by 10% for base port traffic amount that equals at least TEU units.

Quality Jobs Tax Credit: Offers a credit of $2,500 to $5,000 per new job annually for companies that create 50 jobs that pay at least 10% above the average wage of the county.

R&D Tax Credit: Offers a tax credit for research and development activities, including lab work, prototyping products or processes, or conducting tests on new manufacturing equipment.

Life Sciences Tax Credit Bonus: Adds to the Jobs Tax Credit for companies that create new jobs to manufacture pharmaceuticals, medicines, and medical suppliers and equipment, broadening the tax credit previously applied to manufacturers of PPE and hand sanitizer.

BIG DEALS Hyundai Transys announced in December 2020 a 678job, $241 million expansion of its operations with a new manufacturing facility in West Point.

Nestlé Purina announced in December 2020 a $550 million expansion of its Hartwell food manufacturing facility, creating up to 130 jobs.

Danimer Scientific announced in March 2021 a $700 million expansion in Bainbridge, creating 400 jobs to expand its manufacturing operations.

Freshly announced manufacturing facilities in Clayton County in June 2021 and Cobb County in February 2021, creating more than 900 jobs and investing more than $26 million.

Robotic-assisted surgery pioneer Intuitive announced in August 2021 a $500 million, 1,200 job expansion in Peachtree Corners.

Visa announced a new hub in Midtown Atlanta in September 2021, creating approximately 1,000 jobs in the region.

BIG COMPANIES 18 Fortune 500 companies headquartered in state, including: Coca-Cola Aflac Delta Air Lines First Data Home Depot Mohawk Industries SunTrust Banks Southern Company United Parcel Service Veritiv

EDCs Georgia Department of Economic Development georgia.org Invest Atlanta investatlanta.com Greater Columbus Georgia Chamber of Commerce choosecolumbusga.com Savannah Economic Development Authority seda.org

HIGHLIGHTED PROGRAM OR INITIATIVE Georgia’s College and Career Academies educate workforce-ready students for the jobs of today and careers of tomorrow. Through the state’s technical college system, Department of Education and the Office of the Governor and Office of the Lieutenant Governor, students have access to training in the area of engineering, biomedicine, technology, logistics, robotics and many more of the skills needed to compete in the global market.

C-SUITE TESTIMONIALS “Intuitive needs a highly educated, committed and diverse workforce; quality infrastructure; and the right geography to meet the rising demand for minimally invasive surgical technologies. We’ve found that here, and we’re excited to continue to grow in the state.”

—Gary Guthart, CEO, Intuitive “Atlanta is internationally known as a ‘supply chain city’ due to the infrastructure, university support and leading companies headquartered in the metropolitan area.” —Jeff Cashman, Chief Operating Officer, GreyOrange

A CEO’S GUIDE TO SITE SELEC TION

Idaho

GAINING MOMENTUM AND FISCAL RESPONSIBILITY IN THE GEM STATE

“Years of fiscal conservatism, swift action during the pandemic, few Covid restrictions, responsible allocation of federal relief dollars and our relentless focus on cutting red tape are the reasons Idaho’s economy is catapulting ahead of other states right now.” —Gov. Brad Little

Several rankings indicate Idaho has maintained one of the fastest-growing economies since the start of the pandemic.

Economic developers attribute it to the state’s fiscal responsibility, tech community, ability to support remote work and quality of life. The food manufacturing and processing sectors have continued to expand. TorchX opened a new home office and expanded operations in Boise in August 2020, and in September, Ericsson agreed to acquire Boise-based Cradlepoint for $1.1 billion. Amazon is also nearing the completion of a new distribution center in Nampa that will employ 2,000 workers.

INCENTIVES Tax Reimbursement Incentive: Offers a tax refund of up to 30% of its income for up to 15 years for creating at least 20 jobs in rural areas and 50 in urban areas.

TAXES

6.925% top corporate income tax rate

#20 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

86% of students graduated high school in 2019

27.6% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

Idaho Business Advantage: Offers enhanced incentives for businesses that invest at least $500,000 in new plant facilities that create at least 10 jobs paying $40,000 annually.

Workforce Development Training Funds: Offers reimbursement for the training of new positions being created or retained.

Information Technology Equipment Exemption: Offers a sales tax exemption on server equipment and construction materials used in the construction of a new data facility.

EDCs Economic Development Districts of Idaho commerce.idaho.gov/communities/economic-development-districts-idaho Southern Idaho Economic Development southernidaho.org

2.8%

Boise Valley Economic Partnership bvep.org

RIGHT TO WORK STATE Yes

Nampa Economic Development cityofnampa.us/858/Economic-Development

QUALITY OF LIFE

Idaho Department of Commerce commerce.idaho.gov

#5

POPULATION GROWTH

HIGHLIGHTED PROGRAM OR INITIATIVE

2010 and 2020

Formed in 2020, Idaho Broadband is seeking to improve broadband access across the state. In its first year, the office awarded more than $38 million to fund 83 projects across Idaho, improving broadband infrastructure and service for Idaho households, businesses, libraries, healthcare clinics, hospital facilities, public safety organizations and local governments in 147 communities across the state.

17.3% increase between

BIG DEALS PetIQ announced in July 2020 it would invest $22 million to establish its headquarters in Eagle.

Azek announced in March 2021 a $107 million manufacturing facility for deck products in Boise.

Lamb Weston announced in July 2021 a $415 million expansion in American Falls.

True West Beef announced in July 2021 a $195 million processing plant in Boise.

BIG COMPANIES Three Fortune 500 companies headquartered in state: Albertson’s (Fortune 500 headquarters) Boise Cascade (Fortune 500 headquarters) Emsi Jayco Lactalis Micron Technology (Fortune 500 headquarters) PetIQ Western Aircraft

C-SUITE TESTIMONIALS “Companies considering Idaho will find a state open for business. From the Governor on down to state agencies and local officials, everyone is focused on helping your business succeed. The question you will most often hear is ‘What do you need, and how can we help?’”

—Jay Theiler, Executive Vice President of Public Relations, Agri Beef “Outside of driving expansive growth for the company, AZEK chose Boise as its newest location in part because of the city’s skilled workforce but also because the city matched its values in putting sustainability at the heart of its operations.” —Amanda Cimaglia, Vice President, Azek

2022 CEO GUIDE TO SITE SELECTION 31

A CEO’S GUIDE TO SITE SELEC TION

Illinois “Lion’s historic investment to bring its largest production facility to Illinois represents not only a win for our communities but a strong step forward in our work to expand clean energy alternatives and the jobs they bring to our communities. The new Joliet facility will put Illinois at the forefront of a national movement to transition to zero-emission vehicle use, advancing our own goals of putting one million of these cars on the road by 2030.” —Gov. JB Pritzker

TAXES

9.5% top corporate income tax rate

#36 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 88% of students graduated high school in 2019

34.7% of adults age

GOING GLOBAL

BIG DEALS

For the 8th consecutive year, the 2020 IBM Global Location Trends report noted Chicago leads the nation in foreign direct investment (FDI) in North America and is #6 in FDI investments globally. Chicago is now home to more than 1,800 foreign-based companies that account for more than $140 billion in FDI. World Business Chicago works to increase foreign investment through agreements and partnerships with foreign cities and counties. Google, Nielsen, Lion Electric and Cisco have all made announcements and expansions in Illinois in the past year.

Nielsen Global Consumer Business announced in October 2020 that Chicago will serve as its global headquarters starting in 2021.

KEY INCENTIVES EDGE (Economic Development for a Growing Economy): Offers tax incentives to encourage companies to locate or expand operations when there is active consideration of a competing location in another state.

Enterprise Zone Program: Offers state and local tax incentives, regulatory relief and improved governmental services to stimulate economic growth and neighborhood revitalization in economically depressed areas of the state.

Employer Training Investment Program: Offers grants to reimburse new or expanding companies for up to 50% of the cost of training their employees.

Research & Development Tax Credit: Offers a non-refundable tax credit of 6.5% of qualifying R&D expenses in the state that exceed the baseline amount of R&D expenses.

Manufacturing Machinery & Equipment (MM&E): Offers a 6.25% state exemption against the purchase of consumable items used in the manufacturing process.

EDCs

25 and older have a bachelor’s degree

Illinois Department of Commerce and Economic Opportunity illinois.gov/dceo/Pages/default.aspx

UNEMPLOYMENT RATE

Intersect Illinois intersectillinois.org

6.0%

RIGHT TO WORK STATE No QUALITY OF LIFE

World Business Chicago worldbusinesschicago.com Chicago Regional Growth Corporation chicagoregionalgrowth.com

#30

POPULATION GROWTH .1% decrease between 2010 and 2020

32 2022 CEO GUIDE TO SITE SELECTION

HIGHLIGHTED PROGRAM OR INITIATIVE ExporTech is the only program in the nation that helps companies develop an export plan. Each cohort is limited to no more than eight companies that work with a coach and receive customized market research. On average, participating companies generate an additional $770,000 in new export sales.

As part of its plan to add more than 10,000 employees nationwide in 2021, Google announced it was building out 58,000 square feet of office space in Chicago to accommodate 200 employees.

Lion Electric announced in May 2021 plans to build the largest all-electric commercial vehicle production plant in the U.S. and 745 new jobs in Joliet.

Innovafeed, an animal nutrition producer, announced in March 2021 plans to construct the world’s largest insect protein production facility in Decatur.

Cisco announced in August 2021, it will move its Midwest headquarters to Chicago.

Cryptocurrency ATM operator CoinFlip announced in August 2021 it will double the size of its headquarters in Chicago.

BIG COMPANIES 38 Fortune 500 companies headquartered in the state, including: Walgreens Boeing State Farm Insurance Cos. Archer Daniels Midland Caterpillar Allstate Deere McDonald’s Ulta Discover Financial Services

C-SUITE TESTIMONIALS “This significant expansion into the U.S. market will not only allow us to drastically increase our overall manufacturing capacity of electric trucks and buses but to also better serve our customers, while adding critical clean manufacturing jobs that will form the backbone of the green economy.” —Marc Bédard, CEO and Founder, Lion “Chicago is an amazing city and offers everything we wanted for our Midwest regional hub. It’s business-friendly, has a booming tech and innovation ecosystem and offers access to a dynamic pool of talent.” —Gerri Elliott, EVP, Chief Customer and Partner Officer, Cisco "We're proud to have founded CoinFlip in Chicago, Illinois, which has been our home for the last six years, and are excited to announce we're growing. While CoinFlip is proud to operate in 47 states, no other state is pioneering forward-thinking initiatives like Illinois that will make it not only a leader in cryptocurrency but a clear choice for our long-term plans."

—Ben Weiss, CEO, CoinFlip

A CEO’S GUIDE TO SITE SELEC TION

Indiana

MANUFACTURING MOMENTUM IN THE HOOSIER STATE

“Indiana continues to secure extraordinary growth in life sciences throughout the state, and we’re thrilled to add Stevanato Group to our list of innovative life sciences companies… The life sciences industry contributes roughly $80 billion to the state’s economy, and we are committed to ensuring a thriving business climate that allows these firms to continue to grow and provide quality Hoosier careers.” —Gov. Eric J. Holcomb

TAXES 5.5% top corporate income tax rate

#9 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

88% of students graduated high school in 2019

26.5% of adults age 25 and older have a bachelor’s degree or higher

Despite the unprecedented challenges and uncertainty during the pandemic, Indiana was on track to hit its fifth consecutive record-breaking year of economic development in 2021. One promising sector is manufacturing.

In April 2021 alone, the state announced commitments from Amazon, Apple and Toyota with a total of more than $900 million capital investment and 2,900 jobs. The challenge is now keeping the flow of talent to support the growth. In early May, Gov. Eric Holcomb launched the Indiana Regional Economic Acceleration and Development Initiative (READI), which will dedicate $500 million to encourage long-term sustainable investments to make regions across the state magnets for talent.

Electric Last Mile announced in December 2020 a $300 million expansion and 960 new jobs in Mishawaka.

KEY INCENTIVES

Toyota Motor Manufacturing Indiana announced in April 2021 an $803 million investment to add two electric vehicles to its Princeton production line. It will also add 1,400 jobs by the end of 2023.

Headquarters Relocation Tax Credit (HRTC): Offers a refundable tax credit that equals 80 percent of the total payroll in Indiana for small, high-growth businesses that relocate their headquarters to the state.

Stevanato Group announced in June 2021 it will locate its new U.S. operations in Fishers and create 230 jobs by the end of 2025.

Hoosier Business Investment (HBI) Tax Credit: Offers a corporate income tax credit as a percentage of the eligible capital to support projects that support job creation or capital investment.

Industrial Development Grant Fund: Offers assistance to municipalities to perform infrastructure improvements and upgrades needed to serve proposed projects.

Skills Enhancement Fund Workforce Training Grant: Offers assistance to support the training and upgrading skills of employees required to support new capital investments. Grant may be provided to reimburse up to 50% of eligible training costs over a two-year period.

EDCs Indiana Economic Development Corporation iedc.in.gov

QUALITY OF LIFE

Indy Chamber indychamber.com/economic-development

POPULATION GROWTH 4.7% increase between 2010 and 2020

Renewable Transport Services announced an expansion at its Indianapolis operations and 98 new jobs.

Economic Development for a Growing Economy (EDGE): Offers a refundable corporate income tax credit based on the tax withholdings generated from new job creation.

RIGHT TO WORK STATE Yes

#32

BIG DEALS

Luxury RV manufacturer Alliance Recreational Vehicles, announced in March 2021 an expansion at its Elkhart operations that will create up to 650 jobs.

UNEMPLOYMENT RATE

3.3%

HIGHLIGHTED PROGRAM OR INITIATIVE Launched in May 2021, the Regional Economic Acceleration and Development Initiative is a bold, transformational initiative that will dedicate $500 million in state appropriations to promote strategic investments that will make Indiana a magnet for talent and economic growth.

Greater Fort Wayne Inc. Economic Development greaterfortwayneinc.com/economic-development Growth Alliance for Greater Evansville growthallianceevv.com

Leaf Software Solutions announced in July 2021 an expansion at its central Indiana office and the addition of 60 jobs by the end of 2024.

BIG COMPANIES Seven Fortune 500 companies headquartered in state, including: Anthem Eli Lilly Cummins Steel Dynamics Zimmer Biomet Berry Global Thor Industries

C-SUITE TESTIMONIALS “With more capital available as a result of tax reform, Lilly and other Indiana companies are able to re-invest and expand production here at home.” —David A. Ricks, Chairman and CEO, Eli Lilly “Together, we are ensuring that Indiana remains a leader in the aerospace industry for decades to come.”

—Marion Blakey, Former CEO, Rolls-Royce North America “The diversity of perspective and experience in Indiana is incredibly valuable to our success, giving us an advantage in fostering and growing business relationships worldwide.” —Rajan Gajaria, EVP, Business Platforms, Corteva Agriscience

2022 CEO GUIDE TO SITE SELECTION 33

A CEO’S GUIDE TO SITE SELEC TION

Iowa

ECONOMIC MOMENTUM IN THE HAWKEYE STATE

“The state’s Manufacturing 4.0 plan recognizes that Iowa’s manufacturing sector supplies global markets with everything from food products to aerospace electronics. To maintain our leadership role, Iowa businesses are already thinking outside the box to adapt to the ever-changing demands of the 21st century economy. This roadmap will outline new strategies to support their efforts and ensure Iowa’s future prosperity is widespread, reaching all people in all parts of Iowa.”—Gov. Kim Reynolds

TAXES

12% corporate income tax

#40 on the Tax Foundation’s State Business Tax Climate Index ranking

Des Moines' cluster base of insurance and financial services companies helped pull the state through the pandemic better than many other states. Des Moines was recently featured in the Wall Street Journal as one of three breakout cities on the forefront of “America’s Economic Recovery.” With strong rail and road access, the city is also doubling down on its distribution strengths with the Des Moines Industrial Transloading Facility. It is on track to be operational by late-2021 and will serve as a place to transfer bulk materials between semi-trailers and trains. Developers say it will help make the region more attractive as a distribution hub with flexibility and reduced shipping costs. BAE Systems, Cargill and Nestlé Purina PetCare have announced projects here in the past year.

graduated high school in 2019

28.6% of adults age 25 and older have a bachelor’s degree UNEMPLOYMENT RATE

3.9%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#12

POPULATION GROWTH

4.7% increase between 2010 and 2020

34 2022 CEO GUIDE TO SITE SELECTION

In July, Almaco announced plans to increase its manufacturing capacity and create 60 jobs.

Weiler announced plans to increase its Knoxville footprint. The $23 million project is expected to create 101 jobs.

Elanco US announced in July 2021 a $59 million expansion and 26 new jobs in Fort Dodge.

Shell Rock Soy Processing announced in November 2020 a $224 million investment and 51 new jobs in Butler County.

KEY INCENTIVES

BIG COMPANIES

High-Quality Jobs: Offers financial assistance to offset the cost incurred to locate, expand or modernize an Iowa facility.

Two Fortune 500 companies headquartered in state: Principal Financial Group (Fortune 500 headquarters) Casey’s General Stores (Fortune 500 headquarters) Meredith American Equity Investment Life Holding Winnebago Industries Renewable Energy Group HNI

Renewable Chemical Production Tax Credit: Incentivizes the production of high-value chemicals derived from biomass feedstocks.

Research Activities Tax Credit: Offers an additional tax credit for companies that meet the qualifications of the federal research credit for research and development investments.

New Jobs Training: Provides tax credits for businesses that provide additional training to employees and expand their workforce.

EDUCATION

94% of students

BIG DEALS Vermeer plans to construct a new parts distribution facility on its Pella campus and repurpose a facility for product and field training. Announced in July of 2021, the project is expected to create 100 jobs.

EDCs Iowa Economic Development Authority iowaeda.com Des Moines Partnership dsmpartnership.com/growing-business-here Cedar Rapids Metro Economic Alliance cedarrapids.org

HIGHLIGHTED PROGRAM OR INITIATIVE Iowa’s Manufacturing 4.0 initiative began in 2020 after recognizing the need to support manufacturers’ abilities to incorporate the advancing technologies and ensure businesses of all sizes continue to remain competitive in the global economy. The strategic plan acts as a blueprint for Iowa’s largest industry sector and led to the creation of assistance programs and networks for collaboration.

C-SUITE TESTIMONIALS “Iowa is affordable, with great education and a quality of life that appeals to millennials, seniors and everyone in between. The state has also emerged as a hub of innovation, another reason companies should have Iowa at the top of their list as they look to startup or expand a business.”—Daniel Houston, President & CEO, Principal Financial Group "Iowa has a deep understanding of the positive impact potential of projects like ours and has created an environment that is conducive to success…We are thrilled to bring our production to Clinton.”—Daniel Meyer, President, Spiber America, LLC “We are pleased to establish operations in the community of Dubuque and bring new jobs to the area with industry-leading pay and benefits. The region has a quality workforce and is an ideal location to service our customers across the U.S. and Canada.”—Scott Salmon, President, Simmons Pet Food

A CEO’S GUIDE TO SITE SELEC TION

Kansas

ANIMAL HEALTH LEADS THE WAY IN THE SUNFLOWER STATE

“My administration will continue rebuilding our economic development tools, fully funding our schools, investing in much-needed infrastructure projects and expanding high-speed Internet access to build on the qualities that make Kansas the best state to live and to do business.” —Gov. Laura Kelly

TAXES 7% top corporate income tax rate

#35 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 90% of students graduated high school in 2019

Kansas continues to expand its economy with exciting new announcements in the key sectors of agriculture and manufacturing. Hill’s Pet Nutrition, which cut the ribbon on an innovation center in Topeka in July 2021, announced a $250 million facility to be created by 2025.

The state’s Animal Health Corridor is now home to the single largest concentration of animal health interests in the world, with 300 companies researching veterinary pharmaceuticals and food for pets and livestock.

KEY INCENTIVES Workforce Development Assistance: Offsets training costs on new technology or production activities through the Kansas Industrial Retraining (KIR) and Kansas Industrial Training (KIT) programs.

Promoting Employment Across Kansas (PEAK): Offers ability to retain 95% of payroll tax withholding for several years for qualified companies.

Machinery & Equipment Expensing Deduction and Property Tax Exemption: Offers an expense deduction for business machinery and equipment and a tax exemption for commercial and industrial machinery and equipment.

High Performance Incentive Program (HPIP): Offers a 10% corporate income tax credit on qualified capital investments for companies that pay above-average wages.

33.4% of adults age

EDCs

25 and older have a bachelor’s degree or higher

Kansas Department of Commerce kansascommerce.gov

UNEMPLOYMENT RATE

3.9%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#26

POPULATION GROWTH

3% increase between 2010 and 2020

Greater Topeka Partnership topekapartnership.com Greater Wichita Partnership greaterwichitapartnership.org

HIGHLIGHTED PROGRAM OR INITIATIVE CONNEX Kansas, a new program from Kansas Manufacturing Solutions and the Kansas Department of Commerce, aims to strengthen the state’s manufacturing supply chain. It offers an online manufacturing database and platform for Kansas manufacturers to connect, find local and domestic suppliers, manage the supply chain and explore production capabilities.

BIG DEALS Airxcel announced a $4 million investment and 365 new jobs in Wichita.

Kansas Dairy Ingredients announced in June 2021 a $45 million expansion and 40 new jobs in Hugoton.

Bev-Hub announced in June 2021 a $28 million investment and 37 new jobs in Manhattan.

Hill’s Pet Nutrition announced in June 2021 a $250 million factory that will create 80 jobs in Tonganoxie.

Brek Manufacturing Company announced in August 2021 a $4.5 million expansion in Wichita that will create 75 jobs over the next five years.

Sharpline Converting announced in September 2021 a $4 million expansion and 15 new jobs in Wichita.

Berry Global Group announced in September 2021 a $61 million expansion in Lawrence that will create 84 new jobs.

BIG COMPANIES One Fortune 500 company headquartered in state: Seaboard (Fortune 500 Headquarters) Other large companies include: Cerner YRC Worldwide General Motors Cessna Aircraft Learjet Sprint Lansing Trade Group

C-SUITE TESTIMONIALS “Hill’s Pet Nutrition is excited to be growing our roots in Kansas. We’ve been part of the community for almost 80 years, and this new facility will help us to meet our mission of enriching and lengthening the special relationships between people and their pets by providing our high-quality nutrition.” —Jesper Nordengaard, President, Hill’s Pet Nutrition “We are very excited to announce our expansion in Kansas and appreciate the collaboration of our local Hugoton leadership for their continued support. The State of Kansas, our industry partners and KDI team associates made this possible.” —Tim Gomez, CEO, KDI Cheese Company “As we began exploring options for expansion, I recommended including Wichita because I have personally experienced the benefit of operating in one of the top aerospace clusters.” —Marwan Hammouri, President and CEO, Brek Manufacturing

2022 CEO GUIDE TO SITE SELECTION 35

A CEO’S GUIDE TO SITE SELEC TION

Kentucky

GREEN PASTURES IN THE BLUEGRASS STATE

“We thank Ford Motor and SK Innovation for their investment in Team Kentucky. This is the single largest investment in the history of our state, and this project solidifies our leadership role in the future of the automotive manufacturing industry. It will transform our economy, creating a better Kentucky with more opportunities for our families for generations. Our economy is on fire—and now, it’s electric. Never again will we be thought of as a flyover state.

Our time is now. Our future is now.” —Gov. Andy Beshear

TAXES

5% top corporate income tax rate

#19 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

94% of students

In 2020, Kentucky announced 223 new location and expansion projects that will create more than 8,000 new jobs and inject more than $2.28 billion into the commonwealth. That growth continued throughout 2021 as the state continues to build on its strengths.

While agriculture remains a top sector, the logistics and manufacturing industries are also growing. Ford Motor Company and SK Innovation announced the biggest economic deal in the state’s history in September 2021, with electric battery plants in Hardin County that will create more than 5,000 jobs.

KEY INCENTIVES Kentucky Business Investment Program: Offers income tax credits and wage assessments to eligible companies that locate or expand operations in the state.

SBIR-STTR Matching Funds Program: Matches, on a competitive basis, up to $150,000 for Phase 1 and up to $500,000 for Phase 2 federal SBIR and STTR awards.

Kentucky Small Business Credit Initiative (KSBCI): Offers credit enhancement programs to help lenders finance credit-worthy small businesses that would typically fall just outside of normal lending guidelines.

Bluegrass State Skills Corporation Skills Training Investment Credit: Offers grants and tax credits to businesses that sponsors skills-training programs for their employees.

EDCs Cabinet for Economic Development ced.ky.gov

graduated high school in 2019

Frankfort Area Chamber of Commerce frankfortky.info/business-resources/start-a-business

24.2% of adults age

Commerce Lexington locateinlexington.com

25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

4.2%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#41

POPULATION GROWTH

3.8% increase between 2010 and 2020

36 2022 CEO GUIDE TO SITE SELECTION

Greater Louisville Inc. greaterlouisville.com/economic-development Louisville Forward louisvilleky.gov/government/louisville-forward Northern Kentucky Tri-ED northernkentuckyUSA.com

HIGHLIGHTED PROGRAM OR INITIATIVE The Bluegrass State Skills Corp. (BSSC), a group attached to the Kentucky Cabinet for Economic Development, helps private-sector businesses establish industry-specific training programs. The program received more than $6.1 million in funds in 2021 to train 18,000 workers at 111 facilities.

BIG DEALS Firestone Industrial Products announced in May 2021 a $50 million expansion and 250 new jobs in Williamsburg.

T. Marzetti announced in May 2021 a $133 million expansion and 220 new jobs in Horse Cave.

Fidelity Investments announced in July 2021 it will create more than 600 new jobs in Covington.

Manufacturer Chapin International announced in August 2021 an expansion in Rockcastle County that will create more than 200 new jobs.

Harbor Steel & Supply Corp announced in September 2021, it will construct a second facility in Bowling Green.

Ford Motor Company and SK Innovation announced in September 2021 the largest economic development project in the state’s history. Two electric battery plants worth $5.8 billion will create more than 5,000 jobs.

QSR Automations opened a new global headquarters and tech campus in Frankfort in October 2021.

BIG COMPANIES : One Fortune 500 company headquartered in state: Humana (Fortune 500 headquarters) Yum! Brands Amazon Atlas Air Worldwide Holdings Global Win Wickliffe Topgolf Faneuil CCBCC Operations General Motors

C-SUITE TESTIMONIALS “We are proud to be expanding our operations in Horse Cave to better serve our customers and create additional jobs. I want to thank our local partners, as well as our Horse Cave team members, for their support of this important project. Our people are what make us 'The Better Food Company.'” —David Nagle, Chief Supply Chain Officer, T. Marzetti “Kentucky has been an incredible partner to Ford for more than 100 years and is home to Louisville Assembly Plant and Kentucky Truck Plant. With this announcement, Kentucky will play an essential role as Ford fulfills its commitment to lead the electric-vehicle revolution and create thousands of jobs in the commonwealth, and we look forward to working with Kentuckians to create the future together.” —Lisa Drake, North America Chief Operating Officer, Ford “Chapin is excited to continue our growth in Kentucky...

Our Kentucky employees are proving to be the biggest asset to this new plant, with good attendance and a willingness to get the job done.” —Jim Campbell, CEO, Chapin International

A CEO’S GUIDE TO SITE SELEC TION

Louisiana “As we work to strengthen and diversify our economy, I am proud that digital media and software development companies continue to find a home in Louisiana."

—Gov. John Bel Edwards

TAXES

8% corporate income tax #42 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 84% of students graduated high school in 2019

BETTING ON CHEM IN THE BAYOU STATE

BIG DEALS

While the Bayou State was hit hard by the pandemic and Hurricane Ida in August 2021, the promise of new projects and expansions offer great hope. The chemical and logistics industries continue to drive development along the Mississippi River and Gulf Coast. But in cities like New Orleans, Baton Rouge and Lafayette, new healthcare and tech developments are starting to rise.

International-Matex Tank Terminals announced in March 2021 it will expand its headquarters in New Orleans and create 42 new jobs with an annual salary of $133,000.

KEY INCENTIVES LED FastStart: Nationally recognized workforce training program that offers customized employee recruiting, screening and training solutions at no cost to eligible companies.

Angel Investor Tax Credit: Offers up to a 25% tax credit for individual investors who invest in early-stage, wealth-creating businesses that seek startup and expansion capital.

Industrial Tax Exemption: Offers a property tax abatement for up to 10 years on a manufacturers’ eligible new capital expenditures.

Quality Jobs: Offers up to a 6% rebate on annual payroll expenses for up to 10 years and tiered a state sales/ use tax rebate on capital expenses, or a 1.5% investment tax credit, for qualified jobs.

24.1% of adults age 25 and older have a bachelor’s degree UNEMPLOYMENT RATE

5.4%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#50

POPULATION GROWTH 2.7% increase between 2010 and 2020

EDCs Louisiana Economic Development opportunitylouisiana.com Baton Rouge Area Chamber brac.org Greater New Orleans, Inc. Regional Economic Development gnoinc.org

HIGHLIGHTED PROGRAM OR INITIATIVE In October 2021, Louisiana Economic Development launched the Diversity in Entrepreneurship initiative to accelerate growth in second-stage minority and women-owned businesses. The initiative will focus on providing strategic benefits such as building management teams, sustaining growth and identifying new opportunities.

Lineage Logistics announced in April 2021 a $42 million expansion at the Port of New Orleans.

Louisiana Green Fuels, a subsidiary of Strategic Biofuels, announced in April 2021 it will create a $700 million renewable diesel refinery in Caldwell Parish.

Hunt Forest Products announced in July 2021 it will develop a new $240 million sawmill and create 130 new jobs in Bienville Parish.

BioLab announced in June 2021 it will construct a $170 million chlorine manufacturing plant in Westlake.

Amazon announced in June 2021 a $200 million robotics center and 1,000 new jobs in Baton Rouge.

Canfor announced in June 2021 a $160 million lumber plant and 130 new jobs in DeRidder.

BIG COMPANIES One Fortune 500 company headquartered in state: Lumen Technologies Entergy (Fortune 500 headquarters) ExxonMobil Dow Chemical Westlake Chemical Amazon POOL

C-SUITE TESTIMONIALS “We’re excited to be growing our operations in the capital city of Louisiana and want to thank the local community and all of the state and local leaders for their support in making this project possible.” —Bri Tye, Regional Director of Operations, Amazon “Following our change in ownership, we are relocating certain back-office functions from Texas to New Orleans.

IMTT was founded in New Orleans over 80 years ago, and we have a long and cherished history with the city.

We are excited to maintain and expand our corporate headquarters here.” —Carlin Conner, CEO, IMTT “Canfor is excited to be investing in a new world-class sawmill in Louisiana that will support our growth and diversification in the U.S. South and ensure we continue to deliver high value products to our global customers.”

—Don Kayne, President and CEO, Canfor

2022 CEO GUIDE TO SITE SELECTION 37

A CEO’S GUIDE TO SITE SELEC TION

Maine

BIG INVESTMENTS IN THE PINE TREE STATE

“The health of Maine people, the health of our economy and the health of our future depend on three things: our ability to put the pandemic behind us, our ability to tackle the economic challenges immediately in front of us and the ability to solve the longstanding, systemic problems that have held us back for decades.”—Gov. Janet Mills

TAXES

8.93% corporate income tax rate

#29 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 87% of students graduated high school in 2019

31.8% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

4.9%

RIGHT TO WORK STATE No

In May 2021, Maine Gov. Mills unveiled an economic recovery plan that will invest more than $1 billion in federal funds allocated to the state under the American Rescue Plan. Nearly a third of this is allocated for long-term economic growth. The Governor’s Economic Recovery Committee and the state’s 10-Year Economic Development Strategy call for investment in skills training, R&D and new worker attraction. Strategic investments include $80 million to jumpstart innovation through public-private partnerships and $105 million to support infrastructure and equipment upgrades in higher education systems.

KEY INCENTIVES Major Business Headquarters Expansion Program: Offers a tax credit of 2% of the qualified investment for a period of up to 20 years for businesses that locate a major headquarters in the state and create high-quality jobs.

Technology Tax Credits: Offers tax credits and exemptions for everything from electricity cost to equipment purchases and other R&D expenses for companies involved in manufacturing and certain research-driven activities.

Small Enterprise Growth Fund: Offers initial matching investments from $150,000 to $300,000 to small businesses that demonstrate the potential for high growth and public benefit.

Maine Technology Institute (MTI): A non-profit that offers funding for private companies and research labs to promote R&D and assist innovative companies to in getting products to market faster.

EDCs Department of Economic and Community Development maine.gov/decd

#27

City of Augusta Economic Development augustamaine.gov/departments/development_services/economic_and_community_development/economic_development.php

POPULATION GROWTH

Bangor Region Chamber of Commerce bangorregion.com

2010 and 2020

Greater Portland Economic Development Corp. greaterportlandinc.com

QUALITY OF LIFE

2.6% increase between

HIGHLIGHTED PROGRAM OR INITIATIVE Public and private funding in excess of $60 million will be used to expand education access to degree and certificate programs for more than 24,000 residents over the next four years. Training will be provided at no cost in health care, the green economy, trades, manufacturing, hospitality, education and computer technology.

38 2022 CEO GUIDE TO SITE SELECTION

BIG DEALS Devil’s Half Acre Distillery opened its new distillery in the Bangor area in December 2020.

Louisiana Pacific announced in February 2021 a $150 million project to convert and upgrade its facility and mill in New Limerick.

TD Bank announced in September 2021 a $43 million investment to support building expansions in the University of Main System.

Portland-based WEX announced in September 2021 an agreement with California-based ChargePoint to ease the addition of electric vehicles into corporate fleets.

The U.S. Navy announced in October 2021 a $1.7 billion contract to expand the Portsmouth shipyard.

UMaine announced in October 2021 plans to expand its Advanced Structures and Composites Center in Orono.

Precision Optics acquired Windham-based Lighthouse Imaging LLC in October 2021 for $8 million.

BIG COMPANIES L.L. Bean TD Bank Unum Pratt & Whitney Aircraft Group Athenahealth Cianbro Bath Iron Works

C-SUITE TESTIMONIALS "TD Bank is pleased to support the university system in Maine with this bond financing to help fuel their investments in student success and workforce development across the state." —Christopher Turley, Team Lead of Not-for-Profit, Education & Government Finance− Northern New England, TD Bank "This is an exciting time for Sappi North America…We are committed to bringing high-quality, innovative and sustainable products to the market that meet a variety of packaging needs.” —Deece Hannigan, Vice President of Packaging and Specialties Business, Sappi North America “We are proud to partner with MTI. Through this grant and our substantial investment, we will bring seafood products made to our uncompromising Maine standards to more consumers, create quality jobs for Mainers and bring new processing technologies and capabilities to the local waterfront.” —Peter Handy, President & CEO, Bristol

A CEO’S GUIDE TO SITE SELEC TION

Maryland

NEW LIFE SCIENCES IN THE OLD LINE STATE

“A skilled workforce is essential to attracting private sector investment. One of our top priorities is the development of a highly competent and well-educated workforce. Our administration has provided a blueprint for an effective and efficient workforce system across the state, focused on collaboration among state agencies, effectively leveraging resources and providing opportunity for all jobseekers, including a new generation of workers through education and apprenticeships.”

—Gov. Larry Hogan

TAXES

8.25% top corporate income tax rate

#44 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

87% of students

Maryland continues to attract bio health and life sciences companies with big announcements by TCR2 Therapeutics, Ellume and Vigene in the past year.

The state is now expanding its pandemic recovery by doubling down on its Opportunity Zones. Gov. Hogan says the state’s 149 zones are the most competitive in America and have already received more than $33 million in equity investments. The state is now striving to expand opportunities with more workforce training in the Appalachia region.

KEY INCENTIVES Advantage Maryland: Offers a variety of grants, loans and investments to support economic development initiatives.

Job Creation Tax Credit: Offers an income tax credit of up to $3,000 per new job to businesses that create at least 60 full-time jobs. Credit increases to $5,000 for location in a revitalization area.

Small, Minority and Women-Owned Business Account VLT (Video Lottery Terminal) Fund: Offers loans from the proceeds of video lottery terminals to assist small, minority and women-owned businesses across the state.

Biotech/Cybersecurity Investment Incentive Tax Credit: Offers an income tax credit to investors who invest in a qualified Maryland biotechnology or cybersecurity company.

ExportMD Program: Offers up to $5,000 in reimbursement for expenses associated with international marketing projects for small and mid-sized businesses.

graduated high school in 2019

EDCs

40.2% of adults age

Maryland Economic Development Commission commerce.maryland.gov

25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

5.7%

RIGHT TO WORK STATE No QUALITY OF LIFE

#17

POPULATION GROWTH

7% increase between 2010 and 2020

Economic Alliance of Greater Baltimore greaterbaltimore.org Ann Arundel Economic Development Corporation aaedc.org

BIG DEALS TCR2 Therapeutics announced a new cell therapy manufacturing facility and 175 new jobs in the Shady Grove Life Sciences Center in Rockville.

Vigene Biosciences announced in February 2021 an expansion and 245 new jobs in Montgomery County.

Capital Electric announced in April 2021 a new office in Prince George’s County which will add to existing workforce of 230 associates in the state.

Global biotech company Ellume announced in May 2021 a $231 million manufacturing facility and 1,500 new jobs in Frederick.

Penguin Random House announced in August 2021 a second distribution center and 150 new jobs in Carroll County.

BIG COMPANIES Five Fortune 500 headquarters in the state: Lockheed Martin Marriott International T. Rowe Price Sinclair Broadcast Group McCormick

C-SUITE TESTIMONIALS “We moved our headquarters from Alexandria, Virginia to Prince George’s County, Maryland, in 2008 and never looked back. The expansion of our home is a testament to our commitment to the county and state.”

—Andrew Esce, President, Capital Electric “We have been enormously pleased with our Westminster distribution and fulfillment center. So, when we decided to expand into a fourth facility to support our continued nationwide focus on growth and innovation, it was a natural decision to select a second Maryland location.” —Annette Danek-Akey, Executive Vice President of Supply Chain, Penguin Random House “Frederick is the ideal location for Ellume as we continue to work closely with the U.S. government in delivering Covid-19 tests to communities across the country.”

—Jeff Boyle, PhD, President, Ellume USA

Montgomery County Economic Development Corporation thinkmoco.com

HIGHLIGHTED PROGRAM OR INITIATIVE The Maryland Soft Landing Program aims to match international prospects with local incubators throughout the state. It provides international companies an opportunity to test out new markets at an affordable rate with access to business resources, educational programs, mentors, advisors and networking events.

2022 CEO GUIDE TO SITE SELECTION 39

A CEO’S GUIDE TO SITE SELEC TION

Massachusetts “Massachusetts is the life science innovation hub for the nation and world, home to countless partners in industry and academia pioneering the next big breakthroughs…In order to retain our leadership position, our administration will continue to make strategic investments across Massachusetts that keep us at the forefront of life sciences advances and capabilities.”

—Gov. Charlie Baker

TAXES

8% corporate income tax

BOUNCING BACK IN THE BAY STATE

BIG DEALS

In the first quarter of 2021, the Bay State’s economy grew by 11.3%, more than double the rate in the last quarter of 2020, according to MassBenchmarks. That's well above the national average, something economic development officials credit to vaccine rollouts, small business support and good business policies. In February 2021, Gov. Baker signed House No. 5250, An Act Enabling Partnership for Growth, authorizing $626 million in capital and a five-year roadmap to support economic growth and improve housing stability.

Merrow Manufacturing announced in October 2021 an expansion and 150 new jobs in Fall River.

Economic Development Incentive Program (EDIP): Offers state and local tax incentives for full-time jobs creation, job retention and private investment commitments.

Research & Development Tax Credit: Offers a 10% tax credit for R&D activities with an increase in credits for collaboration with a local college or university.

#34 on the Tax Foundation’s State Business Tax Climate Index ranking

Workforce Training Fund: Offers cash grants of up to $250,000 over a two-year period to train new employees or to upgrade the skills of existing employees.

EDUCATION

93% of students

EDCs

graduated high school in 2019

MassDevelopment massdevelopment.com

43.7% of adults age

MassEcon massecon.com

25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

5.3%

RIGHT TO WORK STATE No QUALITY OF LIFE

#9

POPULATION GROWTH

7.4% increase between 2010 and 2020

40 2022 CEO GUIDE TO SITE SELECTION

JLL announced in October 2021 a $300 million deal to acquire Boston-based Building Engines.

Merrow Manufacturing announced in October 2021 an expansion and 150 new jobs in Fall River.

KEY INCENTIVES Massachusetts Life Sciences Center (MLSC): Offers 10 different tax incentives of up to $15,000 for each job created in a calendar year and maintained for the following four years.

Manufacturers Investment Tax Credit: Offers a 3% investment tax credit towards any state tax obligation for qualified equipment and facility improvements.

rate

Link Logistics announced in October 2021 a $176 million acquisition of six properties in Massachusetts to support new operations in the area.

Metropolitan Area Planning Council mapc.org/get-involved/economic-development DevelopSpringfield developspringfield.com Worcester Regional Chamber of Commerce Economic Development worcesterchamber.org/economic-development

HIGHLIGHTED PROGRAM OR INITIATIVE In October 2020, Massachusetts landed a $3.2 million grant from the U.S. Department of Defense’s Manufacturing Technology Program (DoD ManTech) to develop a manufacturing technician training program. The MassBridge program will boost training opportunities for technicians with the development of an integrated, statewide program in a model that can be replicated nationally.

BIG COMPANIES 18 Fortune 500 companies headquartered in state: General Electric Raytheon Technologies Liberty Mutual Insurance Group Thermo Fisher Scientific TJX Massachusetts Mutual Life Insurance BJ’s Wholesale Club Wayfair Biogen Keurig Dr Pepper

C-SUITE TESTIMONIALS “We are excited to have been chosen by MassDevelopment as one of their emerging technology companies for 2021…We plan to use the allocated funds to tap into the Massachusetts pool talent and increase our headcount at our Boston HQ. We view MassDevelopment as a value-add partner and look forward to cooperating and extending our local ties with the Massachusetts business community.” —Shai Toren, CEO, JetPatch “I am thrilled that my company will be able to expand further and thrive in Devens… I look forward to consolidating our two existing locations into one brand new facility, which is being designed with growth in mind.

I‘m incredibly grateful to MassDevelopment for all of their support financing our relocation to such a dynamic and thriving community such as Devens.” —Gregory Sexton, President and CEO, Accumet Engineering

A CEO’S GUIDE TO SITE SELEC TION

Michigan “As we emerge from the once-in-a-century pandemic, I am laser-focused on growing our economy and ushering in a new era of prosperity for our families, communities and small businesses. Today’s numbers showing 8.3% GDP growth in the second quarter of 2021 prove that our efforts are working.”

—Gov. Gretchen Whitmer

TAXES 6% top corporate income tax rate

#14 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

89% of students graduated high school in 2019

29.1% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

GROWING IN THE GREAT LAKES

BIG DEALS

U.S. Bureau of Economic Analysis data found Michigan ranked the third-highest growth rate in the nation in Q2 2021. State legislators and Gov. Whitmer credit it partly to the $2.1 billion MI New Economy plan to grow the middle class, support small businesses and invest in communities. While it’s been a boon to local businesses, it has also strengthened the base for inbound investments. Rivian, Ford and SK Siltron have all announced projects here in the past year.

Ford announced in April 2021 a $185 million investment in a global battery center of excellence in southeast Michigan.

KEY INCENTIVES Michigan Business Development Program (MBDP): Provides performance-based grants, loans or other economic assistance to businesses for highly competitive projects that create jobs or provide investment in the state.

Jobs Ready Michigan: Offers incentives for employee recruitment expenses, customized training development plans, instructor and training materials, as well as on-the-job training costs.

Michigan Community Revitalization Program (MCRP): Provides gap financing in the form of performance-based grants, loans or other economic assistance for eligible investment projects.

State Essential Services Assessment (SESA) Exemption and Alternative State Essential Services Incentive Programs: Offers an exemption or reduction in SESA for projects that create jobs or private investment in the state.

EDCs Michigan Economic Development Corporation michiganbusiness.org Detroit Economic Growth Corporation degc.org

6.1%

Detroit Regional Chamber detroitchamber.com/

RIGHT TO WORK STATE Yes

Grand Rapids Economic Development rightplace.org

QUALITY OF LIFE

Lansing Economic Development Corporation lansingmi.gov/355/Lansing-Economic-Development-Corporation

#38

POPULATION GROWTH

2% increase between 2010 and 2020

HIGHLIGHTED PROGRAM OR INITIATIVE The Michigan State Trade Expansion Program supports export development for small and mid-sized businesses through financial assistance grants for trade missions, international sales trips and trade shows. In September 2021, the U.S. Small Business Administration (SBA) changed requirements on the program, removing reimbursement limits on activity categories, now giving companies more flexibility to grow their sales in international markets.

TechSmith broke ground in a headquarters in June 2021 in Lansing that will create up to 50 jobs and retain 275 jobs.

Flex-N-Gate announced in June 2021 a $52 million manufacturing facility in Troy that will create 245 jobs.

RV manufacturers Cruiser RV and Heartland Recreational Vehicles announced in July 2021 manufacturing investments that will create more than 450 jobs.

SK Siltron announced in August 2021 a $302 million manufacturing and R&D facility in the state that will create 150 jobs.

Rivian announced in September 2021 it will establish a service support operations center and create 100 jobs in Plymouth.

Ford announced in September 2021 a $250 million investment and 450 new jobs at its Dearborn facility to build F-150 Lightning trucks.

BIG COMPANIES 17 Fortune 500 companies headquartered in the state, including: Fort Motor Company General Motors Penske Automotive Group Lear Whirlpool DTE Energy Stryker Kellogg Ally Financial

C-SUITE TESTIMONIALS “We look forward to providing a world-class tech facility to our amazing team that reinforces our culture, creativity and collaboration. We are also committed to supporting Michigan State University and the Lansing region as community stakeholders and would like to thank so many partners that have helped get us to this partnership off the ground-—including MSU, the MSU Foundation, the City of East Lansing, the Lansing Economic Area Partnership, the Michigan Economic Development Corporation and other partners.”

—Wendy Hamilton, CEO, TechSmith “This center provides a base of service to our Rivian owners. This team will be the most all-around knowledgeable and most highly trained group on Rivian vehicles… Our expansion in Plymouth is part of a long-term strategy that will allow access to the talented workforce Michigan offers.” —Tracy Stevens, Global Roadside and Service Support Operations Senior Manager, Rivian 2022 CEO GUIDE TO SITE SELECTION 41

A CEO’S GUIDE TO SITE SELEC TION

Minnesota “As we continue to navigate the Covid-19 pandemic and look toward the future, we must take bold action to build back Minnesota’s economy stronger than before, with people—our strongest asset—at the center of the blueprint. The Council on Economic Expansion brings together the brightest minds in Minnesota to create a strong economic future that includes every Minnesotan.”—Gov. Tim Walz

TAXES

9.8% corporate income tax rate

#46 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 87% of students graduated high school in 2019

36.1% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

3.5%

RIGHT TO WORK STATE No QUALITY OF LIFE

#2

POPULATION GROWTH

7.6% increase between 2010 and 2020

42 2022 CEO GUIDE TO SITE SELECTION

MOVING UP IN THE NORTH STAR STATE

BIG DEALS

Gov. Walz announced in September 2021 the Governor’s Council on Economic Expansion, which brings together 15 public and private leaders from across the state to provide recommendations on expanding the economy.

Meanwhile, developers are attracting notable groundbreakings and expansions to Minnesota. Silk Road, Amazon and the Mayo Clinic have announced projects in the past year.

Doosan Bobcat opened a $26 million expansion and 160 new jobs in Litchfield.

KEY INCENTIVES Minnesota Investment Fund: Offers up to $1 million to help add new workers and retain high-quality jobs, with a focus on industrial, manufacturing and technology-related industries.

Minnesota Job Creation Fund: Provides up to $1 million in financial incentives to new and expanding businesses that meet certain job creation and capital investment requirements.

Job Training Incentive Program: Offers grants of up to $200,000 to new or expanding businesses with the purpose of training workers quickly and efficiently.

Launch Minnesota: A series of grants and initiatives designed to accelerate the growth of high-technology startups and foster a statewide network of education, resources and support for innovators.

EDCs Minnesota Department of Employment and Economic Development mn.gov/deed Minneapolis St. Paul Regional Economic Development Partnership greatermsp.org Rochester Area Economic Development, Inc. raedi.com Duluth Economic Development Authority dulutheda.org

HIGHLIGHTED PROGRAM OR INITIATIVE Greater MSP announced in September 2021 ConnextMSP, a talent network designed to advance racial equality and power economic growth in the region by ensuring young adults of color start their careers on a good foot.

It features a growing coalition of more than 40 partners and organizations to help recruit, hire and support professionals of color in the MSP region.

Soona announced in May 2021 an expansion and 60 new employees in the Twin Cities.

Silk Road announced in June 2021 the opening of an office in Plymouth.

First Independence Bank, one of only 18 Black-owned full-service banks in the country, filed an application in August 2021 to open a branch in the Twin Cities.

The Mayo Clinic announced in August 2021 a $200 million expansion of its proton cancer therapy center in Rochester.

Minneapolis-headquartered firm When I Work landed a $200 million investment from Bain Capital Tech Opportunities in November 2021.

Amazon announced in October 2021 plans to build a new warehouse facility and create up to 1,000 jobs in Woodbury. It will be its fourth facility in the Twin Cities.

BIG COMPANIES 18 Fortune 500 companies headquartered in the state, including: UnitedHealth Group Target Best Buy 3M CHS U.S. Bancorp General Mills C.H. Robinson EcoLab Land O’Lakes

C-SUITE TESTIMONIALS “We continue to invest in our long-term growth and are excited to expand our operations to include a facility in Plymouth. Medical Alley has a rich history of technological innovation and serves as a great complement to our continued and growing presence in Silicon Valley.”

—Erica Rogers, President and CEO, Silk Road Medical “These investments demonstrate our commitment to our presence in Minnesota, which is a major manufacturing hub and now a center for our global operations...

The state is a place that really works for us.”

—Scott Park, CEO, Doosan Bobcat

A CEO’S GUIDE TO SITE SELEC TION

Mississippi “We can get in the ring with anybody, and we can leave with more jobs and higher wages. Mississippians can bring more skill and dedication to any project than anyone else, anywhere in the world. We work harder than anyone. Why shouldn’t we get the best jobs, the best expansions and best headquarters?”—Gov. Tate Reeves

TAXES

5% top corporate income tax rate

#32 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

84% of students graduated high school in 2019

22% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

5.5%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#49

POPULATION GROWTH .2% decrease between 2010 and 2020

MOVING UP IN THE MAGNOLIA STATE

BIG DEALS

Based on its gross domestic product, Mississippi’s economy was on track in 2021 to expand at the fastest pace since 1994. State economists noted growth was driven by an infusion of federal funds and pent-up demand for retail products and services. Yet while consumers and consumer goods rebounded in 2021, so too did economic development in the state. General Atomics, Ocean Aero, Edelbrock and Milwaukee Tool all announced investments in the past year.

IG Design Group announced in December 2020 a $57 million expansion in Marshall County that will create more than 300 jobs.

KEY INCENTIVES Mississippi Data Center Incentive: Offers a sales tax exemption for all computing equipment and software used by companies certified as data centers by the Mississippi Development Authority.

Milwaukee Tool announced in April 2021, it will invest $60 million in a facility in Grenada County and bring 1,200 jobs to the region.

Edelbrock announced in June 2021 it will locate its headquarters in Jackson and create 200 jobs.

Software company Carmigo announced in September 2021 it will locate its headquarters in Tupelo and create 50 jobs.

Ocean Aero announced in September 2021 the relocation of its manufacturing operations and headquarters from San Diego to Gulfport.

Capital Improvements Revolving Loan: Offers loans to counties or municipalities to finance public infrastructure improvements that support business expansion or location.

General Atomics Electromagnetic Systems announced in October 2021 an expansion and 50 new jobs in Iuka.

Advantage Jobs Program: Offers a rebate as a percentage of Mississippi payroll to qualified employers for a period of up to 10 years for businesses that promote significant expansion of the economy through job creation.

Corelle Entergy Kohler Engines VT Halter Marine SYNNEX Toyota Unified Brands Williams-Sonoma Amazon

Mississippi Aerospace Initiative Incentives Program: Offers corporate tax incentives to companies that manufacture or assemble components for the aerospace industry.

BIG COMPANIES

EDCs

C-SUITE TESTIMONIALS

Mississippi Development Authority mississippi.org

“Our people and our culture have clearly made the difference in our growth and success. As we seek out new opportunities to attract, retain and recruit the best talent in the country, the State of Mississippi has continued to be a valued partner. We look forward to bringing more jobs to this state.” —Steven Richman, President, Milwaukee Tool

Greater Jackson Alliance/JXN Metro 360 jxnmetro360.org Hattiesburg Area Development Partnership theadp.com

HIGHLIGHTED PROGRAM OR INITIATIVE The ReSkill Mississippi initiative (ReSkillMS) helped ease economic burdens and uncertainty in the pandemic with community college or on-the-job training for workers. As of September 2021, more than 2,000 residents were enrolled in the program, providing workers for 71 employers.

“Olive Branch and DeSoto County offer everything that we value in a location, and we are excited to become an active and valued member of the local community.”

—Tim Jones, President and CEO, Edelbrock “Without this tremendous Mississippi community, we wouldn’t be as successful today.” —Kevin Decker, CEO, Ocean Aero

2022 CEO GUIDE TO SITE SELECTION 43

A CEO’S GUIDE TO SITE SELEC TION

Missouri “Covid-19 had an overwhelming impact on businesses and communities across the state, but our economy continues to come back strong. We have made great progress in a short amount of time, and we must remain vigilant in our efforts and ensure our small businesses have the support they need to recover and succeed.” —Gov. Mike Parson

TAXES 4% top corporate income tax rate

#12 on the Tax Foundation’s State Business Tax Climate Index ranking

SHOW-ME SUCCESS

BIG DEALS

The Geo-Resolution 2021 conference helped the ShowMe State double down on its thriving geospatial analysis and cybersecurity sectors. The National Geospatial-Intelligence Agency, which broke ground on its new western regional headquarters in St. Louis in 2016, is scheduled to open in 2025. Several prominent geospatial companies have opened new offices and facilities in the region. In other industries, Diode Dynamics, TierPoint and La-Z-Boy announced projects here in 2021.

Anheuser-Busch announced in April 2021 it will invest $100 million in a grain repurposing facility at its St. Louis campus and create 50 jobs.

KEY INCENTIVES

Diode Dynamics announced in August 2021 the construction of a new headquarters in St. Charles.

Missouri Works: Offers access to capital through withholdings or tax credits to embark on facility expansions and create jobs.

Missouri One Start: A new tool to help businesses recruit, onboard and train large numbers of job applicants during major expansions through customized training solutions.

BUILD Program: Offers financial incentives, including low interest loans, for the location or expansion of large business projects through the issuance of tax-exempt revenue bonds.

Missouri Works–Deal Closing Fund: A negotiating tool to close deals by granting tax credits up front during a business expansion, rather than over a multiyear period.

Canadian logistic company Metro Supply Chain Group announced in June 2021, it will locate its third U.S. fulfillment center in Kansas city and create up to 100 jobs.

Deli Star Corporation announced in July 2021 plans to locate its new headquarters in St. Louis. The $99 million capital investment will bring 475 jobs to the region.

Pet supply company Chewy cut the ribbon on a new ecommerce fulfillment center in Belton in August 2021 that will eventually create 1,000 jobs.

La-Z-Boy announced in August 2021 it will invest an additional $30 million in its manufacturing facility in Neosho.

MSI announced in September 2021 plans to launch a new showroom and distribution facility in St. Louis.

TierPoint announced in September 2021 a $20 million expansion in the St. Louis region.

BIG COMPANIES

Missouri One Start missourionestart.com

10 Fortune 500 companies headquartered in state, including: Centene Corporation Emerson Electric Reinsurance Group of America O’Reilly Automotive Edward Jones Investments Graybar Electric Olin Ameren Post Holdings Peabody Energy

3.7%

Springfield Regional Economic Partnership springfieldregion.com

C-SUITE TESTIMONIALS

RIGHT TO WORK STATE No

Economic Development Corporation of Kansas City edckc.com

QUALITY OF LIFE

St. Louis Economic Development Partnership stlpartnership.com

EDUCATION

93% of students graduated high school in 2019

29.2% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

#28

POPULATION GROWTH

2.8% increase between 2010 and 2020

44 2022 CEO GUIDE TO SITE SELECTION

EDCs Missouri Department of Economic Development ded.mo.gov Missouri Partnership missouripartnership.com

HIGHLIGHTED PROGRAM OR INITIATIVE The National Security Crossroads is a multi-state initiative with Kansas that aims to raise awareness of and facilitate collaboration and efficiencies within national security missions to the Heartland region. The crossroads area is home to seven major military bases and 11 national security installations. The program will facilitate workforce, talent growth and collaboration between installations to educate legislators and others in the region on the value of the industry.

“We are thrilled to open our first fulfillment center in Missouri and incredibly thankful for the partnership we received from the State of Missouri, City of Belton, Missouri Partnership and Northpoint Development.”

—Pete Krillies, Vice President of Real Estate, Facilities and Procurement at Chewy “Our decision to build this new facility was driven by strong and growing demand for world-class data center space in St. Louis and throughout the Midwest.” —Jerry Kent, Chair and CEO, TierPoint “After conducting a thorough search across multiple states, we are thrilled to call Missouri Deli Star’s new home. The Missouri team, including Missouri Partnership, played a pivotal role in the selection process by understanding our needs and working to support our business expansion and ultimately the state of Missouri.”

—Justin Siegel, CEO, Deli Star

A CEO’S GUIDE TO SITE SELEC TION

Montana “Montana is in the midst of a historic economic recovery.

We’ve recovered all jobs lost since the start of the pandemic, and more Montanans are working now than in our state’s history…As we lead the Montana comeback, we’ll continue making Montana more competitive with lower taxes and less red tape, so folks throughout our state can prosper and have access to greater opportunities.”

—Gov. Greg Gianforte

TAXES

6.75% corporate income tax rate

#5 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 90% of students graduated high school in 2019

32% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

BIG SKY IS THE LIMIT FOR TECH

BIG DEALS

According to a recent survey by the University of Montana Bureau of Business and Economic Research, Montana’s high-tech companies overcame and even benefited from the dynamics of a pandemic recovery in 2020. This helped the state generate more than $2.9 billion in revenues with growth rates up to seven times faster than the overall state economy. Montana’s hightech industry now employs more than 15,772 workers with an average salary of $73,1000, according to the Montana High Tech Business Alliance.

Software company GL Solutions announced in March 2021 that it would relocate its headquarters from Bend, Oregon, to Kalispell and create 40 jobs.

KEY INCENTIVES

BIG COMPANIES

New or Expanding Industry Tax Abatement: Offers a tax abatement of up to 75% for the first five years of operation to businesses that earn half or more of their annual gross income from out-of-state sales.

New Markets Tax Credit: Offers credits that can be used or sold for projects that have at least a $4 million investment.

Primary Sector Workforce Training Grant: Offers up to $5,000 for training expenses per eligible job created.

Big Sky Trust Fund: Offers incentives of up to $7,500 per job for job for land, equipment, rehabilitation costs and employee training for projects in high-poverty areas.

EDCs Governor’s Office of Economic Development business.mt.gov Montana Business Assistance Connection mbac.biz Missoula Economic Partnership missoulapartnership.com Big Sky Economic Development bigskyeconomicdevelopment.org

Guitar manufacturer Gibson announced in March 2021, an expansion of its facility in Bozeman.

CACI International acquired Montana-based Ascent Vision Technologies in August 2020.

Credova Financial announced in October 2021 the relocation of its headquarters from Nevada to Bozeman.

Ascent Vision Technologies commonFont Energy 1 Foundant Technologies Golden Helix Lumenad Stone Glacier XY Planning Network

C-SUITE TESTIMONIALS “What really sold us, though, was the friendly, welcoming and hopeful people… When I asked why people wanted economic growth, a local business leader said, ‘I want my children to have a better future in their hometown.’ Businesspeople encourage one another. Their commitment to community building was apparent.”

—Bill Moseley, CEO, GL Solutions “We have 12 offices in some of Montana’s smallest and largest cities­—and we consistently find strong talent, many educated right here in one of Montana’s public and private institutions. They want to stay in Montana for the strong quality of life and expanding opportunities.” —Kyle Lingscheit, CEO, PayneWest Insurance

3.1%

RIGHT TO WORK STATE No QUALITY OF LIFE

#33

POPULATION GROWTH

HIGHLIGHTED PROGRAM OR INITIATIVE The Montana Department of Commerce announced in October 2021 an additional $10 million to the Workforce Training Grant Program to help close the skills gap, create more good-paying jobs and expand opportunities in the state. Eligible businesses can receive up to $3,000 per employee with a maximum allocation of $210,000.

9.6% increase between 2010 and 2020

2022 CEO GUIDE TO SITE SELECTION 45

A CEO’S GUIDE TO SITE SELEC TION

Nebraska

FINDING THE TALENT TO MEET THE GROWTH

“Nebraska’s unemployment rate continues to be the lowest in the nation and has now reached a new record low for our state. There’s never been a better time to find a job in Nebraska. With tens of thousands of openings, Nebraskans and people across the country have a chance to find the opportunity of their dreams here in the Good Life.” —Gov. Pete Ricketts

Nebraska currently has one of the lowest unemployment rates in the nation, and the state’s manufacturing employment has surpassed pre-pandemic levels to reach the highest point since the Great Recession. While this has led to opportunities, it also presents a challenge for the state’s talent pipeline. New initiatives to grow the workforce, such as the Developing Youth Talent Initiative, Nebraska Career Scholarships and Registered Apprenticeship Program, hope to fill the gaps. Kawasaki, Facebook, Amazon and ReCircled have all announced investments here in the past year.

KEY INCENTIVES Nebraska Advantage Act: Offers credits against sales tax, income tax and employee withholding obligations.

Companies may be eligible for a refund of sales tax on a project’s capital purchases and real and personal property tax benefits and exemptions.

TAXES 7.8% top corporate income tax rate

The Customized Job Training Program: Provides employee training assistance to businesses that expand and diversify the state’s economic base.

#28 on the Tax

The Intern Nebraska Grant Program (InternNE): Provides financial assistance to businesses that create new internships. InternNE can reimburse up to 50% of an intern’s wages, up to $5,000 per internship and up to 75% of wages or $7,500 per internship for those receiving a Pell Grant.

Foundation’s State Business Tax Climate Index ranking EDUCATION

93% of students graduated high school in 2019

31.9% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

EDCs Nebraska Department of Economic Development opportunity.nebraska.gov Lincoln Partnership for Economic Development selectlincoln.org Greater Omaha Chamber omahachamber.org/economic-development

1.9%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#6

POPULATION GROWTH

7.4% increase between 2010 and 2020

46 2022 CEO GUIDE TO SITE SELECTION

HIGHLIGHTED PROGRAM OR INITIATIVE Created in 2012 to grow the state’s startup climate, the Business Innovation Act continues to bear fruit. A 2020 report by the UNL Bureau of Business Research found BIA recipients report having created more than 1,100 direct jobs since receiving a BIA grant, up from 640 in 2018. Stakeholders say while part of the growth is due to more businesses receiving grants over time, it’s also evidence that the program is doing what it was designed to do—funded businesses are going on to raise private capital from outside Nevada, generate revenue and hire employees.

BIG DEALS Amazon announced in October 2020 a 700,000-squarefoot fulfillment center in Sarpy County.

Facebook announced in March 2021 a $1.5 billion data center in Sarpy County, which will be one of the biggest in the world.

Garment and shoe recycling company ReCircled announced in April 2021 the opening of a new facility in Sidney.

Kawasaki announced in July 2021 a $200 million expansion and 550 new jobs at its facility in Lincoln.

Carbon black manufacturing company Monolith announced in September 2021 plans to create 200 more jobs in Lincoln.

Pet food manufacturer Instinct announced in October 2021 a $180 million expansion and consolidation of its operations in Lincoln.

BIG COMPANIES Four Fortune 500 companies headquartered in state: Berkshire Hathaway Union Pacific Mutual of Omaha Insurance Kiewit Other big companies with operations in the state include: TD Ameritrade Holding Green Plains Valmont Industries Werner Enterprises

C-SUITE TESTIMONIALS “This is the culmination of the past years, working to build the process that is necessary to help brands and retailers create a Circular Business Model and close the loop… With ReCircled upcycling and recycling activities and the commitment from our brand partners, we are confident this is a long-term proposition for industry and the town of Sidney.” —Scott Kuhlman, CEO, ReCircled

A CEO’S GUIDE TO SITE SELEC TION

Nevada

ECONOMIC STRENGTH IN THE SILVER STATE

“Nevada’s economic recovery following the Covid-19 pandemic is laser focused on creating jobs and supporting workers…We have made tremendous progress already and through the wise investment of federal dollars and continued collaboration between the public and private sector, we will continue to ensure our recovery efforts reach all Nevadans.”

—Gov. Steve Sisolak

TAXES No corporate income tax

#7 on the Tax Foundation’s State Business Tax Climate Index ranking

While discretionary spending, leisure and hospitality have taken a notable hit on Las Vegas’ economy, diversification in the Reno area has helped it bounce back quickly. Several innovative tech companies have made notable announcements in the region in the past year.

SaaS company Discover Podium announced plans to add 300 employees within five years. Software company PlusPlus plans to hire 100 employees over the next five years. The lithium industry also represents another emerging opportunity in the state.

KEY INCENTIVES No corporate income tax, personal income tax, franchise tax, inventory tax, inheritance tax or estate tax.

Nevada Standard Abatement Package: Offers a reduction of sales and use tax to 2% for two years, reduction of modified business tax to 50% for four years and reduction of personal property tax to 50% for 10 years.

Nevada Aviation Abatement: Offers a personal property tax abatement of up to 50% for 10 years for taxes due on tangible personal property.

Nevada Data Center Abatement: Offers partial abatements from personal property, sales and use taxes to companies that locate or expand in the state.

EDUCATION

91% of students graduated high school in 2019

24.7% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

7.3%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#37

POPULATION GROWTH

15% increase between

EDCs Nevada Governor’s Office of Economic Development goed.nv.gov Economic Development Authority of Western Nevada edawn.org Las Vegas Global Economic Alliance lvgea.org

HIGHLIGHTED PROGRAM OR INITIATIVE The SkillsMatch software program helps people identify which employment skills they have and how they can become more employable in the market. The program works with university and community college systems along with workforce boards to develop skills-based training and education.

BIG DEALS Crown Cork and Seal USA announced an $84 million manufacturing facility in Clark County that will create 126 jobs.

Google announced new investments in Nevada as part of its $7 billion investment in data centers and creation of 10,000 new jobs across the U.S. Autonomous electric vehicle company Nuro announced in August 2021, it will construct a factory in the state and convert 76 acres of the Las Vegas Motor Speedway into a robot-card R&D center.

Ball Corporation announced in September 2021 a $176 million investment and 178 jobs at a facility in Clark County.

CAE SimuFlite announced a $55 million facility in Clark County that will create 78 jobs in the first two years. It also announced in October 2021 that it will open a CAE Las Vegas Training Center in the Summer of 2022.

BIG COMPANIES MGM Resorts International Google Caesars Entertainment Scientific Games Playtika Boyd Gaming

C-SUITE TESTIMONIALS "Our new North Las Vegas plant is Ball's latest investment to serve accelerating demand for our portfolio of infinitely recyclable aluminum containers.”

—Kathleen Pitre, President, Ball Beverage Packaging North & Central America “We look forward to playing a key supportive role in Nevada’s aerospace and defense industry for many years to come. The State of Nevada and City of Las Vegas have been incredibly welcoming to CAE. We are excited to be a part of this vibrant community, and we look forward to contributing to its impressive economic development.”

—Nick Leontidis, Group President Civil Aviation Training Solutions, CAE

2010 and 2020

2022 CEO GUIDE TO SITE SELECTION 47

A CEO’S GUIDE TO SITE SELEC TION

New Hampshire “Such low unemployment rates are no accident, but are the result of a continued effort to provide businesses with the flexibility needed to grow, while providing individuals with the incentives and resources needed to return to work. New Hampshire’s economy is well-positioned to make further economic gains throughout the year that will serve to benefit communities and families across the Granite State.”—Gov. Chris Sununu

GROWING IN THE GRANITE STATE

BIG DEALS

Putting its pro-business economic growth strategy to work during the pandemic, New Hampshire dedicated nearly 40% of its pandemic relief funding toward supporting the business community. The Granite State’s life sciences sector saw extensive growth in the past year, with several companies increasing capacity to meet the demands brought on by the pandemic. Lonza Biologics in Portsmouth is producing 100 million vaccine doses under an agreement with Moderna. Lydall began expansion of its facility in Rochester last summer to meet the growing demand for N-95 masks, and MilliporeSigma added 160 jobs in Jaffrey to ramp up production of components for Covid-19 treatments and vaccines. The state also landed several new projects from companies like Integra Biosciences and LSNE.

Manchester IT company made Inc. 5000’s list of fastest-growing companies.

KEY INCENTIVES No use tax, sales tax, inventory tax, capital gains tax, broad-based income tax or professional service tax.

TAXES

Economic Revitalization Zone Tax Credit: Offers a credit of up to $40,000 per year for six years for projects that locate in an unused or underutilized industrial park, vacant land or previously unused structures.

income tax rate

R&D Tax Credit: Offers a credit of up to $50,000 in any one year for research and development costs.

7.7% top corporate #6 on the Tax Foundation’s State Business Tax Climate Index ranking

NH CDFA Tax Credits: Awards up to $5 million per year to non-profit organizations that can then sell credits to businesses as a way to raise capital for community programs.

EDUCATION

89% of students graduated high school in 2019

37% of adults age 25 and

EDCs NH Economy nheconomy.com/start

older have a bachelor’s degree or higher

Concord Economic Development concordnh.gov/1040/economic-development

UNEMPLOYMENT RATE

Your Manchester NH yourmanchesternh.com

2.9%

RIGHT TO WORK STATE No QUALITY OF LIFE

#4

POPULATION GROWTH

4.6% increase between 2010 and 2020

48 2022 CEO GUIDE TO SITE SELECTION

Manchester Development Corporation manchesterdevelopmentcorp.com

HIGHLIGHTED PROGRAM OR INITIATIVE The New Hampshire Tech Alliance hosts a variety of programs, events and initiatives to unite the state’s tech professionals and stakeholders and provide an environment where collaborations and partnership flourish.

MilliporeSigma announced in December 2020 a $22 million expansion and 275 new jobs at a facility in Jaffrey.

True North Ale Company announced in July 2021 an expansion to the state.

Foxx Life Sciences announced in July 2021 a manufacturing facility in Londonderry.

Fidelity Investments announced in September 2021 it would create more than 900 jobs in New Hampshire.

BAE Systems opened its new facility in Manchester in September 2021 and announced it was looking to hire 800 engineers. The company currently employs more than 6,000 people in the state.

BIG COMPANIES Sprague Resources PC Connection Infosys Universal Software Solutions Liberty Mutual Fidelity Investments Tata Consultancy Services

C-SUITE TESTIMONIALS “It’s all about The NH Advantage. New Hampshire has a great quality of life and is an excellent place to live and work. New Hampshire’s highly educated work force, its low tax burden and culture that values personal choice and freedom creates a business and worker friendly environment.” —Matthew Halvorsen, CEO, LSNE Contract Manufacturing “Once the new lines are operational in May 2021, Rochester will be the largest site for meltblown filtration media production in the United States.”

—Sara Greenstein, President and CEO, Lydall

A CEO’S GUIDE TO SITE SELEC TION

New Jersey “A big piece of building a stronger and fairer New Jersey is fueling a strong 21st century economy that works for everyone.” —Gov. Phil Murphy

BETTING BIG IN THE GARDEN STATE

BIG DEALS

With a highly educated workforce, the Garden State has long been a leader in biosciences and tech. New Jersey is home to more than a dozen of the world’s largest medical technology and pharmaceutical companies, some of which have played a prominent role in addressing Covid-19. In addition to expanding jobs in manufacturing and fintech, the Garden State is also climbing the ranks in sports wagering. Since legalizing sports betting three years ago, New Jersey has become one of the largest markets in the industry, often surpassing Nevada in monthly handle with nearly $1 billion per month wagered in the end of 2020.

Freshly announced in April 2021 it would locate its second assembly and distribution facility in the state and create 340 jobs.

Indian-based NeenOpal announced in July 2021 an expansion of its operations in New Jersey.

Fiserv announced in September 2021 adding 1,927 jobs at a $105 million expansion of its Berkeley Heights.

Pharmaceutical giant Alembic Pharmaceuticals announced in October 2021 it would expand in Bedminster.

BIG COMPANIES TAXES

KEY INCENTIVES

income tax rate

Business Retention and Relocation Assistance Act: Offers a tax credit equal to $2,500 for each new full-time position at the business’s location in the first year and $1,250 for year two.

10.5% top corporate #50 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

92% of students graduated high school in 2019

39.7% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

Grow New Jersey Assistance Tax Credit: Available to businesses creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified business facility in a qualified incentive area.

Manufacturing Equipment and Employment Investment Tax Credit: Offers a tax credit of 4% of the investment credit basis to a maximum of $1 million for taxpayers with 50 or fewer employees and a net income of less than $5 million.

Business Employment Incentive Grant: Offers grant funding for businesses that create at least 25 eligible positions in base years.

7.0%

RIGHT TO WORK STATE No

EDCs New Jersey Economic Development Authority njeda.com

QUALITY OF LIFE

Trenton Housing and Economic Development Department trentonnj.org/204/Housing-Economic-Development

POPULATION GROWTH

Greater Trenton greatertrenton.org

#19

5.7% increase between 2010 and 2020

Newark Alliance newark-alliance.org/economy

HIGHLIGHTED PROGRAM OR INITIATIVE

10 Fortune 500 companies headquartered in state: Johnson & Johnson Prudential Financial Merck Becton Dickinson Cognizant Technology Solutions PBF Energy Automatic Data Processing Bed Bath & Beyond Public Service Enterprise Group Quest Diagnostics

C-SUITE TESTIMONIALS “New Jersey is strategically located between New York City and Philadelphia, making it the perfect place to reimagine farming. We are especially excited to reach minority communities, opportunity zones and food deserts and introduce our sustainable methods of agriculture to new areas.” —Desmond Hayes, Owner and Founder, Geogreens “Our new location in Berkeley Heights will be a center of excellence for technology and product innovation, allowing us to access a deep and diverse bench of financial and banking technology talent while bringing our people together to best serve our clients.”

—Frank Bisignano, President and CEO, Fiserv “We chose to base our operations in the Garden State because of its strategic location at the center of the Northeast Corridor, its proximity and easy access to ports throughout the region, its first-rate infrastructure and its dynamic workforce within the state.”

—Balram “Chris” Lall, Founder and President, Shawnee Trucking

In September 2021, the Commission on Science, Innovation and Technology announced that six startups had been approved, with more to come, to participate in its Clean Tech Research and Development (R&D) Voucher Program. The program, which accepts applications on a rolling basis, helps early-stage New Jersey clean technology companies more easily access resources, such as specialized equipment at one of the state’s many worldclass universities or federal laboratory facilities.

2022 CEO GUIDE TO SITE SELECTION 49

A CEO’S GUIDE TO SITE SELEC TION

New Mexico

LAUNCHING DEVELOPMENT IN THE LAND OF ENCHANTMENT

“As the global supply chain evolves, New Mexico has a unique opportunity to expand our role in manufacturing and global trade. By investing in key infrastructure in the Borderplex, we are creating jobs and generating additional revenue for the region and the state.”

—Gov. Michelle Lujan Grisham

TAXES

5.9% top corporate income tax rate

#23 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

76% of students graduated high school in 2019 or higher

27.3% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

6.5%

RIGHT TO WORK STATE No

The Land of Enchantment has seen a notable influx of businesses leaving cities like Los Angeles, San Francisco and New York in search of the most cost-effective and stable business climates. Meanwhile, the Santa Teresa border region continues to grow as a hotbed for Foreign Direct Investment, where the port of entry saw overall trade increase by 17% in 2019. New Mexico has also become a growing hub for the lower Earth space industry. HAPSMobile announced in June 2020 it will test operations and development of a specialized communications platform at Spaceport America. SpinLaunch and Sceye are also testing new technologies in the area.

KEY INCENTIVES Job Training Inventive Program (JTIP): Offers employers reimbursements of 50-75% of employee wages for up to six months for on-the-job and classroom training for newly created jobs.

Local Economic Development Act: Offers a discretionary cash-grant incentive program to reimburse costs associated with the land, building and infrastructure improvements of new projects.

High Wage Jobs Tax Credit: Offers a tax credit for each new high wage economic base job (paying over $40,000 in a rural area or $60,000 in a metro) of 8.5% of the wages and benefits for each job created.

Rural Jobs Tax Credit: Offers a credit of up to $1,000 per year for 2 to 4 years for jobs created in rural areas.

EDCs New Mexico Economic Development Department gonm.biz/# NM Partnership nmpartnership.com Albuquerque Economic Development abq.org Santa Fe Office of Economic Development santafenm.gov/economic_development

QUALITY OF LIFE

#48

POPULATION GROWTH

2.8% increase between 2010 and 2020

50 2022 CEO GUIDE TO SITE SELECTION

HIGHLIGHTED PROGRAM OR INITIATIVE Intel announced in September 2021 its new Student Work Program to support a $3.5 billion investment to expand manufacturing operations. The program starts with 70 new paid student interns with the potential to expand into the future. Partners include New Mexico State University, the University of New Mexico, New Mexico Institute of Mining and Technology and Central New Mexico Community College.

BIG DEALS Saputo Dairy USA announced in May 2021 and an expansion and the addition of 150 jobs at its facility in Las Cruces.

Intel announced in May 2021 a $3.5 billion investment in its New Mexico operations to support advanced semiconductor packaging technology.

NBCUniversal opened its new production facility in Santa Fe in June 2021.

National security and technology company BlueHalo announced in July it will locate a campus in Albuquerque and create 64 jobs.

Technology consulting firm MTX Group announced in August 2021 it will establish a Southwestern regional office and create 250 hi-tech jobs in Albuquerque.

BIG COMPANIES Intel PESCO Northrop Grumman Sandia National Laboratories Pebble Labs 3D Glass Solutions Virgin Galactic RS21

C-SUITE TESTIMONIALS “We’re proud to have invested in New Mexico for more than 40 years, and we see our Rio Rancho campus continuing to play a critical role in Intel’s global manufacturing network in our new era of IDM 2.0.”

—Keyvan Esfarjani, Senior Vice President and General Manager of Manufacturing and Operations, Intel “The state’s incentives mean the company can grow and hire faster, and that means we can better serve the local communities in New Mexico with outcomes in mind around happiness, health and economics and throughout the Southwest. MTX is excited to partner with the State of New Mexico to keep local talent in the land of enchantment.” —Das Nobel, CEO, MTX “We are excited about the selection of the MaxQ site for our new franchise technology campus in Albuquerque… This site represents BlueHalo’s long-term commitment to New Mexico.” —Jonathan Moneymaker, CEO, BlueHalo

A CEO’S GUIDE TO SITE SELEC TION

New York "This groundbreaking is incredibly significant for the economies of the Finger Lakes and Western New York, providing new jobs and establishing the region as a prime destination for large manufacturers moving forward.

Plug Power's new facility will be the largest plant in North America producing green hydrogen, advancing our ambitious green energy goals as we work toward a cleaner future." —Gov. Kathy Hochul

TAXES

6.5% corporate income tax rate

#48 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

84% of students

REBUILDING THE EMPIRE

BIG DEALS

Despite taking the brunt of the pandemic at the start, the Empire State is experiencing a notable rebound, both in New York City and across the state. Plug Power announced in February 2021 that it will build one of the largest green hydrogen plants in the country in Genesee County. Fashionphile, CPI Aero and Ubiquity Solar have also announced investments in the state in the past year.

Beam Suntory announced in January 2021 it will relocate its headquarters and create 150 jobs in New York City.

KEY INCENTIVES Excelsior Jobs Program: Offers a jobs tax credit of up to 6.85% of wages per net new job, an investment tax credit of 2%, an R&D credit of up to 6% and a property tax credit for companies that meet established job and investment thresholds.

START-UP NY: Offers tax-based incentives, innovative academic partnerships and the opportunity to operate tax-free for up to 10 years on an eligible university or college campus.

Life Sciences Tax Credit Program: Offers a fully refundable credit of 15% for a company that employs 10 or more people for life sciences R&D performed in the state.

Employee Training Incentive Program: Offers a credit of 50% of eligible training costs, up to $10,000 per employee, for New York State employers seeking to upgrade skills or improve the productivity of their employees.

EDCs

graduated high school in 2019

Empire State Development esd.ny.gov

36.6% of adults age

New York City Economic Development Corporation edc.nyc

25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

6.9%

RIGHT TO WORK STATE No QUALITY OF LIFE

#21

POPULATION GROWTH 4.2% increase between 2010 and 2020

Capital Region Center for Economic Growth ceg.org Rochester Economic Development Corp. redcoroc.com Greater Rochester Enterprise rochesterbiz.com Buffalo Niagara Partnership thepartnership.org/economic-development

HIGHLIGHTED PROGRAM OR INITIATIVE Empire State Development in May 2021 created an accessible and searchable Database of Economic Incentives on its platform. The program is designed to increase transparency into projects that received ESD support and how incentives are awarded. The database contains information on more than 1,000 projects.

CPI Aero announced in February 2021 it will expand manufacturing operations and create 85 jobs on Long Island.

Fashionphile announced in June 2021 it will establish its headquarters and create nearly 150 jobs in New York City.

Founders Holding Co. announced in September 2021 an expansion and 148 new jobs in Buffalo.

Ubiquity Solar announced in September 2021 a $61 million expansion and up to 150 new jobs in Endicott.

Alternative energy company Plug Power broke ground in October 2021 on a $290 million green hydrogen fuel production facility in Genesee County.

BIG COMPANIES 53 Fortune 500 companies headquartered here, including: JPMorgan Chase Verizon Citigroup Goldman Sachs Group Morgan Stanley Pfizer MasterCard Colgate-Palmolive Fox Regeneron Pharmaceuticals

C-SUITE TESTIMONIALS “As we explored potential alternatives to New York, it became clear that other states could potentially offer operating cost savings, but they couldn’t replicate what has been the secret to our success—our talented workforce and a labor pool with the aerospace and defense manufacturing skills that will be needed to support our growth plans.” —Douglas McCrosson, CEO and President, CPI Aero “We are proud to be part of the city’s recovery efforts and are grateful to the State of New York and Empire State Development for creating the incentives we needed to make this exciting expansion happen for our company.” —Ben Hemminger, CEO, Fashionphile “For over 10 years, the City of Buffalo has proven to be an ideal home for Founders Holding, and we are very proud to be a part of the area’s legacy of growth and transformation.” —Paul Snyder IV, CEO, Founders Holding

2022 CEO GUIDE TO SITE SELECTION 51

A CEO’S GUIDE TO SITE SELEC TION

North Carolina “North Carolina is the ideal place for technology companies to do business, thanks to our tech-savvy talent, resilient economy and great quality of life.”—Gov. Roy Cooper

TAXES 2.5% top corporate income tax rate

#10 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

89% of students graduated high school in 2019

31.3% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

4.1

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#13

POPULATION GROWTH

9.5% increase between 2010 and 2020

CONTINUING MOMENTUM IN TECH

BIG DEALS

With tech assets in the Research Triangle and the growing life sciences sector, the Tar Heel State has been on a roll in the past year. Thermo Fisher Scientific announced in December 2020 a $500 million investment and 500 new jobs in Greenville. Fintech company Robinhood added in March nearly 400 new jobs in Mecklenburg County. And in April 2021, Apple announced a $1 billion R&D campus in Wake County that will create 3,000 jobs by 2032. According to a recent survey and a white paper by the Tax Foundation and KPMC, the state now has one of the most competitive tax structures for business in the U.S.

Software-as-a-service provider Vantaca announced in September 2021 a $4.9 million expansion in New Hanover County that will create 104 jobs.

KEY INCENTIVES Job Development Investment Grant: A performance-based, discretionary incentive program that offers cash grants to new and expanding companies based on a percentage of personal income tax withholdings associated with new jobs created.

One North Carolina Fund: A discretionary cash grant program that enables the governor to quickly respond to job-creating competitive projects considering locations outside of North Carolina.

JDIG for High-Yield Projects: Offers a JDIG grant worth up to 90% of personal income withholdings for up to 20 years for a company that creates 1,750 jobs and invests at least $500 million in a project.

JDIG for a Transformative Project: Offers up to 90% of personal income withholdings for up to 30 years for a company that creates 3,000 jobs at invests at least $1 billion.

EDCs Economic Development Partnership of North Carolina edpnc.com North Carolina Department of Commerce www.nccommerce.com Raleigh Office of Economic Development raleighnc.gov/business Charlotte Regional Business Alliance charlotteregion.com

HIGHLIGHTED PROGRAM OR INITIATIVE The Economic Development Partnership of North Carolina’s Small Business Advisor program offers free oneon-one guidance to entrepreneurs and startups on the licensing and permitting requirements in the state. They can also refer to programs that help with mentoring, grants, alternative lending and other resources.

52 2022 CEO GUIDE TO SITE SELECTION

Corning Optical Communications announced in September 2021 a $150 million investment that will create 200 jobs in Hickory.

Thermo Fisher announced in September 2020 a $154 million expansion and 290 new jobs in Pitt County.

Amgen announced in August 2021 it will build a $550 million biologics manufacturing operation in Holly Springs and create 355 new jobs.

Roseburg Forest Products announced in July 2021 it will develop a $200 million sawmill operation and create 137 jobs in Halifax County.

Credit Karma announced in May 2021 it will invest $13 million and create 600 jobs to expand its presence in Charlotte with a new high tech manufacturing hub.

Apple announced in April 2021 it will invest $1 billion and create more than 3,000 jobs at its newest research and development campus in Wake County.

Fujifilm announced it will invest $2 billion to build North America’s largest end-to-end biopharmaceutical manufacturing facility in Holly Springs and create 725 jobs.

BIG COMPANIES 13 Fortune 500 companies headquartered in the state, including: Bank of America Lowe’s Nucor Duke Energy BB&T Honeywell Laboratory Corp. of America IQVIA Holdings Sonic Automotive Advanced Auto Parts

C-SUITE TESTIMONIALS “As a North-Carolina native, I’m thrilled Apple is expanding and creating new long-term job opportunities in the community I grew up in… Apple has been a part of North Carolina for nearly two decades, and we’re looking forward to continuing to grow and a bright future ahead.”—Jeff Williams, COO, Apple “Amgen is investing in a technologically advanced drug substance plant in North Carolina to support the expected increase in demand for our medicines. Together with the previously announced advanced packaging plant in Ohio, we have committed to investing nearly $1 billion in new manufacturing capacity in the U.S.”—Esteban Santos, Executive Vice President of Operations, Amgen

A CEO’S GUIDE TO SITE SELEC TION

North Dakota FROM CARBON PRODUCER TO CARBON CAPTURE

“The global investment community and markets are demanding low-carbon energy… North Dakota is well-positioned to be a global leader and coveted location for businesses who are looking to expand and respond to the many factors that are currently shaping the future of energy.”

—Gov. Doug Burgum

TAXES

4.31% top corporate income tax rate

#17 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

92% of students graduated high school in 2019

30% of adults age 25 and

The Peace Garden State is experiencing one of the biggest economic booms in 25 years. While North Dakota is the second-largest hydrocarbon producer in the country, its clean energy initiatives also offer new economic opportunities. Gov. Doug Burgum announced in May 2021 an ambitious goal to help make the state carbon neutral by 2030. Through carbon capture, storage and utilization initiatives like Project Tundra, North Dakota can now turn sustainable initiatives into a thriving industry.

KEY INCENTIVES PACE Program: Offers loans as low as 1% for primary-sector businesses to purchase real property, equipment or certain working capital requirements.

Income Tax Exemption: Offers an exemption from state income taxes for up to five years for any primary sector business that adds value to a product, process, or service that produces new wealth in North Dakota.

New Jobs Training Program: Offers grants and loans to help offset the cost of training new employees for business expansions and startups.

CDBG/CDLF: Offers loan and grant funds to assist primary-sector and retail-sector businesses seeking to expand or relocate operations in the state.

Automation Tax Credit: Offers an income tax credit of up to 20% of the purchase cost of machinery and equipment for the purpose of automating a manufacturing process.

EDCs

UNEMPLOYMENT RATE

North Dakota Economic Development & Finance Division business.nd.gov

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#14

POPULATION GROWTH

15.8% increase between 2010 and 2020

Standard Industries announced in August 2021 a 120,000-square-foot facility and 26 new jobs in Fargo.

Cerilon announced in October 2021 it would develop a $2.8 billion gas-to-liquids complex in North Dakota.

Soiltech Wireless announced in October 2021 it would open an office in Fargo.

BIG COMPANIES

older have a bachelor’s degree or higher

3.3%

BIG DEALS Tecton Products announced in April 2021 a $16 million expansion and 80 new jobs in Fargo and Cass County.

Bismarck-Mandan Development Association bmda.org Fargo Moorhead Economic Development gfmedc.com Williston Economic Development Office willistondevelopment.com

MDU Resources Microsoft Bobcat John Deere Case Hess Northrop Grumman Aldevron Amazon Cloverdale Foods

C-SUITE TESTIMONIALS “The decision for Soiltech to choose Fargo as the hub for our Midwest operations was an easy one. There is a genuine enthusiasm to foster development and provide true support to growing companies in the Fargo Moorhead region.”—Ehsan Soltan, Founder & CEO, Soiltech Wireless “The GFMEDC has been a valuable partner as we look to expand our operational footprint. Their expertise made us aware of opportunities we may not have previously considered and has allowed us to move faster and more efficiently.” —Tom Gohdes Sr., Director of Operations, Tecton Products “Working with the GFMEDC helped us solidify our decision to take a major leap forward with this significant project…Knowing there were resources and partners out there to help us de-risk this investment was critical to this expansion moving forward.” —Mike Lepine, Owner and President, Standard Industries

HIGHLIGHTED PROGRAM OR INITIATIVE The Accelerate ND plan takes a strategic approach to investing federal dollars in the state to support growth, diversifying the economy, enhancing government services and creating long-term cost savings for citizens.

2022 CEO GUIDE TO SITE SELECTION 53

A CEO’S GUIDE TO SITE SELEC TION

Ohio “We want Ohio’s businesses to have the qualified workers they need to thrive… By working in partnership with business owners to determine which jobs are most in-demand, we can strengthen our workforce, create new jobs and positively impact the economy of our state.” —Gov. Mike DeWine

TAXES No corporate income tax

#39 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 89% of students graduated high school in 2019

28.3% of adults age 25 and older have a bachelor’s degree or higher

DOUBLING DOWN ON RECOVERY

BIG DEALS

In a year when financial constraints led many states to scale back on economic development because of financial constraints, Ohio made significant investments to move its economy forward. The Buckeye State has allocated more than $15 billion towards innovation, job-ready sites, growth capital, broadband access and more. Ohio demonstrated the second-fastest recovery to pre-Covid-19 conditions in the region.

Koch Foods announced in September 2021 more than 400 new jobs at a $220 million expansion project in Fairfield.

KEY INCENTIVES Job Creation Tax Credit (JCTC): Offers a refundable and performance-based tax credit calculated as a percentage of created payroll for businesses that create at least 10 jobs in three years with a minimum payroll of $660,000.

The Research and Development Investment Loan Fund: Offers loans of up to $5 million to projects engaged in R&D activity and a dollar-for-dollar, nonrefundable commercial activity tax credit for principal and interest payments up to $150,000 during the loan term.

The Innovation Ohio Loan Fund: Offers loans of up to $1.5 million, covering up to 75% of construction, technology, facilities and equipment purchases.

EDCs JobsOhio jobsohio.com City of Columbus Economic Development columbus.gov/development/economic-development City of Cleveland Economic Development makeitincleveland.org City of Cincinnati choosecincy.com

5.1%

UNEMPLOYMENT RATE

Team NEO teamneo.org

RIGHT TO WORK STATE No

One Columbus columbusregion.com

QUALITY OF LIFE

HIGHLIGHTED PROGRAM OR INITIATIVE

POPULATION GROWTH 2.3% increase between 2010 and 2020

The Ohio Department of Development launched the International Market Access Grant for Exporters (IMAGE) to help small businesses get started or expand existing export initiatives. IMAGE provides eligible businesses a 50% reimbursement of up to $10,000 on $20,000 in expenditures for activities that promote international business.

#36

54 2022 CEO GUIDE TO SITE SELECTION

Ridge Corporation announced in September 2021, an $11 million expansion and 85 new jobs at its production facility in Muskingum County.

Discount retail chain Gabe’s announced in October 2021 up to 800 new jobs at a $77.5 million distribution center in Springfield.

Rural King announced in October 2021 a $33 million expansion near Waverly.

Lululemon USA announced in October 2021 a $6.9 million expansion that will create 150 jobs.

BIG COMPANIES Sherwin-Williams Procter & Gamble Western & Southern Life Kroger Progressive Goodyear Tire & Rubber Marathon Petroleum J.M. Smucker Big Lots Cardinal Health

C-SUITE TESTIMONIALS “Cincinnati is two hours [by air] from 60% of the country.

It was a huge selling point for us.” —Rick Weis, CFO, Satco “We are excited for our future at FlightSafety. Being located in a vibrant, growing city like Columbus enhances our plans for recruitment and future growth.

We couldn’t be prouder to be part of the Columbus community.” —Brad Thress, President and CEO, FlightSafety International “Centrally located within our bank’s operating footprint, Columbus’ successful evolution enhances our strategy to attract and recruit employees in a growing market that shares and amplifies our aspirations.”

—Ron Seiffert, president and CEO, Northwest Bank

A CEO’S GUIDE TO SITE SELEC TION

Oklahoma “For Oklahoma to become a Top Ten state, workforce participation must be at a top level, and I am committed to doing what I can to help Oklahomans get off the sidelines and into the workforce.”—Gov. Kevin Stitt

TAXES

6% top corporate income tax

#30 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

88% of students graduated high school in 2019

25.5% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

2.7%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#43

POPULATION GROWTH

5.5% increase between 2010 and 2020

RIDING THE WINDS OF DEVELOPMENT

BIG DEALS

Wind power and aviation are helping the Sooner State recover from the national fallout related to the Covid-19 pandemic. In the past year, Carter Wind Energy, North Star Scientific and United Dynamics have added hundreds of jobs here. In April, Governor Kevin Stitt announced the launch of the Oklahoma Innovation Expansion Program. It makes $10 million in funding available to qualifying manufacturers to support new product development and increase capacity at existing companies.

Amazon announced in December 2020, a fulfillment center and 500 new jobs in Oklahoma City.

KEY INCENTIVES Oklahoma Quality Jobs Program: Offers cash grants of up to 5% of new employee payroll for businesses that create at least $2.5 million in new annual payroll in three years with jobs that meet the average county wage.

The 21st Century Quality Jobs Program: Offers a cash grant of up to 10% on taxable payroll for businesses that create at least 10 jobs with an annual wage that is the lesser of $101,650 or 300% of the average county wage.

Aviation Avionics & Instruments announced in March 2021 it will relocate from Freeport, New York, to Owasso and create 65 new jobs over the next three years.

Carter Wind Energy announced in April 2021 it will locate its new company in Lawton and create 300 jobs.

Israeli aerospace company TAT Technologies announced in May 2021 the relocation of its thermal component activities from Israel to Tulsa. The move is expected to create 300 jobs.

Cardinal Glass finished a $25 million expansion in June 2021, bringing the company’s total investment in Durant to more than $300 million.

Carvana announced in September 2021 it will open an inspection and reconditioning center in Oklahoma City.

BIG COMPANIES

Investment/New Jobs Income Credit: Offers a fiveyear tax credit on the greater of 1% per year of capital improvement investment or a credit of $500 for each job created.

NGL Energy Partners (Fortune 500 Headquarters) Oneok (Fortune 500 Headquarters) Williams (Fortune 500 Headquarters) Devon Energy Continental Resources Enable Midstream Partners Magellan Midstream Partners OGE Energy BOK Financial

EDCs

C-SUITE TESTIMONIALS

Oklahoma Department of Commerce okcommerce.gov

“Oklahoma was compelling because they understand industry, thoroughly know energy, streamlined the site selection process, and their leadership demonstrated commitment and interest in the project. We know we will be successful by locating here.” —Matt Carter, President and CEO, Carter Wind Energy

Insurance Premium Tax Credit: Offers an annual tax credit to insurance companies that locate or expand a regional home office in the state and maintain at least 200 employees.

Oklahoma City Economic Development okc.gov/departments/economic-development Greater Oklahoma City greateroklahomacity.com Tulsa’s Future tulsasfuture.com

HIGHLIGHTED PROGRAM OR INITIATIVE Gov. Kevin Stitt announced in April 2021 the launch of Supply Chain Oklahoma (SCO), an initiative that will provide critical resources to Oklahoma manufacturers.

The first part of the initiative was “Connex Oklahoma,” a new, free online database tool developed by the Oklahoma Manufacturing Alliance (OMA) in partnership with the Oklahoma Department of Commerce. The tool allows manufacturers to connect, find alternate suppliers, explore production capabilities and view their supply chains.

“We could not be more excited about relocating AAIC to the Tulsa area. We believe that the availability of skilled aerospace technicians coupled with the business-friendly environment will set us up for success long into the future.” —Dale Roberts, President, AAIC “NSS has chosen the state of Oklahoma and Oklahoma City as the site of our expansion because of the favorable business environment and the availability of personnel and other resources that benefit aerospace companies, especially those focused on radar and electronics.” —Dr. James Stamm, CEO, North Star Scientific Corporation

2022 CEO GUIDE TO SITE SELECTION 55

A CEO’S GUIDE TO SITE SELEC TION

Oregon

BETTING ON INNOVATION IN THE BEAVER STATE

“My 10-Point Plan provides a roadmap for economic recovery and will guide our state and local governments as we invest our shares of federal dollars from the American Rescue Plan. Aligning programs and activities funded through these dollars will help ensure we are coordinating, not duplicating, efforts and collaborating on what will make a difference in our economies.”—Gov. Kate Brown

TAXES 7.6% top corporate income tax rate

#15 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

82% of students

Despite its struggles in Portland, the Beaver State still holds great economic potential and has seen several notable announcements in the past year by companies like Facebook, Amazon and Genentech. The state is doubling down on its potential for innovation with new investments and initiatives like the Oregon Innovation Plan.

Genentech announced in March 2021 a $175 million expansion and 100 new jobs at its facility in Hillsboro.

Strategic Reserve Fund (SRF): Offers a flexible tool for job retention and creation, often used as forgivable loans helping businesses expand in Oregon.

Facebook announced in March 2021 it would construct a $2 billion data center in Prineville.

Business Expansion Program (BEP): Offers a cash incentive based on the estimated increase in new personal income tax revenue resulting from the new hires.

Enterprise Zones: Offers a three- to five-year exemption from local property taxes on new plant and equipment for expansion with longer terms available in rural areas.

Strategic Investment Program (SIP): Exempts a portion of very large capital investments from property taxes for 15 years.

Oregon Investment Advantage (OIA): Helps businesses start or locate new types of operations in a number of counties by providing an income tax subtraction, potentially eliminating state income tax liability on new operations.

EDCS

graduated high school in 2019

33.7% of adults age

Oregon’s Economic Development Districts oedd.org

UNEMPLOYMENT RATE

4.4%

RIGHT TO WORK STATE No QUALITY OF LIFE

#22

POPULATION GROWTH

10.6% increase between 2010 and 2020

56 2022 CEO GUIDE TO SITE SELECTION

British manufacturer Lightbox opened in November 2020 a $94 million advanced manufacturing facility with 60 new jobs in Gresham.

KEY INCENTIVES

Business Oregon www.oregon.gov/biz

25 and older have a bachelor’s degree or higher

BIG DEALS Hawthorne Hydroponics, a subsidiary of Scotts Miracle-Gro, announced in October 2020 a 400,000-squarefoot facility, the largest industrial lease in the Portland metro area in the previous year.

Prosper Portland prosperportland.us Strategic Economic Development Corporation sedcor.com

HIGHLIGHTED PROGRAM OR INITIATIVE Developed by the Futures Commission, the Oregon Innovation Plan aims to orient the state economy around innovation. The four strategies are to foster ideation, strengthen the innovation ecosystem, catalyze risk capital and promote the state as place to start and grow an innovative company.

Portland-based Expensify announced in November 2021 the first tech IPO in the state since 2004.

Amazon announced a $27 million fulfillment center and 1,800 new jobs in Woodburn.

BIG COMPANIES Nike (Fortune 500 headquarters) Lithia Motors (Fortune 500 headquarters) Greenbrier Columbia Sportswear Portland General Electric Teledyne FLIR

C-SUITE TESTIMONIALS “We are excited about opening our innovation center in Hillsboro. Edwards is fully committed to the Northwest Region, creating jobs and participating in the local growth as environmentally conscious corporate stewards in the neighborhood.” —Scott Balaguer, General Manager, Semiconductor Division North America, Edwards Vacuum “We are delighted to open our new office here in the Greater Portland area. We chose this region over other startup hubs due to its several strategic advantages, including an active startup community, a greater talent pool and a vibrant city culture.” —Sudhir Bhatti, CEO, GrowthPlug

A CEO’S GUIDE TO SITE SELEC TION

Pennsylvania THE KEY TO THE KEYSTONE STATE’S SUCCESS

“Our commonwealth is the perfect location for innovative companies. Pennsylvania has a highly educated, skilled and talented workforce, we’re home to leading universities and research centers, and the state is conveniently located near other major cities. The research pursued, and the technology created right here, right now, in Pennsylvania will power the next generation of economic growth and development.” —Gov. Tom Wolf

TAXES

9.99% top corporate income tax rate

#27 on the Tax Foundation’s State Business Tax Climate Index ranking

The Keystone State landed several notable projects in the past year. Gov. Tom Wolf's proposed 2021-2022 budget prioritized economic recovery and growth through business tax cuts and investments in workforce development. Department of Community and Economic Development Secretary Dennis Davin noted in a press release that the governor’s plan would lead to a tax cut of more than $240 million, with more than 400,000 business owners paying less in tax than they currently do.

KEY INCENTIVES Job Creation Tax Credit (JCTC): Offers a tax credit of $1,000 per year for three years for each job for companies that create at least 25 jobs or expand existing employment by 20%.

Pennsylvania First Program (PA First): Offers grants, loans or loan guarantees for large-scale competitive “targeted industry” projects that involve significant job growth and capital investment.

Qualified Manufacturing Innovation & Reinvestment Deduction: Offers a 5% corporate tax deduction for up to five years for companies that invest more than $100 million in a manufacturing facility.

Pennsylvania Industrial Development Authority (PIDA) Loan: Offers low-interest loans to finance land, building, machinery and equipment costs for businesses that commit to creating or retaining jobs.

EDUCATION

89% of students graduated high school in 2019

31.4% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

6.0%

RIGHT TO WORK STATE No QUALITY OF LIFE

#40

POPULATION GROWTH

2.4% increase between 2010 and 2020

EDCs PA Department of Community & Economic Development dced.pa.gov Harrisburg Regional Chamber & CREDC harrisburgregionalchamber.org/economic-business-development PIDC Philadelphia pidcphila.com Pittsburgh: Next is Now pittsburghregion.org

HIGHLIGHTED PROGRAM OR INITIATIVE Since its creation in 2017, the Pre-Apprentice and Apprenticeship Grant Program, housed at the Department of Community and Economic Development (DCED), has been a success story in the state. It helps employers develop speciated training for their workers to close the skills gap and to provide career opportunities for students and adults. More than 4,700 Pennsylvanians have become apprentices since the program started.

BIG DEALS Stir Foods Lancaster announced in August 2021 up to 100 new jobs at an expansion in Lancaster.

West Pharmaceutical Services announced in August 2021 an $18 million investment and 200 new jobs at its locations in Williamsport, Jersey Shore and Exton.

Chewy announced in August 2021 500 new jobs at an expansion in Pittston Township.

Express Med Pharmaceuticals announced in September 2021 an $8 million expansion and 700 new jobs in Beaver County.

Great Dane announced in September 2021 a $3.5 million expansion in Elysburg and 200 new jobs.

Chance Aluminum announced in September 2021 it would open its first manufacturing operation and create 100 new jobs in Williamsport.

BIG COMPANIES 24 Fortune 500 companies headquartered in the state, including: AmerisourceBergen Comcast PNC Financial Services Group Rite Aid Aramark Crown Holdings Dick's Sporting Goods Alcoa Erie Insurance Group Hershey

C-SUITE TESTIMONIALS “As the transportation industry shifts toward electric vehicles, developing new innovations for customers relies on our ability to attract, develop and retain qualified talent. Relocating our headquarters to Knowledge Park and expanding our association with Penn State Behrend—a major college of one of the country’s top universities and a longstanding Truck-Lite partner—creates a strong pipeline of future electrical engineers, data scientists and business leaders in the years to come.”

—Brian Kupchella, CEO, Clarience Technologies “We are grateful for the support from the York County Economic Alliance, the Governor’s Action Team and Governor Wolf for their generous support to enable BioTechnique to relocate from Wisconsin to Pennsylvania.

We are excited to become a contributor in the success of the Pennsylvania economy.” —John Clapham, CEO, PSC Biotech

2022 CEO GUIDE TO SITE SELECTION 57

A CEO’S GUIDE TO SITE SELEC TION

Rhode Island GROWING OPPORTUNITIES IN THE OCEAN STATE

“We’re writing Rhode Island’s next chapter now. National assessments show that Rhode Island is, for once, a leading state as we emerge from the Covid-19 pandemic. If we invest soon and invest wisely, we can continue to lead rather than follow, creating opportunities for Rhode Islanders as a result. Rhode Island Rebounds represents a crucial, initial, short-term investment in Rhode Island’s families, workers and small businesses to keep our economic comeback going strong.” —Gov. Dan McKee

TAXES

7% top corporate income tax rate

#37 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 88% of students graduated high school in 2019

Things are looking up in the Ocean State. Fidelity Investments, which now employs 3,200 people in Rhode Island, announced in April 2021 the creation of 500 jobs at its campus in Smithfield as part of a new Regional Center for Fidelity’s Personal Investing business. In September 2020, Infosys also doubled down its commitment to the state, announcing it would hire an additional 500 tech workers by 2023.

KEY INCENTIVES Qualified Jobs Incentive Tax Credit: Offers up to $7,500 per job per year for up to 10 years for companies that expand the workforce in or relocate jobs from out of state.

Rebuild Rhode Island Tax Credit: Fills financing gaps with redeemable tax credits covering up to 30% of project costs for commercial office, industrial, residential, mixed-use development, ground-up construction or historic rehab for projects of at least $5 million.

Innovation Voucher Program: Offers up to $50,000 for companies with 500 employees or less to support R&D projects that commercialize a new product, process or service, support scale-to-market development or new expertise.

EDCs Rhode Island Commerce Corp. commerceri.com City of Providence Business Portal providenceeconomicdevelopment.net/business-portal/ index.php Providence Economic Development pvdbusiness.com

34.2% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

5.4%

RIGHT TO WORK STATE No QUALITY OF LIFE

#34

POPULATION GROWTH

4.3% increase between 2010 and 2020

58 2022 CEO GUIDE TO SITE SELECTION

HIGHLIGHTED PROGRAM OR INITIATIVE Rhode Island Innovate 2.0, the state’s latest Comprehensive Economic Development Strategy equivalent, calls for policy and investment in new opportunities. Areas of focus for the strategy include: the blue economy, offshore wind as targeted industry cluster, the back office market, creating a minority business accelerator and transition to the future of work via a new Technology Adjustment Initiative.

BIG DEALS Green Development announced in March 2021 a $6 million facility in Quonset Business Park.

Orsted and Eversource announced in April 2021 a wind farm manufacturing facility at the Port of Providence.

Fidelity Investments announced in August 2021 it would add another 350 jobs at its offices in Smithfield.

Market Basket opened a $30 million store and created 400 jobs in Johnston in August 2021.

Amazon started construction in October 2021 on a $290 million distribution facility in Johnston.

BIG COMPANIES Six Fortune 500 companies headquartered in state: CVS Health United Natural Foods Textron Citizens Financial Group FM Global Hasbro

C-SUITE TESTIMONIALS “Quonset was just a natural fit for us and the process in place there makes it simple and easy for a business to set up shop. As the company continues to grow, we needed a centralized operations center to support the development of renewable projects throughout Rhode Island. Quonset was not only a great location, but we have the added benefit of shipping solar and wind components directly to a pier at the Port of Davisville, which is in close proximity to our new facility.”

—Mark DePasquale, Chairman and Founder, Green Development

A CEO’S GUIDE TO SITE SELEC TION

South Carolina THE SUN IS SHINING IN THE PALMETTO STATE

“Thanks to the success of our world-renowned ports, the tri-county area is full of opportunity, and companies are recognizing that at a rapid clip.” —Gov. Henry McMaster

TAXES 5% top corporate income tax rate

#33 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

85% of students graduated high school in 2019

28.1% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

3.9%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#42

South Carolina may lack the headquarters of a Fortune 500 company, but it may be one of the most business-friendly and tax-friendly states in the nation. For instance, there's no state property tax, no local income tax, no inventory tax, no sales tax on manufacturing machinery, industrial power or material for finished products, and no wholesale tax or no unitary tax on worldwide profits. Many companies are also attracted to the state’s road systems, railroads and ports. Nestlé USA, BASF, Siemens and QVC have all announced investments here in the past year.

KEY INCENTIVES Jobs Tax Credits: Offers a financial incentive for new and expanding companies that create and maintain a certain number of jobs in the state.

Corporate Headquarters Tax Credit: Offers a 20% tax credit, which can be applied against the corporate income tax or license fee, to companies that relocate or expand a corporate headquarters facility.

Investment Tax Credit: Offers a tax credit of up to 2.5% of investment in new production equipment to manufacturers locating or expanding in the state.

Research & Development Tax Credit: Offers a credit of up to 5% of the taxpayers qualified research expenses as defined in Section 41 of the Internal Revenue Code.

EDCs South Carolina Department of Commerce sccommerce.com Columbia Economic Development choosecolumbiasc.com Charleston Regional Development Alliance crda.org Central SC Alliance centralsc.org

POPULATION GROWTH

10.7% increase between 2010 and 2020

HIGHLIGHTED PROGRAM OR INITIATIVE

BIG DEALS Google announced in March 2021 a $500 million data center in Columbia.

Siemens announced in May 2021, a $36 million investment and 180 new jobs in Columbia.

Nestlé USA announced in June 2021 a $100 million expansion and 160 new jobs in Cherokee County.

QVC announced in June 2021 a $27.5 expansion and 360 new jobs in Florence County.

Premium Peanut announced a $64.3 million investment and 130 new jobs in Orangeburg County.

Nephron Pharmaceuticals announced in July 2021 a $100 million investment that and 250 new jobs in Columbia.

BIG COMPANIES Denny’s Red Ventures AgFirst Milliken & Company Michelin North America Muzak ScanSource

C-SUITE TESTIMONIALS “With our family being in the Lowcountry for over 25 years, we couldn’t be more excited about our expansion in the Charleston area. The continued growth of the port and access to an ever-growing pool of talent, we are confident that this facility is the perfect place to expand our full suite of logistics offerings.”

—Tony Chiappetta, Co-owner, Argents Air Express, Ltd. “South Carolina is a key hub for The Home Depot’s supply chain and our delivery strategy. These new distribution centers create a more seamless experience for pro and DIY customers, with faster and more reliable deliveries to their homes or to the job site.”

—Stephanie Smith, Senior Vice President of Supply Chain, The Home Depot

In July, the South Carolina Department of Commerce Office of Innovation partnered with two statewide nonprofit organizations, Build Carolina and the South Carolina Council on Competitiveness, to create a pilot fellowship program designed to prepare new graduates for software development careers. The state hopes to help build a strong talent base for South Carolina’s rapidly growing technology ecosystem.

2022 CEO GUIDE TO SITE SELECTION 59

A CEO’S GUIDE TO SITE SELEC TION

South Dakota MORE BUSINESSES RUSHING TO THE RUSHMORE STATE

“South Dakota is open for business. Because of the unique approach that we took to the virus, we’ve set our economy up for tremendous growth, both in the short-term and long into the future. Our real estate market is booming as families and businesses look to move to a state that preserves our way of life and respects freedom and personal responsibility.” —Gov. Kristi Noem

TAXES No corporate income tax

#2 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

91% of students graduated high school in 2019

28.8% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

2.8%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#15

POPULATION GROWTH

8.9% increase between 2010 and 2020

60 2022 CEO GUIDE TO SITE SELECTION

The Mount Rushmore State continues to attract new expansions and groundbreakings with its pro-business policies and tapered response to the pandemic. United States Bureau of Economic Analysis (BEA) data from March 2021 found the state was growing faster than any other in the nation, with an annual rate of 9.9% in the fourth quarter of 2020.

KEY INCENTIVES The Reinvestment Payment Program: Provides reinvestment payments to projects in excess of $20 million or with equipment upgrades in excess of $2 million.

South Dakota Jobs Program: Assists companies in offsetting the upfront costs associated with relocating or expanding operations and/or upgrading equipment in South Dakota.

South Dakota’s REDI (Revolving Economic Development and Initiative) Fund: Offers low-interest loans of up to 45% of a project’s total cost with a 10% minimum equity contribution.

Dakota Seeds: An internship program that can help establish a pipeline for future permanent employment.

Qualifying businesses receive matching funds up to $2,000 per intern for internships in the Science, Technology, Engineering and Math (STEM) fields, as well as in manufacturing and accounting.

EDCs Governor’s Office of Economic Development sdgoed.com Sioux Falls Development Foundation siouxfallsdevelopment.com Elevate Rapid City elevaterapidcity.com Rushmore Region rushmoreregion.com

HIGHLIGHTED PROGRAM OR INITIATIVE The GOED’s Workforce Development Program allows companies to access money to help train new and existing employees that require additional skills as the result of company growth. It funds up to 50% of eligible training expenses to businesses that meet certain wage and benefit criteria. The funds are awarded on a reimbursement basis, typically $500 per trainee.

BIG DEALS Silencer Central announced in October 2020 it will build a new corporate headquarters in Tea. Furniture Mart USA announced in June 2021 the doubling of its distribution center and headquarters in northern Sioux Falls and adding 55 employees.

Cole-TAC cut the ribbon in July 2021 on a facility that will create 40 jobs in Rapid City.

AEsir Technologies announced in September 2021 a $250 million investment and 400 new jobs in Rapid City.

BIG COMPANIES 3M Citibank Esurance Wells Fargo Bank Smithfield Foods PREMIER

C-SUITE TESTIMONIALS “South Dakota is a great state to do business. It promotes business, encourages strong employment and has a lot of people who are interested in working and who have a great work ethic.” —Craig Snyder, CEO, VIKOR “It’s not just the business climate. It’s also the people.”

—Dustin Coleman, President, Cole-TAC “I was born and raised here. These are my roots. There are great employees, available workforce and a good business atmosphere as far as taxes, etc. I lived in Colorado, and Colorado is a great state, don’t get me wrong.

But South Dakota is just a hard place to beat.”

—Brock Hutchinson, President, Big Frig; Co-Founder, Solo Step

A CEO’S GUIDE TO SITE SELEC TION

Tennessee

VOLUNTEER STATE DRIVES TO A NEW FUTURE

“Every time a company chooses to relocate to Tennessee, it is a vote of confidence to our business climate and workforce and provides a ripple effect of opportunity for our communities.” —Gov. Bill Lee

Despite the challenges of the pandemic, the Volunteer State maintained a spirit of resiliency as its government and citizens worked to rebuild the economy. One promising area is in electric vehicles. The state is now home to three OEMs and over 900 suppliers in an automotive industry that employs more than 123,000 residents.

Tennessee now produces more than 16,000 electric vehicles annually.

KEY INCENTIVES Fasttrack Job Training Assistance Program: Offers grants to assist new or expanding companies to fund training for new employees.

TAXES

6.50% top corporate income tax rate

#18 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

Fasttrack Economic Development Fund: Offers a grant to offset costs for eligible companies expanding or locating a business in Tennessee.

Job Tax Credit: Offers a credit of $4,500 per job to offset up to 50% of franchise and excise (F&E) taxes in any given year, with a carry forward for up to 15 years.

Industrial Machinery Tax Credit: Offers a credit of up to 10% for the purchase, third-party installation and repair of qualified industrial machinery.

90% of students graduated high school in 2019

27.3% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

4.2%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#29

EDCs Tennessee Department of Economic & Community Development tnecd.com Nashville Area Chamber of Commerce nashvillechamber.com/economic-development The Memphis Economy thememphiseconomy.com Greater Chattanooga Economic Partnership greaterchatt.com Knoxville Chamber of Commerce Economic Development knoxvillechamber.com/economic-development

POPULATION GROWTH

HIGHLIGHTED PROGRAM OR INITIATIVE

2010 and 2020

Launch Tennessee celebrates its 10th anniversary in 2022. It’s a public-private partnership with the goal to make Tennessee the most startup-friendly state in the country. The organization makes resources accessible to startups with the mission to stimulate the statewide economy by helping entrepreneurs get access to the capital and tools they need to build their client or customer base.

8.9% increase between

BIG DEALS

Ford Motor Company announced in September 2021, a $5.6 billion campus in Memphis that will create 5,800 jobs.

Thermo Fisher Scientific announced a $100 million manufacturing facility in Wilson County that will create 1,400 jobs.

Firestone Building Products announced in October 2021 a $13 million expansion and 28 new jobs in Nashville.

IMC Companies announced in October 2021 a $23 million expansion and 158 new jobs at its headquarters in Collierville.

Smith & Wesson Brands announced in October 2021 it would relocate its headquarters from Massachusetts to Maryville with a $125 million investment that will create 750 jobs.

BIG COMPANIES 10 Fortune 500 companies headquarters in the state: FedEx HCA Healthcare Dollar General Community Health Systems Tractor Supply Delek US International Paper AutoZone Eastman Chemical Unum Group

C-SUITE TESTIMONIALS “The strong support we have received from the State of Tennessee and the entire leadership of Blount County throughout this process, combined with the quality of life, outdoor lifestyle and low cost of living in the Greater Knoxville area has left no doubt that Tennessee is the ideal location for Smith & Wesson’s new headquarters.”

—Mark Smith, president and CEO, Smith & Wesson Brands “Tennessee will play a critical role as Ford continues to lead the electric vehicle revolution, tackle climate change and create the jobs of tomorrow, and we look forward to working to create the future together.”

—Lisa Drake, COO, Ford North America “We chose Tennessee because of the welcoming business climate and the tremendous support of TNECD and government officials who are helping us quickly and efficiently bring a facility to an undeveloped site that will suit our needs and give us great accessibility to our customers. Tennessee has built a broad education system that includes developing a skilled and professional labor force that is attractive to business.” —Kenichi Ogaki, President, Advanex Americas

Chewy announced in July 2021 a new regional ecommerce fulfillment center and 1,200 new jobs in Wilson County.

2022 CEO GUIDE TO SITE SELECTION 61

Attract and Retain Key Executives with Compensation Practices that Motivate and Reward Find out how Covid impacted CEO and senior executive compensation and access information that allows you to benchmark your compensation practices against your industry peers and competitors.

Order by March 1 to SAVE $500 with code JM500

ALL NEW 2021-22

CEO & Senior Executive Compensation Report for Private Companies Order the report today and get an immediate digital download, plus a print copy shipped to you.

To learn more or to order, visit ChiefExecutive.net/CompReport

A CEO’S GUIDE TO SITE SELEC TION

Texas

EVERYTHING IS BIGGER, AND BETTER, IN TEXAS

"More and more great companies are moving to Texas every day because of our welcoming business climate and our young, growing, skilled and diverse workforce.”—Gov. Greg Abbott

TAXES No corporate income tax rate

#11 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

93% of students graduated high school in 2019

29.9% of adults age 25 and older have a bachelor’s degree or higher

While the story may be overplayed, it’s hard to deny the fact that more large companies continue to move headquarters or major parts of their operations from California to Texas. Tesla joined the movement in October 2021 when it announced it would relocate its headquarters from Palo Alto to Austin. Meanwhile, as of mid-year 2021, the Lone Star State led the nation in export trade with nearly double the sum of the next three largest states (California, New York and Louisiana) combined.

BIG DEALS Hewlett-Packard announced in December 2020 the relocation of its global headquarters to Spring.

Great Lakes Cheese announced in April 2021 a $185 million expansion and 500 new jobs in Abilene.

California food producer Cacique announced an $88 million food processing operation and 187 new jobs in Amarillo.

QTC announced in June 2021 a new operational service center and 252 new jobs in San Antonio.

KEY INCENTIVES

MD7 announced in August 2021 it would relocate its U.S. headquarters to Allen and create 218 new jobs.

Texas Enterprise Fund: The largest deal closing fund of its kind in the nation offers cash grants for projects that create at least 75 full-time jobs that meet or exceed the county average wages.

Tesla announced in October 2021 it was moving its headquarters from Palo Alto to Austin. CEO Elon Musk cited the decision on support from state government and an affordable cost of living.

Skills Development Fund: Offers up to $1,800 per trainee to assist Texas public community and technical colleges to finance customized job training for local businesses.

BIG COMPANIES

Texas Capital Fund Infrastructure Program: Offers up to $750,000 towards public infrastructure upgrades for businesses that create and retain permanent jobs, primarily for low and moderate-income persons.

49 Fortune 500 companies headquartered in state, including: ExxonMobil AT&T Tesla (2022) Dell Technologies Oracle Hewlett Packard Enterprise (in 2022) Kimberly-Clark American Airlines

Texas Enterprise Zone Program: Offers various state sales and use tax refunds, ranging from $2,500 to $7,500 per job, for state-approved projects in designated communities.

EDCs

C-SUITE TESTIMONIALS

UNEMPLOYMENT RATE

5.4%

Texas Economic Development gov.texas.gov/business

RIGHT TO WORK STATE Yes

Texas Economic Development Corporation businessintexas.com

“As we look to the future, our business needs, opportunities for cost savings and team members’ preferences about the future of work, we are excited to relocate HPE’s headquarters to the Houston region…Houston is an attractive market to recruit and retain future diverse talent and where we are currently constructing a stateof-the-art new campus.” —Antonio Neri, CEO, Hewlett Packard Enterprise

QUALITY OF LIFE

#31

POPULATION GROWTH 15.9% increase between 2010 and 2020

Austin Chamber of Commerce austinchamber.com/economic-development Greater Houston Partnership houston.org Greater SATX Regional Economic Partnership greatersatx.com City of Dallas Office of Economic Development dallasecodev.org

HIGHLIGHTED PROGRAM OR INITIATIVE Launched in 2016, the Tri-Agency Workforce Initiative aims to develop a statewide workforce strategy which remains a driving force in the state’s labor market. It assesses local economic activity, examines workforce challenges and opportunities, and considers innovative approaches to meeting the state’s workforce goals.

“From our first visit, we knew that Amarillo was special.

It’s a vibrant, thriving and diverse melting pot of cultures and we’re thrilled to become part of this local community as we put down some new Cacique family roots in the great state of Texas.” —Gil de Cardenas, CEO, Cacique “We believe the friendly business climate and the exceptional work environment for our team members will be a competitive advantage as we continue to grow to serve our customers. We are grateful for the tremendous support and incredibly welcoming approach we have received from the state and the Allen community.”

—Michael Gianni, CEO, MD7

2022 CEO GUIDE TO SITE SELECTION 63

|

MASTERING RISK: A LEADER’S GUIDE An exclusive interactive workshop with Gen. Stanley McChrystal

THURSDAY, FEBRURARY 3, 2022 | 1:00 – 4:00 pm ET | Live, Online Four-Star General Stanley McChrystal, whose leadership is credited with the 2003 capture of Saddam Hussein and the 2006 locating and killing of Abu Musab al-Zarqawi, the leader of al-Qaeda in Iraq, will help you reimagine the way you define and navigate uncertainty.

WHY YOU AND YOUR TEAM SHOULD ATTEND: ➤ Learn 10 dimensions of control that you can use to detect threats, assess threats, respond to risk and learn from the process. ➤ Rethink your organization’s decision-making processes and increase your probability of achieving positive outcomes. ➤ Separate decision processes from results to create a culture that is comfortable with the ability to fail.

Use code CEM100 to save $100.

Learn more and register: ChiefExecutive.net/GeneralMcChrystal/

A CEO’S GUIDE TO SITE SELEC TION

Utah “We want to ensure our work makes Utah a place where everyone can be happy, safe, healthy and successful.” —Gov. Spencer Cox

TAXES

4.95% top corporate income tax rate

#8 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 89% of students graduated high school in 2019

34% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

2.2%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#3

A BEEHIVE OF OPPORTUNITY

BIG DEALS

The tech powerhouse of the Silicon Slopes remains a driving force in Utah’s economy and helped pull it through 2020 when other states were hindered with shutdowns and the limitations of social distancing.

However, the state continues to expand in other sectors. Malouf Companies announced a $420 million expansion and 4,200 new jobs in Cache Valley, American Packaging is building a $126 manufacturing plant in Cedar City, and Cytiva is working on a $231 million expansion in Logan.

American Packaging Corporation announced in July 2021 a $126 million manufacturing plant and 135 new jobs in Cedar City.

KEY INCENTIVES

Udo announced in October 2021 an expansion and 300 new jobs at its headquarters in Farmington.

Utah's Job Creation (EDTIF) Tax Credit: Offers a refundable tax rebate for up to 30% of new state revenues, over the life of the project, for companies relocating or expanding their operations.

Industrial Assistance Fund: Offers a funding for companies that create at least 50 jobs in urban counties.

Utah New Market Tax Credit: Awarded to businesses that relocate or expand to the most severely distressed areas of the state.

Sales Tax Exemption for Manufacturing Equipment: Offers a sales tax exemption for manufacturers on the purchase of new equipment.

EDCs Utah Governor’s Office of Economic Opportunity business.utah.gov EDCUtah edcutah.org Salt Lake City Economic Development slc.gov/ed City of Provo, UT Economic Development provo.org/departments/economic-development

POPULATION GROWTH

18.4% increase between 2010 and 2020

HIGHLIGHTED PROGRAM OR INITIATIVE In September 2021, Utah’s Governor’s Office of Economic Opportunity announced the launch of the Utah Technology Innovation Funding (UTIF) pilot program.

It provides microgrants and nonrecourse loans for companies in the technology development sector that are pursuing non-dilutive funding through the federal Small Business Innovation Research and Small Business Technology Transfer programs.

Malouf Companies announced in August 2021 a $420 million expansion and 4,200 new jobs in Cache Valley.

Lumio announced in September 2021 a $120 million expansion in Salt Lake City, adding up to 3,697 high-paying jobs in the next 20 years.

Cytiva announced in September 2021 a $231 million expansion and 396 new jobs in Logan.

BIG COMPANIES 5 Fortune 500 companies headquartered in state, including: Zions Bancorporation Nu Skin Enterprises Overstock.com PROG Holdings SkyWest

C-SUITE TESTIMONIALS “Our leadership team has built dozens of companies across the Wasatch Front, so we know from experience that Utah develops and attracts the best people anywhere.” —Greg Butterfield, CEO, Lumio “The booming growth of business in Utah is a testament to the Governor’s Office of Economic Opportunity.

We’ve been able to work together to fuel our expansion and build out our international headquarters in Cache Valley, even through a difficult year. I’m excited to see what we can accomplish with this additional support from the state.” —Sam Malouf, CEO, Malouf Companies “Utah provides clear benefits including access to a talented workforce and a deep aerospace industrial base.

We appreciate the forward-leaning incentives provided by the Governor’s Office of Economic Opportunity that make this expansion possible.” —Steve Pollard, Co-owner and Co-founder, Apogee Worx

2022 CEO GUIDE TO SITE SELECTION 65

A CEO’S GUIDE TO SITE SELEC TION

Vermont

GOING WELL IN THE GREEN MOUNTAIN STATE

“The federal aid we have received over the last year presents a once-in-a-lifetime opportunity to transform our state and create greater prosperity for Vermonters.

This capital investment program is yet another step toward that goal, as we work to keep—and expand—good jobs and more economic opportunity in every region of the state.”—Gov. Phil Scott

TAXES 8.5% top corporate income tax

#43 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 83% of students graduated high school in 2019

38% of adults age 25 and older have a bachelor’s degree UNEMPLOYMENT RATE

2.8%

RIGHT TO WORK STATE No QUALITY OF LIFE

No matter how hard it tries, Vermont is unlikely to attract multi-billion projects that create thousands of jobs in one shot. But the Green Mountain State is totally okay with that. Instead, it’s doubling down on its asset as a haven for entrepreneurs and remote workers seeking a high quality of life in charming small towns. In September 2021, the state opened applications for more than $10 million for its Capital Investment Grant program.

The new program is funded by the American Rescue Plan Act and leverages federal funds for transformational projects that attract and retain businesses, create jobs and support growth.

KEY INCENTIVES Vermont Employment Growth Incentive: Offers cash payments to companies that meet milestones for job creation, payroll and capital investments. Enhancements are available for green businesses and those that create jobs in specific labor markets.

Vermont Training Program: Offers grants to cover up to half of the cost of training for new hires and incumbent workers.

R&D Credit: Offers a state tax credit of up to 27% of the federal tax credit for research and development expenses.

Vermont Brownfields Revitalization Fund: Offers loans and grants to private developers, nonprofits and municipalities for the remediation of brownfield sites.

EDCs Vermont Economic Development Authority veda.org Think Vermont thinkvermont.com Montpelier Development Corporation mdc-vermont.com Business Resources & Development, City of Burlington, VT burlingtonvt.gov/CEDO/BusinessDevelopment

#11

POPULATION GROWTH 2.8% increase between 2010 and 2020

66 2022 CEO GUIDE TO SITE SELECTION

HIGHLIGHTED PROGRAM OR INITIATIVE A new relocation program launched in August 2021 offers up to $7,500 in reimbursement grants for workers who move to the state. Qualifying occupations include childcare workers, registered nurses, cooks, servers, construction workers, elementary-school teachers and those who have “acute” needs and projected openings in the future.

BIG DEALS Vermont-headquartered solar companies joined forces in September 2021 in a deal where iSun acquired SunCommon for $40 million.

Tech company OnLogic announced in October 2021 it was expanding its headquarters and operations in Burlington.

Darn Tough Vermont opened a new factory and announced 50 new jobs in in Waterbury in October 2021.

BIG COMPANIES NLV Financial (Headquarters) Casella Waste Systems Huber+Suhner Faraday Holdings Mack Group Velan

C-SUITE TESTIMONIALS “These [VTP] programs deliver return on investment in the form of employee skills, satisfaction and productivity, which is a value-add for the company.”—Scott Fine, President, Fab-Tech “We have always been proud of our roots, and Vermont has been a very supportive state to grow our business in over the past 50 years. As we diversify into other states as part of our strategic growth plan, we bring the craftsmanship and relationships that have helped us thrive.”—Jeffrey Peck, Chairman of the Board and CEO, Peck Company Holdings

A CEO’S GUIDE TO SITE SELEC TION

Virginia “Virginia has an incredible track record for attracting international companies.

Our inclusive policies, strong workforce, quality infrastructure and access to the worldclass Port of Virginia make the Commonwealth an ideal location for companies looking to move to the United States."

—Gov. Glenn Youngkin

TAXES

6% top corporate income tax rate

#26 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 92% of students graduated high school in 2019

38.8% of adults age 25 and older have a bachelor’s degree UNEMPLOYMENT RATE

3.6%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

NEW IDEAS IN THE OLD DOMINION

BIG DEALS

In 2021, Virginia moved up three spots in Chief Executive’s Best and Worst States for Business for its strong workforce and solid education system. The state also offers generous tax credits, and the large portion of federal jobs that can be performed remotely helped Virginia’s economy weather the pandemic. Driven by the growth in ecommerce, the logistics sector was a bright spot in 2020. The state also saw significant interest in capital investment projects in technology and remains the leading data center market in the world. Moog, CMA CGM Group and Crown Holdings have all announced projects here in the past year.

Nestlé Purina PetCare Company announced in June 2021 a $182 million expansion in King William County.

KEY INCENTIVES The Virginia Talent Accelerator Program: Provides free training and recruitment solutions to new and expanding companies, customized to their unique operations, equipment, standards and culture.

Data Center Retail Sales & Use Tax Exemption: Offers an exemption from retail sales and use tax for qualifying computer equipment purchased by data centers.

Green Job Creation Tax Credit: Offers a $500 credit against the Virginia individual or corporate income tax for each new green job paying an annual salary of at least $50,000.

Port Volume Increase Tax Credit: Offers benefits to manufacturing, distribution, agriculture, mineral and gas companies that utilize Virginia’s port facilities.

EDCs Virginia Economic Development Partnership vedp.org Virginia Chamber of Commerce vachamber.com Richmond VA Economic and Community Development rva.gov/economic-development Greater Richmond Partnership grpva.com

#7

Virginia Beach Economic Development yesvirginiabeach.com

POPULATION GROWTH

Norfolk Department of Economic Development norfolkdevelopment.com

7.9% increase between 2010 and 2020

HIGHLIGHTED PROGRAM OR INITIATIVE On September 1, 2021, former governor Ralph Northam announced the launch of the nation’s first official state-led Supply Chain Optimization Program. It’s designed to help Virginia businesses streamline their supply chain management and boost their global competitiveness. Companies accepted into the program receive counseling, strategy development and training resources from international trade experts to improve performance and reduce costs.

SimpliSafe announced in July 2021 a $3 million expansion and 250 new jobs in Henrico County.

Tyson Foods announced in August 2021 a $300 million investment and 376 new jobs in Danville.

Italy-based Veronesi Holding S.p.A., announced in September 2021 a $100 million investment to establish its first U.S. production operations. It will create 150 jobs.

German firm SCHOCK GmbH announced in September 2021, an $85 million investment in its first U.S. manufacturing operation in Henry County. It will create 355 jobs.

BIG COMPANIES Twenty-two Fortune 500 companies headquartered in state, including: Freddie Mac General Dynamics Northrop Grumman Capital One Financial Dollar Tree Performance Food Group CarMax Altria Group DXC Technology Dominion Energy

C-SUITE TESTIMONIALS “Since opening our first customer support center here in 2019, the Richmond region has proven to be the ideal place to launch SimpliSafe into its next phase of growth with our own state-of-the-art monitoring center. We have aggressive hiring plans to help us address the demands of our growing customer base, and this market is rich with exceptional talent.”

—Christian Cerda, CEO, SimpliSafe “StarKist is proud to make Reston, Virginia our official global headquarters starting in April 2022…I believe the move to Virginia will provide an outstanding work environment for our employees, as well as an opportunity to expand the StarKist business in the years ahead.”

—Andrew Choe, President and CEO, StarKist “SIBO GROUP decided to establish its first U.S. production facility in Harrisonburg and to commit our production resources to Virginia’s Shenandoah Valley due to the welcoming culture, strategic geographical position, investment-friendly state incentives, advanced infrastructure, economically active and innovative population, highly qualified human capital and tradition of industrial manufacturing.” —Mat Zakotnik, CEO, SIBO

2022 CEO GUIDE TO SITE SELECTION 67

A CEO’S GUIDE TO SITE SELEC TION

Washington " My plan focuses on job growth in seven industry clusters: aerospace, life sciences, military, agriculture, information technology, clean energy technology and the maritime trades. These clusters represent both the present and the future key drivers of economic growth and job creation in our state." —Gov. Jay Inslee

TAXES No corporate income tax

#16 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

GOING PUBLIC IN THE EVERGREEN STATE

BIG DEALS

The Evergreen State has experienced a boom of IPOs in the past year. As of October 2021, 15 companies in the state had announced initial public offerings, a historic record. In the previous four years, only one company, Adaptive Biotechnologies, had gone public. Remitly Global, Sana Biotechnology and Impel NeuroPharma all announced IPOs in the past year, and, in August, cannabis marketplace Leafly announced an estimated $532 million IPO.

Microsoft added 23,000 employees in the past year, mostly near Redmond.

KEY INCENTIVES B&O Credits: Offers tax credits of up to $4,000 per position for jobs in rural counties that pay wages of $40,000+.

CERB Committed Private Partner Program: Offers grants of up to $150,000 and loans of up to $2 million for the construction of public infrastructure to support business expansion.

Reduced B&O Rate for Aerospace Business: Offers a reduction in B&O tax liability for manufacturers and processors for hire in the aerospace sector.

B&O Tax Credit for Washington Customized Training Program: Offers a tax credit of up to 50% of the full cost of a training program, with up to $500,000 in training allowances per year.

86% of students graduated high school in 2019

36% of adults age 25 and

EDCS Washington State Department of Commerce choosewashingtonstate.com/about-us

older have a bachelor’s degree or higher

Seattle Office of Economic Development seattle.ecdev.org

UNEMPLOYMENT RATE

Thurston Economic Development Council thurstonedc.com

5.0%

RIGHT TO WORK STATE No QUALITY OF LIFE

Advantage Spokane advantagespokane.com Make it Tacoma makeittacoma.com

#1

POPULATION GROWTH 14.6% increase between 2010 and 2020

68 2022 CEO GUIDE TO SITE SELECTION

HIGHLIGHTED PROGRAM OR INITIATIVE The Washington State Department of Commerce recently expanded its Community Engagement and Outreach team to promote equity and opportunity for rural and underserved communities, small businesses and organizations.

Euclid Logistics Center announced in October 2020 a second phase of expansion of its operations in Spokane.

Jubilant HollisterStier announced in March 2021 a $70 million expansion and 400 new jobs in Spokane.

Selkirk Pharma announced in June 2021 an expansion and 275 new jobs at its facility in Spokane.

Seattle-based mobile finance startup Remitly filed for an IPO in September 2021 with a goal of raising nearly $300 million.

Amazon opened a new fulfillment center with 1,000 new jobs in Spokane Valley in September 2021.

Amazon opened in October 2021 a new warehouse and distribution facility in Fife.

BIG COMPANIES Eight Fortune 500 companies headquartered in state: Amazon Costco Microsoft Starbucks Paccar Nordstrom Expeditors Intl. of Washington Weyerhaeuser

C-SUITE TESTIMONIALS “Violet Power is poised to re-establish world-class solar manufacturing leadership here in the United States where the technology was first born…We are deeply grateful to the state of Washington and the U.S. Department of Commerce for their leadership, support and focus on American manufacturing, which was critical in making Moses Lake the ideal location for our home.”

—Desari Strader, President and Founder, Violet Power “As a Washington company, LAVLE looks forward to expanding its operations in Skagit County. Our new fabrication facility is an important step towards commercialization and deployment of LAVLE’s SEB energy storage system. We are excited to be developing our technology solutions and building these products right here in Washington.” —Jason Nye, CEO, LAVLE

A CEO’S GUIDE TO SITE SELEC TION

West Virginia MORE OPPORTUNITIES IN THE MOUNTAIN STATE

“West Virginia’s economy continues to grow. We have an incredible manufacturing base and a great workforce training program that will, together, produce a lot of good stuff in our beautiful state. I commend N3 for helping us prove to the world that we’re that diamond in the rough that everybody missed that now they’re beginning to see.” —Gov. Jim Justice

TAXES 6.5% top corporate income tax rate

#22 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

92% of students graduated high school in 2019

20.6% of adults age 25 and older have a bachelor’s degree or higher UNEMPLOYMENT RATE

4.3%

RIGHT TO WORK STATE Yes QUALITY OF LIFE

#47

POPULATION GROWTH

3.2% decrease between

The Mountain State is now striving to capitalize on remote work trends by offering one of the most generous incentive programs. The Ascend WV program offers remote workers a generous incentive package that includes $12,000 and a year’s worth of free outdoor recreation activities through more than a dozen outfitters from across the state. It also offers free coworking space, invites to networking events with business leaders, guided outdoor excursions and access to WVU’s entrepreneurship ecosystem.

KEY INCENTIVES West Virginia Economic Development Authority Direct Loan Program: Offers financial assistance in the form of loans, direct financing and operating leases to industrial development agencies and enterprises.

Special Property Valuation: Reduces property taxes by up to 95% for certain sectors, including chemicals, polymer metals, data centers and aviation.

Manufacturing Investment Credit: Offers a tax credit of up to 60% of the corporate net income tax base on qualified investments in an eligible manufacturing facility.

Governor’s Guaranteed Work Force Program: Offers up to $2,000 per employee to eligible new and expanding companies that create at least 10 net new jobs within a 12-month period

EDCs West Virginia Economic Development westvirginia.gov Charleston Area Alliance charlestonareaalliance.org Huntington Area Development Council hadco.org

HIGHLIGHTED PROGRAM OR INITIATIVE West Virginia BusinessLink offers one place for small business owners and entrepreneurs to find resources to support their business. Services include business planning, loans, co-working, accelerators, marketing and sales assistance, startup assistance and product development.

BIG DEALS CS Global Group/ADO Industries announced its first U.S. manufacturing plant and 47 new full-time jobs in Moundsville.

Technologies and Materials (TeMa) North America announced a $7 million expansion and 15 new jobs in Kearneysville.

DataRobot announced the opening of an office in Morgantown.

Toyota Motor Manufacturing announced in February 2021 a $210 million expansion and 100 jobs at its facility in Buffalo.

Sheetz announced in March 2021 it will build a $2 million distribution center and create 34 jobs in Kearneysville.

N3, part of Accenture, announced in April 2021 an expansion and 100 new jobs in Charleston.

BIG COMPANIES Hino Motors Manufacturing USA Proctor & Gamble Toyota Mylan Pharmaceuticals Murray American Energy Amazon TeleTech (TTEC) ResCare

C-SUITE TESTIMONIALS “It is clear that West Virginia can be a valued partner to DataRobot as we rapidly grow over the coming years.

Our growth will scale alongside investment by the state and other stakeholders committed to bringing tech-sector jobs to West Virginia.” —Dan Wright, CEO, DataRobot “West Virginia offers easy access to major cities, and from our experience so far, it's so welcoming with hospitality, a warm and friendly network and agencies. As a final note, you've got to be in it to win it. We are here to grow many more years to come.” —Cem Sak, Chairman and President, CS Global Group

2010 and 2020

2022 CEO GUIDE TO SITE SELECTION 69

A CEO’S GUIDE TO SITE SELEC TION

Wisconsin “We’re making the kind of strategic, long-term investments that will ensure our state economy and our communities are stronger and more resilient than they were before the pandemic hit.” —Gov. Tony Evers

TAXES 7.9% top corporate income tax rate

#25 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION

92% of students graduated high school in 2019

30.1% of adults age 25 and older have a bachelor’s degree or higher

BUILDING BACK THE BADGER STATE

BIG DEALS

While Wisconsin’s economy took a major hit in 2020, the state landed several notable projects in manufacturing and distribution in the past year. ecommerce fulfillment and distribution company Geneva Supply converted a 385,000-square-foot warehouse in Wilmot in July 2021 with plans to hire at least 100 new employees. Manufacturer IRIS USA expanded its facility in Pleasant Prairie with plans for 90 new jobs over the next three years.

Heartland Produce also broke ground on a $29 million headquarters and distribution facility in Kenosha. In July, Gov. Tony Evers announced a $130 million investment into solutions to help address the state’s post-pandemic workforce needs.

Kwik Trip forecasted in May 2021 its ongoing $378 million expansion would create more than 662 new jobs.

KEY INCENTIVES The Business Development Tax Credit Program: Offers a tax credit for businesses locating in or relocating to the state that increase their net employment each year.

Diverse Business Development Program: Designed to support minority, women, LGBTQ and veteran business development through direct assistance to nonprofit organizations in Wisconsin.

ExporTech™ Program: Offers customized international growth plans and assistance to help companies go to market with exports.

Wisconsin Investment Pilot Program: Offers up to $100,000 in direct financial assistance to businesses certified by WEDC as Qualified New Business Ventures (QNBV).

EDCS

UNEMPLOYMENT RATE

3.2%

Wisconsin Economic Development Corporation wedc.org

RIGHT TO WORK STATE Yes

Madison Region Economic Partnership madisonregion.org

QUALITY OF LIFE

Milwaukee 7 mke7.com

#8

POPULATION GROWTH 3.6% increase between 2010 and 2020

Greater Green Bay Chamber greatergbc.org

HIGHLIGHTED PROGRAM OR INITIATIVE In July 2021, Gov. Tony Evers announced a $130 million investment into solutions to help address the state’s post-pandemic workforce needs. Recognizing there is “no one-size-fits-all solution,” the program seeks customized options for unemployed workers, businesses and community leaders.

70 2022 CEO GUIDE TO SITE SELECTION

Nolato Contour announced in June 2021 an expansion and 75 new jobs in Baldwin.

Generac announced in September 2021 a $53 million expansion and more than 700 new jobs at its facilities across the state.

Agropur announced in October 2021 a $168 million factory and 54 new jobs in Little Chute.

BIG COMPANIES Eight Fortune 500 companies headquartered in the state, including: Northwestern Mutual ManpowerGroup Kohl's Fiserv American Family Insurance WEC Energy Group OshKosh B'gosh Rockwell Automation

C-SUITE TESTIMONIALS “Wisconsin is a great fit for Grand Craft. We were particularly attracted by the strong workforce, as well as a business climate that values and encourages manufacturers like us.” —Patrick Gallagher, President and CEO, Grand Craft Boats “Wisconsin’s business environment has helped Fork Farms grow significantly. We outsource a significant amount of our overhead to Wisconsin businesses to allow us to rapidly respond to our expansion needs. Our Wisconsin fulfillment partners have the ability to scale their operations to meet the increase in demand for our products.” —Alex Tyink, President and Co-founder, Fork Farms “The greater Park Falls community has a tremendously talented workforce who are skilled, experienced and highly capable of supporting Weather Shield’s growing business.” —Mark Schield, President, Weather Shield

A CEO’S GUIDE TO SITE SELEC TION

Wyoming

NEW OPPORTUNITIES IN THE EQUALITY STATE

"I remain committed to conservative Republican principles: minimal government closest to the people, individual liberty and the freedom to operate your business unconstrained from government mandates.”—Gov. Mark Gordon

While the pandemic and reduction in natural resources production created revenue concerns in Wyoming, the state offset some of the losses by remaining open at a time when others were in lockdown. Traditional industries performed well in 2021, and growth in advanced manufacturing and nuclear innovation offers new opportunities. The Equality State is now cultivating new opportunities with several initiatives such as the Wyoming Innovation Center in Gillette, which is focused on developing advanced carbon products using coal and coal byproducts as a raw material.

KEY INCENTIVES TAXES No corporate income tax

#1 on the Tax Foundation’s State Business Tax Climate Index ranking EDUCATION 83% of students graduated high school in 2019

27.4% of adults age 25 and older have a bachelor’s degree or higher

No Taxes: No corporate or personal income tax. No inventory, franchise, occupation or value-added taxes.

Business Ready Community Infrastructure Program: Offers financing of up to $3 million in grants or low-interest loans for publicly owned infrastructure that serves the needs of business and promotes economic development.

Workforce Development Training Fund: Offers grants up to $4,000 per trainee per fiscal year to upgrade skills, train for new positions, or provide industry-specific training programs.

Data Center Incentives: Offers cost reduction grants of up to $2.25 million to reimburse utility expenses for up to three years. Data centers are also exempt from Industrial Siting permit, which can shave $500,000 and 18 months off new projects.

4.1%

Cryptocurrencies: Legislation passed in 2018 created a financial “sandbox” by allowing companies to apply for a two-year exemption from state statute.

RIGHT TO WORK STATE Yes

EDCs

QUALITY OF LIFE

Wyoming Business Council wyomingbusiness.org

UNEMPLOYMENT RATE

#35

POPULATION GROWTH 2.3% increase between 2010 and 2020

BIG DEALS Avalon International Aluminum announced in December 2020 it would relocate from Oregon to Evanston and create 60 jobs over the next five years.

ISA Corporation announced in May 2020 it would relocate operations from Oregon to Evanston and expand with more than 100 new jobs in five years.

Maven Outdoor Equipment announced in April 2021 it would build a new headquarters and create 23 jobs in Lander.

TerraPower announced in November 2021 the selection of Kemmerer as its preferred site for an advanced reactor demonstration plant.

EMIT Technologies completed a $10 million expansion and created 85 jobs in Sheridan.

Gunwerks completed a 36,000-square-foot facility in Cody to expand products lines.

BIG COMPANIES J.R. Simplot Rocky Mountain Power

C-SUITE TESTIMONIALS “As owners, we appreciate the independent, friendly, family-oriented culture we’ve experienced in Cheyenne, for both ourselves and for future generations of our family and our employees.” —Jeff and Karri Sieber, Owners, TBC Manufacturing “Here in Sheridan, it’s almost like Pleasantville. We at Kennon were able to continue to operate (during the Covid-19 pandemic) because our community took it seriously and we’re rural by nature…It’s not a stretch to think that the Covid-19 shutdowns and upheaval may cause people and businesses to start seriously thinking about the value of Wyoming’s open spaces.”

—Joe Wright, CEO, Kennon Products

Cheyenne LEADS cheyenneleads.org Greater Cheyenne Chamber of Commerce cheyennechamber.org/businesseconomicdevelopment Advance Casper advancecasper.com

HIGHLIGHTED PROGRAM OR INITIATIVE In December 2020, the Wyoming Business Council launched the Thrive > Survive Campaign to spotlight resiliency stories from a variety of communities, programs and businesses. It aims to demonstrate how in Wyoming, innovation, elbow grease and working together can help communities and businesses grow stronger.

2022 CEO GUIDE TO SITE SELECTION 71

A CEO’S GUIDE TO SITE SELEC TION

Washington, D.C. “We were fortunate to go into the pandemic with a strong economic foundation, and now we’re making the necessary investments to support a strong recovery and give residents and businesses hit hardest their fair shot.

These investments will create jobs, connect Washingtonians to opportunity and help us build a more equitable DC.”—Mayor Muriel Bowser

TAXES

8.25% top corporate income tax rate

CAPITAL IMPROVEMENTS

BIG DEALS

Mayor Muriel Bowser announced the FY2022 Fair Shot Budget to provide relief, recovery and growth for residents and businesses that have been hit the hardest.

Investments include an additional 12,000 affordable housing units by 2025, greater equity in food access, rent and fee relief for small businesses, and downtown revitalization efforts. Meanwhile, across the Potomac River, Fairfax County is now home to 128 of the Inc. 5000 list of the country’s fastest-growing companies. Microsoft, StarKist, Guidehouse and Intact Technology have announced projects in the metro area in the past year.

Microsoft announced in May 2020 a $64 million R&D hub and 1,500 new jobs in Fairfax County.

KEY INCENTIVES Qualified High-Tech Companies (QHTC): Offers tax credits to high-tech companies for training and wages paid to disadvantaged employees. Also offers sales and use tax exemptions and a reduced corporate franchise tax rate.

Creative and Open Space Modernization Grant (DC): Offers a tax rebate of up to the lesser of 10% of the total value of qualified improvements or $1 million for QHTCs that renovate or improve their offices.

Foundation’s State Business Tax Climate Index ranking

Business/Professional/Occupational Licenses (BPOL) Tax Exemption (Fairfax County, Virginia): Offers exclusions and adjustments to BPOL taxes for software development companies and government computer hardware and software sellers.

EDUCATION 69% of students graduated high school in 2018

Virginia Jobs Investment Program: Offers variable incentives for job creation for manufacturers, distribution centers, headquarters, inbound call centers, business IT and R&D.

#46 on the Tax

58.5% of adults age 25 and over have a bachelor’s degree or higher UNEMPLOYMENT RATE

EDCs Washington DC Economic Partnership wdcep.com

TBD

DC Economic Strategy dceconomicstrategy.com

RIGHT TO WORK STATE No

Office of the Deputy Mayor for Planning and Economic Development dmped.dc.gov

QUALITY OF LIFE NA POPULATION GROWTH

14.9% increase between 2010 and 2020

72 2022 CEO GUIDE TO SITE SELECTION

HIGHLIGHTED PROGRAM OR INITIATIVE The Washington DC Economic Partnership has released its DC Doing Business Guide, a “how to” manual that provides a step-by-step guide for entrepreneurs on how to start a new business, expand an existing business and connect with resources to help adapt their businesses to the current business climate.

Global law firm King & Spalding announced in June 2020 it would locate a new worldwide office in Tysons.

Kreative Technologies announced in February 2021 an expansion and 296 new jobs in Fairfax County.

Guidehouse announced in May 2021 it will establish its global headquarters and create 900 new jobs in Fairfax County.

StarKist announced in June 2021 it will relocate its headquarters to Fairfax County and create 83 new jobs.

Bureau of Land Management announced in September 2021 it would relocate its headquarters back to Washington, D.C. Intact Technology announced in October 2021 a headquarters expansion and 40 new jobs in Fairfax County.

BIG COMPANIES Four Fortune 500 companies headquartered in Washington, D.C.: Fannie Mae Danaher Carlyle Group FTI Consulting 11 Fortune 500 companies headquartered in Fairfax County, Virginia, including: Freddie Mac General Dynamics Northrop Grumman Capital One Financial DXC Technology

C-SUITE TESTIMONIALS “Being close to our customer base is extremely important to our ongoing collaborations. We’ve had a presence in Reston for many years now, and this expansion will allow Microsoft to deliver even more solutions from a region known for its innovation and passion for technology.” —Terrell Cox, General Manager, Microsoft “After extensive evaluation of several locations across the United States, Macedon decided that Virginia is the optimal location for our expansion for many reasons.

The high quality of living in Northern Virginia and its proximity to Washington, D.C. help us to attract and retain top talent. Reston has excellent public transportation, including Metro and two nearby major airports.

As a consulting company, easy access to airports is a must. Reston is also rapidly expanding, providing ample housing options for our staff. Another important reason is that we can tap into a great local talent pool from several renowned Virginia universities.” —Austin Rosenfeld, Founder and CEO, Macedon Technologies

WHY COLORADO WORKFORCE Colorado has the second most highly educated workforce and more than 30 research labs and universities, producing some of the brightest minds and ideas.

PROXIMITY TO MARKETS Colorado’s central geographic location creates an ease of doing business not only in the U.S. and American markets, but also means Europe and Asia are equally accessible. Colorado’s Mountain Time zone allows for same day communication with both U.S. coasts, Europe, South America, and Asia.

QUALITY OF LIFE Colorado offers big city amenities throughout the state, with the highest number of resident participation in the arts, miles of hiking and biking trails, skiing, dining options, five major sports teams and more that makes every day an adventure.

CUTTING EDGE INDUSTRIES Colorado is a hub for advanced and emerging industries including aerospace, quantum technologies, biotechnology and more.

Visit choosecolorado.com to learn how Colorado can be your next business location.

Average low of 60 degrees F. 4 of the top 10 beaches in the U.S. 1,350 miles of coast line. #2 infrastructure in the U.S. 20 Commercial Service Airports.

Largest Air Traffic Hub in western hemisphere.

WITH WONDERFUL WEATHER THAT ATTRACTS TERRIFIC TALENT, FLORIDA IS WHERE YOUR BUSINESS BREAKS THROUGH. 15 Deepwater Seaports. #1 ranked state for higher education.

3rd largest overall workforce in U.S. No Manufacturing equipment sales tax.

20-Year Capital Investment Tax Credit.

PORTMIAMI

Miami, FL

4th ranked US state in foreign-owned firm employment. $153.6 billion in international trade (airport and seaport).

Second largest FTZ

EnterpriseFlorida.com