From biotech hubs in Massachusetts and North Carolina to advanced manufacturing gains in Georgia and New Jersey, states across the Eastern U.S. are leveraging their strengths to attract investment, create jobs and drive innovation.
Central Florida continues to top many economic rankings. The Orlando Economic Partnership notes that in 2024, Orlando surpassed $200 billion in real GDP and led the nation in job growth among large metro areas, adding 37,500 new jobs, an increase of 2.5 percent.
Nearby Tampa is also a growing center for clean tech and logistics. NXTPoint Logistics announced in April 2025 that it will open a 193,000-square-foot 3PL distribution center, while Lithium Battery Corporation announced 50 jobs at a new manufacturing facility. Meanwhile, in the southern part of the state, enterprise Apple software firm Kandji announced in February 2025 that it would locate its East Coast headquarters in Coral Gables.
*State’s rank in the 2025 Chief Executive Best & Worst States for Business (ChiefExecutive.net/best-worst-states-business)
Tennessee is luring manufacturers with value, infrastructure and talent. South Korean power transformer manufacturer Hyosung HICO announced in May 2025 a $51 million expansion and 123 new jobs at its facility in Shelby County. ABB Electrification announced a $76 million investment and 50 new jobs in Selmer. Tootsie Roll Industries subsidiary Charms also announced in February 62 new jobs and a $92 million expansion in Covington.
Global HVAC leader AAON is building a $238 million production facility in Shelby County. In January 2025, NOVONIX announced an expansion that could generate more than 1,175 jobs.
In 2024, North Carolina landed more than 160 new economic development projects, resulting in $16 billion in capital investments and more than 17,000 new jobs. About a quarter were direct foreign investment from 17 countries and represented $8 billion in capital.
In May 2025, Genentech announced 400 new jobs at a $700 million manufacturing plant in Wake County. This builds upon investments by other life sciences companies such as Fujifilm Diosynth, Amgen and CSL Seqirus.
Manufacturing remains robust. In February, Toyota began production at its North Carolina battery facility, which encompassed an investment of $14 billion.
In fiscal year 2024, the GDEcD Global Commerce team supported 429 facility expansions and new locations with over $20 billion in investment and nearly 27,000 new jobs. More than 80 percent of the recently announced investments have been in rural areas, adding $12.5 billion and more than 18,000 jobs. In February 2025, the state announced it surpassed $53.1 billion in exports, a year-over-year increase of 6.4 percent.
Duracell announced in February that it would establish a $56 million global headquarters for R&D in Atlanta. PBS Aerospace announced a $20 million investment at its North American headquarters in Roswell.
In 2024, Northern Virginia contributed more than $302 billion to the state GDP, representing 42 percent of the commonwealth’s total output. “We continue to lead in deep tech transcending AI, quantum, national security, space commercialization and data infrastructure,” notes Victor Hoskins, CEO of the Fairfax County Economic Development Authority. “For CEOs evaluating their next phase of growth, this is a region where clarity, capacity and confidence align.”
Enabled Intelligence, a data service company headquartered in Fairfax County, launched the nation’s first Registered Apprenticeship in AI Data Annotation. Hoskins notes AI and data infrastructure are expanding faster than any other sector, driven by cloud adoption, federal demand for secure autonomy and the density of talent in the region. Northern Virginia’s data centers generate more than $1 billion in annual tax revenues.
Primarily driven by automobiles, aircraft parts, machines, plastics and rubber, South Carolina’s exports grew to $38 billion in 2024, the highest volume since 2019.
Notable investment from foreign companies includes a $34 million investment by Turkish copper wire manufacturer Mega Metal that will create 135 jobs. Canadian manufacturer Aerowerks is also establishing its first U.S. operations at a $10 million facility in Cherokee County that will create 52 jobs. FAYAT Group, a French road equipment manufacturer, is expanding operations and creating 75 jobs in Fairfield County. “The fact that FAYAT is once again investing in Fairfield County by nearly doubling its footprint is a testament to the successful implementation of this decision and the talent and dedication of the workforce,” said Rob Mueckler, FAYAT road equipment division general manager, in a press release.
The New Kentucky Home Initiative is bringing together economic development and tourism. The commonwealth has seen record growth over the past five years, with more than $35 billion in announced private-sector investments.
Another bright spot is the manufacturing sector. Recent projects like the $712 million Shelbyville Battery Manufacturing facility to produce self-contained energy storage systems are creating more than 1,500 jobs. Toyota is also increasing its investment in the state to $1.3 billion to support electric-vehicle production, and Tyson Foods is opening a $355 million bacon production facility that will create nearly 450 jobs.
New programs in Alabama include the Alabama Development Fund, Catalyst and Site Evaluation and Economic Development Strategy Act.
Auto manufacturing is thriving. In 2024, the sector launched more than $1 billion in capital investments and announced more than 1,300 new jobs. The state is now a top-five auto-producing state, with vehicles the state’s top export, reaching $10.7 billion in 2024.
Last year, Smuckers opened its $1.1 billion manufacturing facility in Jefferson County. Novelis is investing an additional $1.6 billion in its mill in Baldwin County, while Meta Platforms is starting on an $800 million data center in Montgomery. Arcelor is investing $1.2 billion in a facility in Mobile County, and Toyota announced a $282 million expansion and 350 new jobs at its facilities in Huntsville.
Delaware has seen several life sciences and manufacturing project investments. Global clinical research organization QPS Holdings announced in May 2025 a $16.6 million expansion and 135 new jobs at its Newark headquarters. In January 2025, Synnovation Therapeutics announced 40 new jobs in Wilmington. “Delaware’s strong commitment to building a robust biotechnology ecosystem in the greater Wilmington area was a key factor in our decision to expand there,” said Synnovation CEO Wenqing Yao in a press release.
Manufacturing and distribution is also growing. PepsiCo plans a $62 million facility and 77 jobs in Claymont. Encompass Elements has announced a $3.2 million investment and 31 jobs in New Castle, while France-based Satys announced the opening of its second U.S. location in the area.
New Hampshire ranks second in the U.S. New and World Report’s list of the best state in the country to live, based on healthcare, education, natural environment, infrastructure and opportunity. The Granite State came in just behind Utah.
In April 2024, Life is Good opened a new 500,000-square-foot factory. Target is also building a 1.4 million-square-foot distribution center employing 2,100 workers. In July 2024, ECL Entertainment announced it would build a $250 million casino and create more than 600 jobs in Nashua.
Louisiana has witnessed record investments recently, with many multi-billion projects announced. In December 2024, Facebook and Meta announced a $10 billion AI data center and 500 new jobs in Richland Parish. It will be the largest of more than 20 Meta data centers worldwide. “Louisiana has been actively positioning itself as a hub for AI innovation, with plans to support startups, grow a skilled workforce and shape forward-thinking policy,” said LED Secretary Susan B. Bourgeois in a press release.
Hyundai Motor also announced in March 2025 a $5.8 billion steel manufacturing facility, the company’s first steel mill in North America. The project will create more than 1,300 direct jobs with an average salary of $95,000.
Pennsylvania recently revamped its permitting process so companies can get to market easier and faster. The state’s Department of Environmental Protection has reduced its permit backlog by 88 percent and reviewed 9,000 applications in 2025. It also invested heavily in site development, with Gov. Josh Shapiro securing more than $500 million to support the buildup of pad-ready sites.
The Philadelphia area is becoming a national leader in cell and gene therapy. Last year, GSK announced an $800 million investment in Marietta that will create 200 high-paying jobs. “It’s exactly the kind of project that happens when we work to create a business environment that makes Pennsylvania more competitive, and we’re excited to keep supporting major projects like this one,” said Rick Siger, secretary of the Pennsylvania Department of Community and Economic Development.
Among multiple initiatives in 2025, Rhode Island’s Manufacturing Equipment Grant Program offers up to $25,000 in reimbursements to small manufacturers (fewer than 50 employees) for new equipment purchases. The Invention Incentive Program also helps shore up local innovation by offering individuals and small businesses up to $5,000 for patent application costs. And the Blue Youth Innovation Grant announced in February 2025 aims to prepare at least 100 students for careers in ocean technology sectors like robotics and AI applications in undersea environments.
“We are charting a course toward a brighter and more prosperous future for Rhode Islanders through education,” said Gov. Dan McKee in a press release. “Helping to advance the Ocean Tech Hub and our blue economy will help raise incomes and lead to greater economic prosperity.”
In 2024, the state released a reset of its 2019 strategy and plans for nearly $1 billion in federal funds from the American Rescue Plan. Part of that strategy is to cultivate a vibrant and environmentally responsible economy with three goals: to grow average annual wages by 10 percent, increase the value of sales per worker by 10 percent and attract 75,000 people to the state talent pool. A new Outdoor Recreation Roadmap aims to grow its outdoor recreation economy from $3.4 billion to $3.7 billion in 10 years by focusing on education, accessibility and workforce development.
Maine also continues to grow as a hub for oceanographic research and marine science. Construction is underway for a $30 million expansion at Bigelow Laboratory in East Boothbay with new classrooms, laboratories and a flexible forum space.
Strategic investments and collaboration are driving economic development in Maryland. In March 2025, Lifetime Brands announced it would create 230 jobs at a new distribution facility in Washington County. Avail Enclosure Systems also announced a $9 million expansion and 45 jobs on the Eastern Shore. PwrQ, a leading provider of end-to-end power systems solutions for critical infrastructure facilities, announced in February 2025 an expansion and 160 new jobs in Hanover.
The state also invested an additional $9 million allocation in Build Our Future programs to support 11 innovation infrastructure projects. Maryland recently ranked as a top destination for minority-owned businesses, and in 2024, the small, minority and women-owned business account supported more than 170 businesses and 2,600 jobs.
West Virginia is continuing to diversify into manufacturing and tech. Commercial Metals Company announced in April 2025 plans for a $450 million state-of-the-art micro mill and to create more than 230 jobs in Berkeley County. Toyota Manufacturing announced in April 2025 an $88 million investment at its Buffalo plant, while Niterra North American announced plans for a 75,000-square-foot distribution center and 30 new jobs at its Sissonville campus.
Nonprofit Generation WV also held its first conference in early 2025 to bring together state leaders, educators and businesses to support public-private workforce partnerships.
The small rural state of Vermont continues to thrive with grassroots growth and green investments. In the summer of 2024, the Green Mountain Accelerator Fund made its first investment for $75,000 in Tacitly, a company specializing in creating augmented reality and virtual reality technology. Capital investments from this fund are designed to accelerate the growth of early-stage tech businesses. It’s an “evergreen” $3 million pre-seed investment vehicle funded by the U.S. Department of Treasury State Small Business Credit Initiative and a partnership of the Vermont Economic Development Authority and the Center on Rural Innovation.
In January 2025, Compass Datacenters announced a $10 billion campus in Meridian, one of the most significant data center developments in the Southeast. “Through our pro-business policies and favorable business environment, we continue to establish our state as an ideal location for high-tech developments by providing the resources needed for innovation and growth,” said Gov. Tate Reeves in a press release.
Manufacturing and distribution also continue to spur development. Southeastern Timber Products announced in February 2025 a $123 million expansion at its operations in Ackerman. Vicksburg Shipyard announced in March 2025 that it will invest $26 million in vessel repair and maintenance operations. And in April 2025, GE Aerospace announced 100 new jobs with an $11 million expansion of its manufacturing operations in Batesville.
Connecticut receives the most federal defense contract dollars per capita of any state, said John Bourdeaux, CEO of AdvanceCT. Announcements include ARKA Group’s investment of over $85 million in its Danbury facilities, and nuclear submarine manufacturer General Dynamics Electric Boat’s $205 million investment at its shipyards in Groton.
On the supplier side, the state has seen an influx of international companies seeking to rebase their operations closer to their primes. For example, South Korea-based Hanwha Aerospace has invested heavily and expanded its operations in the state. Germany-based MTU Aero Engines is celebrating a significant expansion of its engineering arm in Rocky Hill. Both companies are among Pratt & Whitney’s tier-one suppliers.
Since its inception in 1999, the New Jersey Economic Development Authority’s (NJEDA) Net Operating Loss (NOL) Program has yielded a $28 billion impact, supporting nearly 600 companies and over 31,000 workers. Netflix broke ground in May 2025 on a $900 million production facility at the former Fort Monmouth Army base in central New Jersey. UAE-based Hotpack Global announced a $100 million investment in its first U.S. manufacturing facility in Edison. Over the next five years, it will create more than 200 jobs. L’Oréal Groupe also opened a $160 million research and innovation center in Clark.
Gov. Phil Murphy recently inaugurated the New Jersey Artificial Intelligence Hub. In collaboration with Princeton, Microsoft and CoreWeave, it aims to provide a collaborative space for AI startups and position the state as an AI research and development leader.
The life sciences industry remains a key driver in Massachusetts. Biogen announced in March 2025 plans for a global headquarters and innovation hub in Cambridge. The 580,000-square-foot facility will consolidate operations, foster collaboration and enhance its research abilities. Roche is launching the Roche Genentech Innovation Center Boston at Harvard’s Enterprise Research Center.
ITF Therapeutics, the U.S. affiliate of Italfarmaco, opened a new headquarters in Concord in March 2025. It will accommodate up to 40 team members and serve as a community engagement center for rare disease patients. Additionally, ADA Forsyth Institute relocated a new facility to Somerville in January 2025, doubling its research capacity over the next five years.
In May 2025, Gov. Kathy Hochul launched the 2025 Regional Economic Development Council Initiative with the $150 million ACHIEVE competition to support high-impact regional projects. The FY26 executive budget also includes $90 million in funding to expand the Empire AI Consortium to drive AI development in the state. Also in planning is the $200 million One Network for Regional Advanced Manufacturing Partnerships Program to create a network of high-impact workforce development centers around the state. “These new ON-RAMP centers will be critical parts of the new I-90 advanced manufacturing corridor, giving New Yorkers the skills and training necessary for a good-paying job,” Governor Hochul said in a press release.
Manufacturers continue to announce new projects in the Empire State. In April 2025, Chobani announced plans to build a $1.2 billion manufacturing facility and create over 1,000 jobs in Rome. Corning also announced in January 2025 a $315 million expansion and 130 new jobs at its facility in Canton.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
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Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
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10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
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The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.