The American South Advantage Newsletter

Southern Economic Development Council Newsletter • Spring 2024

American South's Economic Growth:

Pro-Growth Policies and World-Class Business Environments Driving Success

Atlanta, GA – On May 1, world-class consultants and experts, Blair Westmoreland of DMA, Chris Lloyd of McGuireWoods, David Denison of Kroll, Gray Swoope of VisionFirst Advisors, and Will Johnson of Haynsworth Sinkler Boyd, joined a panel at the SEDC #AmericanSouth Site Selection Summit to discuss the robust economic incentives and pro-growth policies driving the American South's prosperity. The session provided a comprehensive overview of how these strategies are attracting investments and stimulating regional development.

Accelerated Opportunities:

Kentucky's Product Development Initiative Delivers Results

The Kentucky Product Development Initiative was created in statute by the Kentucky General Assembly in 2022 after seeing the success of a three-year pilot project that was developed through a partnership with the Kentucky Association for Economic Development (KAED) and the Kentucky Cabinet for Economic Development (CED). Between 2019 and 2021, the pilot project used roughly $3 million per year in economic development bond funds to invest in site development in communities throughout the Commonwealth. The program was coined the Kentucky Product Development Initiative, or KPDI.

Louisiana is strengthening its site development toolkit, positioning to win

Identifying the ideal location is a business’s first critical step to any successful business relocation. For more than a decade, Louisiana has been crafting and promoting programs to make this decision easy for potential businesses.

Big Moves in Mississippi

For years, Mississippi has recognized the need to expand the state’s portfolio of shovel-ready industrial sites or watched as neighboring states out-compete Mississippi in product development. To ensure Mississippi remains ready to meet the needs of future industrial projects, the Mississippi Development Authority (MDA) has used its Site Development Grant Program to invest millions of dollars into an extensive, vetted list of ready, premier, and select sites. Since the start of the program seven years ago, $73 million has been invested in infrastructure at 70 sites.

North Carolina makes mega room for industry

CNBC has named North Carolina as America's Top State for Business in 2023 for the second year in a row. Sweeping tax reforms over the past ten years accelerated the state’s ability to support flourishing businesses. The state’s popularity rose quickly, requests for information about potential sites rose just as quickly, and North Carolina had phenomenal success attracting mega projects including Toyota’s electric vehicle (EV) battery project in Liberty, VinFast’s EV assembly and battery project in Moncure, and Wolfspeed’s semiconductor project in Siler City.

Planting SEEDS in Alabama

There was a great deal of buzz around the Alabama SEEDS Act at the recent Meet the Consultants Summit in Atlanta. Only passed last year by the Alabama State Legislature, the program is already promoting infrastructure growth throughout the state.

Virginia's Economic Evolution:

From Business Ready Sites to Expedited Permitting

Virginia is taking steps to ensure the availability of construction-ready sites, which will help the Commonwealth compete to win transformational megaprojects.

Quick Tip Videos

Working with General Contractors

Heather Ramon-Ayala, Director of Business Development, Yates Construction, provides a quick tip when working with General Contractors.

Watch

Feasibility Study vs Strategic Plan

Southern Economic Development Council member Andy Coe, Principal, Convergent Nonprofit Solutions, speaks about the difference between Feasibility Study and Strategic Plan.