Category Archives: Economic development

Everything you wanted to know about the new JDIG incentives legislation

From the bill summary released in House Finance and Appropriations on March 3, 2015. CURRENT LAW: JDIG is a discretionary program of the State that provides funds to incentivize new or expanding business to create jobs in the State. The amount of the JDIG incentive to a company is equal to between 10% to 75%Continue Reading

NC’s Economic Development – Yesterday and Today

As I was looking through The General Assembly’s Fiscal Research Division presentations, I found one about the state’s economic development programs.  I thought it was interesting to see that the state invested in the Community College system prior to the 1990s as a way to increase economic development, and in a relatively short time periodContinue Reading

Did you know about Economic Development….?

Did you know that in fiscal year 2011-2012, North Carolina devoted more than $1.3 BILLION to economic development expenditures.  And that doesn’t even count what the local governments did. Five major expenditure categories: Tax Expenditures = $1.2 billion Grants = $37 million Support services = $31 million Pass-through = $27 million Transportation = $6 millionContinue Reading

Charlotte’s latest corporate welfare scheme

Charlotte’s latest corporate welfare scheme, approved by the city council yesterday, is $3.3 million for Frito-Lay to expand a plant.  $3.3 million for an expansion that will create 30-35 jobs over the next three years.  That’s about $100,000 per job — jobs that are expected to pay an average of $50,000 per year. And thisContinue Reading

Justice Center Report highighlights problems with NC incentive program

There is a bill in the NC House to raise the cap on the amount NC can spend on incentive programs.  In addition to raising the cap, Governor McCrory also wants to create a closing fund, so he can offer more money to a company to ‘seal the deal’. While these are two bad ideas, theContinue Reading

Failure of the “Great Society”

Allen West has a great article in The Washington Times this week entitled “The failing legacy of the ‘Great Society': The nanny state has taken a toll on black America.” But the demand that the “more” must be done by government through a stronger safety net, wealth redistribution and mandated equality measures overshadows the yearsContinue Reading

State Business Incentives Database

Click on the map below to see how North Carolina’s 30 incentive programs compare with neighboring states. If you click on the blue button “View All State Programs” then you get a list of the program name, provider, and a description of the incentive.  We always hear a lot about One NC and JDIG, butContinue Reading

Cutting subsidies makes sense everywhere

My colleague Roy Cordato has written and spoken in recent weeks about the fall in gas prices and why it’s good news.  His basic argument is that petroleum is an input into virtually everything we buy, so not only do lower gas prices make it less costly to fill up our cars (leaving more moneyContinue Reading