This year, the Triangle region, or further defined as the Raleigh-Durham-Cary CSA, has seen some big wins on the economic development front with a number of high-profile job creation announcements in the region. Some of the most significant commitments showcase what is quickly emerging as the economic future of the region, a resilient trifecta of LifeSciences, FinTech, and Tech. The three announcements below are a testament to just how attractive the Triangle region has become for these industries:
LifeScience:
Fujifilm Diosythn Biotechnologies, Holly Springs – The most prominent announcement so far this year and the largest life sciences investment announcement ever in the state of North Carolina, this $2 billion project will create the most extensive end-to-end cell culture CDMO (contract development and manufacturing organization) biopharmaceutical manufacturing facility in North America. The new facility will create 725 high-quality jobs for scientists, quality-control workers, and supply chain experts. The facility will be located in Holly Springs, where Fujifilm already has a presence. The announcement speaks to the region’s strength as a home for the life sciences industry, the growth of which continues to outpace nearly every other sector of the local economy. It also represents a big win over the region’s most significant economic development rival, Austin, Texas, that fell short after offering incentives totaling more than $300 million compared to NC’s offering of $90 million.
FinTech:
PennyMac, Cary – The California-based specialty financial services firm will create more than 300 jobs and invest $4.3 million to establish a mortgage fulfillment production center in Cary, NC. The new facility will span 35,000 square feet of space production, business technology, and IT support. The region’s talent pipeline, steady business climate, and exceptional quality of life were reasons for the move. This highlights two trends the state, as well as the Triangle, continue to see: expansion of FinTech (financial technology) businesses and an influx of operational hubs from large companies headquartered out of state.
Tech:
Google, Durham – The tech giant plans to create an engineering hub focusing on cloud computing that will bring 1,000 jobs to downtown Durham’s Durham Innovation District. The move will begin in May to the temporary location, but evaluation of several locations for the permanent home is already underway. Google has already had a strong presence in Durham as they currently work with American Underground and cited ties with Duke University as one reason for the move. The move will nearly double Google’s footprint in the state. As many will remember missing out on Amazon HQ2 and (for now) the new Apple campus, this announcement represents a big win in the tech world. With Google’s two biggest offices outside of Mountain View, CA, in NYC and Austin, this could cement the Triangle region as a top 4 US tech hub. One of the main drivers behind the selection is the region’s strong tech talent pool coming from the major universities. Still, Google is also looking to diversify its largely California-based employee base.
While just three announcements, the level of commitment in terms of dollars invested and jobs created are massive. The Triangle region’s national prominence in the LifeSciences, FinTech, and Tech sectors continues to grow primarily due to a steady increase of recent investments like these. Other companies in these sectors are taking notice and putting the Triangle on their list as they re-evaluate their corporate strategies in the wake of the pandemic. The Triangle region is highly attractive to all three industries due to the strong talent pool, unbeatable quality of life, and steady business climate. As the region’s reputation grows, so too does the economic development trajectory.