The rankings clearly reflect the impact of geopolitical and economic instability, as well as technology.
Q1 2023
The high rankings associated with talent related issues such as labor costs and availability of skilled labor remain of top importance to corporate decision-makers, as they have for many years. This comes as no surprise given how important workforce is as a site selection factor.
In addition, it is important to note the items that took a big jump on the list from 2021 to 2022. A few noteworthy items include:
- Quality of life (closely aligned with attracting and retaining talent) jumping from being tied for 11th to 2nd place in the rankings;
- Construction costs moving up from being tied for 11th to 5th due to the impact of inflation;
- ICT/broadband leaping from 26th to 6th due to growth of remote working; and
- Energy costs, which did not appear as a separate entity on the list in 2021, ranking 8th among the site selection factors due to changes in energy policy and inflationary pressures.
The high rankings associated with talent related issues such as labor costs and availability of skilled labor remain of top importance to corporate decision-makers. As we look at the survey results for 2022 and consider what is ahead in 2023, we are facing significant headwinds and disruption at a level not seen for decades, if ever. The rankings clearly reflect the impact of legislation, fiscal policy, geopolitical and economic instability, and technology.
These unchartered waters have created a more challenging environment for corporate decision-makers. Subsequent site selection decisions will be impacted in the short and long term based on what we are experiencing currently. Unlike in past economic downturns, we are unlikely to see the economic landscape bounce back to where it was before this current downturn.
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Larry Gigerich, Executive Managing Director , Ginovus
Larry Gigerich serves as executive managing director of Ginovus, a globally recognized provider of location modeling, site selection, and economic development incentive procurement and management services. He is a nationally recognized economic development leader with more than 30 years of local and state government, not-for-profit, and private-sector experience. Larry has worked on approximately 600 economic development projects resulting in over $12 billion in capital investment, the creation of over 100,000 new jobs, and the retention of over 200,000 existing jobs. Named by Governing magazine as one of the nation’s best economic development officials, Larry was also named one of Indiana’s Top 250 most influential and impactful leaders. Larry is a regular speaker and panelist at conferences throughout North America.
Project Announcements
Bakery Express MidWest Establishes Boone County, Kentucky, Operations
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Eastern Light Distilling Establishes Rowan County, Kentucky, Operations
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France-Based Mersen USA Expands Bay City-Greenville, Michigan, Operations
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Musser Biomass and Wood Products Expands Wythe County, Virginia, Operations
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EAM-Mosca Expands Luzerne County, Pennsylvania, Operations
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Averitt Express Expands North Charleston, South Carolina, Operations
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South Korea-Based Enchem America Plans Brownsville, Tennessee, Electrolyte Manufacturing Plant
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