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Believe it - Triangle region lands record $1.9B in business projects

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Note: The Skinny blog is written by Rick Smith, editor and co-founder of Local Tech Wire and business editor of WRAL.com.

RESEARCH TRIANGLE PARK, N.C. – Believe it or not, Triangle, the region is still drawing new businesses, corporate expansions and jobs. So many, in fact, that Charles Hayes, chief executive officer of the Research Triangle Regional Partnership didn’t believe the latest data.

“It shocked me,” Hayes said of the 2009 report prepared by his staff in an interview with Local Tech Wire and WRAL.com. “In fact, I asked them to do it again because I didn’t believe them!”

The numbers are fact, not fiction, and are a record:

• $1.9 billion in new projects or expansions in the Triangle proper and surrounding counties

• More than 10,000 jobs.

The total in project dollars broke the investment/expansion record of $1.4 billion announced projects in 2008. The jobs announcements exceeded the 6,000 announced in 2008 and the 8,600 disclosed in 2007.

All the good news came despite a global recession and a soaring unemployment rate in North Carolina that’s well above the national average.

“It’s amazing, isn’t it,” Hayes asked.

Of course, he noted, announcements don’t always mean foundations, plants and jobs since “Companies change their minds."

But Hayes, whose group champions the region's economic development, also pointed out that “the news here is we have a lot of growth in the pipeline” and the same is true for 2010. Prospects are very good with he and his staff working on scores of potential deals.

“Right now we have 45 active projects that represent $1.4 billion of new investments if they all were to locate here, and they won’t,” he said. “But this could be another 10,000 jobs.

“Again, we have a good pipeline.”

Why in such a dire economic climate? Hayes admits asking himself the same thing but then he points out several reasons.

“2009 was one of the worst years, and the recession is certainly the worst since the great Depression,” he said, “but I don’t think we live in the real world.”

He cited such factors of 44 percent of residents have college degrees, the economic climate overall with high-tech and life science firms in abundance, the region’s unverisities, the climate and quality of life.

In other words, the triangle remains a hot place to be.

Hayes will deliver a more in-depth report at the regional partnership’s annual briefing on May 27.

Some of the highlights that the group compiled for a newsletter being delivered Friday include:

• EMC Corporation, Durham County, $280 million new investment, 290 jobs.

• Talecris Biotherapeutics, Johnston County, $269 million expansion, 259 jobs.

• SAS, Wake County, $70 million expansion.

• Shalag Industries, Granville County, $17 million new investment, 72 jobs.

• Deutsche Bank Global Technology, Wake County, $6.7 million new investment, 319 jobs.

• North American Aerodynamics Inc., Person County, $900,000 expansion, 375 jobs.

Hayes pointed out that a big portion of the $1.9 billion figure is a $700 million plan by Duke’s medical system for a massive expansion. “That is coming from an existing business, but they didn’t announce it the year before and the numbers are the numbers,” he explained. “That [Duke news] shows the strength of your existing fabric of business and also shows the strength of the region in the healthcare industry.

“With UNC hospitals, WakeMed and others, we are a health Mecca.”

And overall, the region’s economic health is substantially better than many other parts of the country – well, make that the world.

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The Skinny

WRAL Local Tech Wire Publisher and Editor Rick Smith dishes out tidbits from the local technology sector. Read more articles…