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Top 10 Southern Major Markets the
Last 10 Years
By Lisa Maseng
Methodology: The top 10 Southern major markets
over the last 10 years were chosen based on the results
of the SB&D 100 between 1993-2002 (1992-2001 calendar
years). Under SB&D 100 rules, states, counties and
markets receive 10 points for each corporate expansion,
relocation or startup that makes the SB&D 100. The
SB&D 100 ranks the top 100 job announcements and
top 100 investment announcements made in the South each
calendar year. In addition, five points are earned for
just missed deals. Just missed deals are those that
announce 200 jobs and/or $30 million in investment up
to the SB&D Job 100 and SB&D Investment 100
thresholds that are created each year. For example,
if the 100th-largest job announcement made in the South
was 550 jobs, all job announcements from 200 jobs to
549 are worth five points. The following major markets
are the top 10 earners of points over the last 10 years
of the SB&D 100.
#1 Hampton Roads, Virginia: 665 Points
Hampton Roads, comprised of Chesapeake, Norfolk, Newport
News, Portsmouth, Suffolk, Virginia Beach, and Isle
of Wight, has captured international acclaim as a standout
business location during the last 10 years. The fourth
largest metro area in the southeastern U.S., this market
is home to a population of 1.6 million and a work force
of 750,000.
Accessibility, port facilities, defense presence, and
business support clusters are the bedrock of Hampton
Roads' ongoing success. Over 90 percent of the world's
shipping lines utilize the Port of Hampton Roads, linking
Virginia to more than 250 ports in more than 100 countries.
Norfolk International Airport also serves as an international
connection for the region with 220 flights per day including
non-stop service to 16 U.S. and international gateways.
The global character of Virginia's Hampton Roads has
been further enhanced by a solid presence of international
firms. A total of 159 firms from 23 countries operate
in the region.
#2 Richmond, Virginia: 650 Points
Whether it's the package of benefits for businesses
starting up or moving in (including up to $30,000 to
improve a building's appearance and security) or a 10-year
income tax credit of 80 percent for the first year and
60 percent thereafter, Richmond is booming with business
advantages. That's why innovative companies have consistently
chosen Richmond during the last decade. Infineon, for
example, selected this market for the first semiconductor
plant to commercially produce 300 mm wafers on the East
Coast.
The state capital of Virginia, Richmond's diverse local
economy includes 12 Fortune 1000 corporate headquarters.
It is also a manufacturing, distribution, and university
center. As such, the unique blend of government, scholastic,
and corporate alliances foster other important regional
projects that improve the area including Virginia Biotechnology
Research Park, VCU Engineering School, canal/riverfront
development, and downtown development. Also fueling
its continued growth, Atlantic beaches, Blue Ridge mountain
ski slopes, and Washington DC's cultural amenities are
only two-hour drive away from this megalopolis.
Charlotte, North Carolina: 650 Points
In the last 10 years, the Charlotte region has grown
into the second-largest financial center in the nation
and the second-largest trucking center in the Southeast.
The strategic infrastructure assets of rail and air;
combined with its balance of business strength, accessibility,
and quality of life, make Charlotte attractive for transatlantic
business partnerships, industrial growth, and corporate
headquarters locations. That 's why Charlotte's new
and expanding businesses have invested over $18 billion
in the last decade, creating more than 170,000 new jobs.
Last year alone, 626 companies invested $2.3 billion
producing 13,000 new jobs. Charlotte also reigns as
a national sports market with teams in the NFL, IHL
and Triple-A baseball, and is considered a major NASCAR
headquarters.
#4 Memphis, Tennessee: 615 Points
Memphis is the 18th largest city in the U.S. with 650,100
people. Driving its tremendous economic growth of the
last decade, this market is at the hinge of the regions
where the Southeast meets the Mid-West and the Southwest,
just a two-day truck delivery away from 45 states. With
its 300 truck lines, five Class I railroads, the world's
largest cargo airport, and the FedEx world hub, Memphis
offers a complete intermodal transportation solution
for any business need. The nation's fourth-largest inland
port is also located in Memphis along the Mississippi
River.
This elite transportation network has helped the city
to become one of North America's premier distribution
centers as well as one of the fastest growing "ports
of entry" in the country over the past 10 years.
Imported goods are shipped to Memphis by rail, water,
truck, and air where they clear customs, are warehoused,
assembled, and distributed throughout North America.
#5 Orlando, Florida: 570 Points
Major industry sectors such as high technology, manufacturing,
film, television, digital media production, and international
trade have gravitated in record number during the last
decade to Orlando -- a place where industry is as diverse
as the population.
Growth of high tech has been Orlando's biggest story
of the last 10 years. Over 3800 companies now employ
over 70,000 people, making Orlando's high-tech industry
the area's second largest employment sector. High-tech
jobs range from software development and laser research,
to electronic manufacturing and electrical engineering.
Microelectronics; photonics; modeling, simulation and
training; information technology; computer software
and aviation/aerospace have also grown in Orlando in
recent years.
Also transforming Orlando into one of the South's best-performing
markets is the area's multi-modal transportation system
and central location, which make it an efficient hub
for moving people and products. Orlando's International
Airport manages nearly 1,000 operations per day, and
is one of the fastest growing international airports.
Port Canaveral, located one hour to the east, is one
of the few quadra-modal, containerized ports in the
country.
#6 Austin, Texas: 555 Points
The creative, highly skilled work force is a major
reason why so many businesses have located in this Central
Texas city over the last decade. Austin is called a
"City of Ideas" -- Ideas that spark growing
industry sectors such as nanotechnology, biosciences
and digital entertainment. Austin is also recognized
as a leader in attracting the "Creative Class"
-- those who make their living by composing, designing,
problem finding, and problem solving. They include engineers
and musicians, scientists and actors, software writers
and novelists.
Venture capital and a trained quality work force are
the underpinnings of a successful business. Austin's
reputation in the last 10 years proves that it can secure
both. The Greater Austin Chamber of Commerce works with
industry clusters such as semiconductor and information
technology to encourage and prepare young people for
challenging careers through its Capital Area Training
Foundation (CATF). Working with area schools and colleges,
this foundation creates work force development solutions
in electronics, computer-aided design, semiconductors
and multimedia.
#7 Oklahoma City, Oklahoma: 485 Points
Nine vibrant industry clusters have spurred the success
of Oklahoma City over the last 10 years including: biomedical,
aviation, automotive/industrial, logistics, electronics,
oil and gas, hospitality and tourism, customer service,
and education and training.
The local labor pool is large, diverse, and skilled
with a reputation for high productivity. America Online,
Celestica, General Motors, Seagate and Hertz are just
some of the giant industries that thrive here. Yet,
Oklahoma's state government and educational institutions
along with Tinker Air Force Base are considered to be
the economic titans.
In recent years, the Oklahoma City's biomedical research
is also bringing notoriety. Divisions of Dianon and
Genzyme along with growing firms, Inoveon and ProHealth,
are just a few of the companies growing out of the area's
prominent research institutions such as University of
Oklahoma Health Sciences Center and Oklahoma Medical
Research Foundation. What's interesting about Oklahoma
City making the top 10 is that they were only eligible
for seven of the 10 years. The first three years, Oklahoma
was not in SB&D's coverage territory. It was added
in 1996 (1995 calendar year deals).
#8 Jacksonville, Florida: 440 Points
When assessing Jacksonville's economic strengths of
the last decade, its financial services industry base
has consistently been a magnet for growth -- 50,000
new jobs created in the past five years by companies
that expanded or relocated to Jacksonville. The city
is home to giants including Bombardier Capital, Homeside
Lending, Atlantic Mortgage & Investment, and Citibank.
Commerce has further been fostered through JAXPORT's
(the Jacksonville Port Authority) three seaport facilities
and 20 privately owned marine terminals that move more
than 17 million tons of cargo annually throughout the
world. This seaport handled 538,408 vehicles in 2000,
making it the second-largest automobile-handling port
in the United States.
Recently, Jacksonville implemented a $2.2 billion investment
program to improve the city's infrastructure, set aside
land for parks and open space, and build new public
facilities downtown. Not resting on its economic laurels,
clearly Jacksonville is focused on keeping its place
as a Top 10 market.
#9 San Antonio, Texas: 435 Points
San Antonio's unique blend of business, technology,
healthcare, manufacturing, service, and tourism make
it a great city in which to live and work-and have helped
it attract the attention of fast-track companies during
the last decade. San Antonio's work force is multicultural
and bilingual, which gives the city an edge in serving
Latin America markets. This is a prime advantage since
more than two-thirds of all U.S.-Mexico trade comes
through South Texas.
The "Alamo City" has seen some significant
business expansions and relocations over the last 10
years. Financial services and back-office centers are
growing industries in San Antonio, as several major
financial and retail companies have brought operations
to this metropolitan area. In addition, the area is
a thriving aerospace market.
#10 Nashville, Tennessee: 410 Points
Nashville, the capital of Tennessee, has emerged in
the last decade as a vital transportation, business
and tourism center for North America. A large number
of companies have recognized that the area's central
location, in the middle of the U.S. population base,
translates into cost savings and shorter delivery times.
This fact, in addition to an impressive list of attributes,
have helped the region experience simultaneous gains
in services, manufacturing and trade during the last
10 years. Nashville's trained and motivated work force
has continually drawn interest from firms seeking a
healthy business climate, consistent long-term growth
and strong economic potential.
Undoubtedly, what has placed Nashville on our list
of the Top 10 Major Markets of the last decade is the
fact that its economy does not rely on any one industry.
Companies across diverse sectors thrive in this market.
Since the early 1990's, Nashville's list of locations
and expansions includes industry giants such as: Nissan,
Caterpillar Financial Services, Saturn, Dell Computer,
Sprint BCS, Bridgestone/Firestone and PRIMUS Financial.
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