Behind the reason not only VinFast, a series of Big Tech from Apple, Google… landed in North Carolina in the past 2 years
Recently, not only a series of Big Tech (big technology companies) but also small technology companies have chosen North Carolina to build factories. Last year, Apple announced plans to build a new work center in the state.
Apple’s new center, located in the capital city of Raleigh, is part of Apple’s plan to invest $430 billion and create 20,000 jobs across the United States over the next five years. About 3,000 jobs at the center in Raleigh will involve a variety of engineering fields, including artificial intelligence (AI) and software engineering, with an average salary of $187,000 per year.
Christopher Chung, Executive Director of the North Carolina Economic Development Partnership said:This is Apple’s first new campus in more than 20 years. At the same time, this is also one of the newest and largest projects among technology projects entering the state in the past 2 years.“.
As part of the $1 billion investment program in North Carolina, Apple will create a $100 million fund to fund schools and community assistance programs across the state, and will also contribute more 110 million USD to build infrastructure.
Notably, this announcement by Apple comes just a month after Google revealed its plans to build a Durham, NC center, for engineers working on Google Cloud products.
Before that, in 2020, a series of technology projects were located in North Carolina, including Centene’s $ 1 billion project. Or like at the end of 2019, Microsoft chose North Carolina to invest $23 million, instead of Houston, to deploy its expansion plan and build its engineering and quantum computing business.
Thus, in industries including IT, science, aviation … growing businesses have continuously chosen North Carolina – a state that is always in the top 5 of the preferred business rankings.
North Carolina was also voted by Forbes as Best State for Business for 3 consecutive years. Along with that, this state also ranks 3rd on the list America’s top states for business by CNBC. Site Selection magazine also ranked North Carolina’s business climate as number one in the nation.
What is behind this wave?
According to statistics, North Carolina recorded double-digit growth in the technology sector, including information technology, energy, environment and life sciences. The state’s tech jobs have grown by 18% over the past five years, well above the US average of 8.9%.
North Carolina also produces more than 25,000 science, technology, engineering and math graduates annually, ranking 2nd for graduates in the STEM (Science, Technology, Engineering, and Math) field. Southeast region of the United States. With more than 475,000 employees, North Carolina has the largest manufacturing workforce in the region.
Another factor is taxes. According to a report released last May, North Carolina ranks among the top states with the most competitive corporate taxes in the nation.
A report by The Tax Foundation, a Washington, DC-based consulting organization, ranks North Carolina third among states with the lowest tax rates for newly modeled businesses, and fifth for small businesses. big business.
Research shows that, over the past decade, North Carolina has implemented tax reforms, including reducing the corporate income tax rate to 2.5% – currently the lowest in the country.
Some notable technology projects “poured” into North Carolina in recent times:
FUJIFILM Diosynth Biotechnologies invested in a $2 billion biopharmaceutical facility, created 725 jobs in Holly Springs and became the largest biopharmaceutical manufacturing facility in North America.
In 2020, businesses in the life sciences sector announced an expansion that would bring nearly $3 billion in new investment and more than 4,800 jobs to the state.
Credit Karma – personal financial technology company, plans to invest more than 13 million USD, adding 600 new jobs.
Invitae Corporation – a leading company in medical genetics, based in San Francisco will invest 114.6 million USD in building a large laboratory and testing facility in Morrisville, creating 374 jobs.
Robinhooda stock exchange app company based in California, invested $11.7 million to set up a customer support office, creating nearly 400 jobs.
Thermo Fisher Scientifica global life science services company, invests in expanding sterile drug product development and commercial production of critical drugs and vaccines, creating 500 new jobs.
Most recently, on March 29, VinFast and North Carolina signed a memorandum of understanding on the construction of a factory with an investment of 2 billion USD in phase 1. VinFast’s factory will be located at Triangle Innovation Point industrial park, Chatham County with an area of about 800 hectares.
North Carolina Governor Roy Cooper said: “The project will bring many good local jobs, as well as a cleaner environment as more and more electric vehicles appear on the streets, contributing to deflation. greenhouse gas emissions”. Developing a clean energy economy is one of the local priorities. He said the factory will also create thousands of new local jobs.
The head of the North Carolina trade agency, Ms. Machelle Baker Sanders, highly appreciated VinFast choosing this state to start manufacturing operations in North America. She commented: “Automotive assembly plants are a strong driver of economic growth. We will actively work together to ensure that VinFast can recruit a highly skilled workforce, meet development requirements”.
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