They are among the things we measure in our Cost of Doing Business category, along with things like wages, utility costs, and rent. Incentives are increasingly important in a time of record inflation, as companies seek to reduce their costs. So once the jobs are created, once the capital is expended, once the factory is built, then those incentives start to take hold," he said.
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"Large, multinational, multistate companies are paying less in taxes, and everybody else is paying more."īut Stringer, who worked on a number of electric vehicle deals, said states have been careful to build protections into their incentive packages. "Will the average worker in this factory ever pay hundreds of thousands of dollars more in taxes than they consume in state and local public services, they and their family, over their working lifetime? The answer is no way," he said. He said that when states are paying, in essence, hundreds of thousands of dollars in incentives per job, the cost-benefit analysis is out of whack. "It's pretty easy for states and governments to get caught up in the hype," he said. Subsidy watchdog Greg LeRoy of the non-profit group Good Jobs First believes the state incentives for the electric vehicle industry in particular have gotten way out of hand. Not to be outdone, General Motors will pick up a billion in state subsidies to manufacture electric vehicles and batteries in its home state of Michigan.
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Rivian will receive $1.5 billion in state and local subsidies for its Georgia facility. Ford stands to collect $500 million in incentives and enjoy nearly $400 million more in infrastructure improvements for its Tennessee investment, under a deal approved by the state last year. States are also helping companies make their decisions by offering generous incentives for companies to set up shop there. This includes Rivian, which is building a $5 billion assembly plant in Georgia, and Ford, which is teaming up with South Korean battery manufacturer SK Innovation to spend $11 billion on facilities in Kentucky and Tennessee. Infrastructure has been an important consideration in a number of major corporate location decisions, particularly in the fast-growing electric vehicle sector. We also look at sustainability in the face of climate change. Our study looks at roads, bridges, ports and airports, access to major population centers, broadband, and utilities including the electrical grid. "So, there is a big push now in manufacturing across the board."
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"When there's a hiccup in the system, everybody seems to catch the cold now," Stringer said. Stringer said the supply chain crisis has changed everything. The new emphasis on physical facilities comes after two years of focus on remote work because of the pandemic. "When a business makes a decision to commit half a billion dollars or more in capital to a new facility, the infrastructure darn well better be in place - the roads, the bridges, the water, access to employees, the electrical components, redundancies within the system," said Tom Stringer, managing director of the national site selection practice at BDO in New York. Infrastructure is key, and it is the second most important category in this year's rankings. The national effort to rebuild the supply chain takes more than people. "It's really on states in partnership with many organizations within their walls to help address this and to really thrive." Infrastructure and the supply chain "States really rely on people, and they rely on businesses for economic development," Christopher said. In addition to measuring things like college-level educational attainment, the concentration of technical workers, migration patterns and right-to-work laws, we are also looking at the availability of workers with two-year degrees and industry-recognized certifications. With that in mind, we have expanded our Workforce category for 2022. So, it's really on employers and communities to think outside the box, finding dislocated workers."
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"Unfortunately, I think we're going to continue to see a labor shortage. "We see that population growth is at its lowest in history, and this is based on birth rates just not replacing themselves," said Cara Christopher, senior vice president for business development at EMSI Burning Glass, an Idaho-based labor market consulting firm that provided some data on workforce attraction for the CNBC study. economy, not just because of the Great Resignation, but because of demographics. Many experts believe worker shortages will be a long-term feature in the U.S.