The South sweeps top five high growth states in the U.S. 

Five Southern states — South Carolina, Texas, North Carolina, Florida and Tennessee — rank No. 1 through No. 5 in U-Haul’s annual growth ranking that came out in mid-January. U-Haul Growth ranked these states in the South in its index compiled from more than 2.5 million one-way U-Haul truck, trailer and U-Box portable moving container transactions that occur annually across the U.S. and Canada, according to the company. U-Haul's data analyzed one-way customer transactions during the past year and ranked growth states according to net gain or loss. 

D/FW metro ranks No. 1 for one-way moves in 2024

According to U-Haul, Dallas/Fort Worth was the hottest place in the country for one-way moves last year. Austin ranked No. 5 among the top U.S. growth metros in 2024, and Houston ranked No. 9. Texas was the No. 2 state for move-ins — bested from the top spot after three consecutive years by South Carolina. 

The Dallas-Fort Worth-Arlington area was followed on the recent list by Charlotte, N.C. (No. 2); Phoenix (No. 3); and, Lakeland, Fla. (No. 4). 

Texas was the No. 2 state for move-ins but was beat-out by South Carolina, which is having its best in-migration according to data released by the Census. 

REGIONAL

Eli Lilly plans at least $27 billion in new U.S. manufacturing investments

Eli Lilly announced in the winter quarter that it will invest $27 billion to add capacity through the building of four new manufacturing plants in the U.S. The company is responding to demand to its weight loss and diabetes injections which are soaring in sales. Eli Lilly operates several manufacturing plants in the South. The company is currently in negotiations with several states and welcomes additional interest in the four new plants with additional plants already underway in North Carolina. 

Huntsville, Raleigh, Austin and other Southern markets rank at the top for Southern tech hubs

Huntsville, Ala.; Washington, D.C.; Austin, Texas; Raleigh, N.C., and Dallas round out the top five in the South in a report conducted and published by CommercialCafe. The five markets were ranked by measuring factors like tech job density, median earnings and quality of life. Washington, D.C., was named No. 1. 

The Carolinas are attracting workers and companies at a fast pace

North Carolina and South Carolina remain two of the fastest growing states in the U.S., according to new data from the Census. North Carolina added 164,800 people between 2023 and 2024. With the addition of Northern migrants and companies, the additions bring North Carlina’s population to just over 11 million, or the ninth-largest state ahead of Michigan and Georgia. 

South Carolina has attracted all kinds of companies and people from “up North.” At 1.7 percent population growth, the Palmetto State grew faster than North Carolina from 2023 to 2024, and its population is nearing
6 million people. Florida and Texas remain at the top of state population growth in the U.S.

And the tech talent keeps flowing to Florida, Texas and elsewhere in the South

According to a study by CommercialCafe, the American South was the choice destination for innovation in its 2024 top 20 Southern metros report. The study ranked 2024’s top Southern metros with populations of more than 200,000. Also factored are technology job density, median earnings and overall quality of life. Some of the markets in the top 20 will surprise you. 

Top Southern tech clusters 

Washington, D.C. 

Austin, Texas 

Houston, Texas

Dallas, Texas

Jacksonville, Fla. 

Orlando, Fla. 

Tampa Bay, Fla.

Palm Bay, Fla. 

Crestview, Fla.

Raleigh, N.C. 

Durham, N.C. 

Huntsville, Ala. 

Fayetteville, Ark. 

Charlotte, N.C.

Wilmington, N.C. 

Richmond, Va. 

Charlottesville, Va. 

Roanoke, Va. 

Atlanta, Ga. 

Source: CommercialCafe

ALABAMA

Montgomery stays red hot

Rarely does a quarter go by now without a significant announcement made in Alabama’s capital city. In the winter quarter of 2025, Diageo North America announced a $415 million manufacturing plant in Montgomery. 

Premium drinks company Diageo North America announced plans to open a new manufacturing and warehousing facility in Montgomery with 100 jobs as the company moves to build an increasingly resilient and efficient supply network.

The 360,000-square-foot facility will have a multi-million case annual production capacity for Diageo’s leading beverage alcohol brands. This site will enhance the company’s North American supply chain operations and support future growth for the company’s export business.

The new facility, which will be referred to as “Diageo Montgomery,” will provide a new point of operations closer to the company’s beverage distributors in the Southern U.S. region. The site’s strategic location is expected to reduce required road travel, significantly helping to further mitigate carbon emissions associated with logistics operations.

Alabama Port Authority kicks off Montgomery rail facility project

The Alabama Port Authority, in partnership with CSX, broke ground on the Montgomery Intermodal Container Transfer Facility (ICTF) in March, a state-of-the-art facility that will enhance freight mobility and stimulate economic growth in the region.

Located on a 272-acre site with direct access to Interstate 85 and U.S. Highway 31, the Montgomery ICTF has a throughput capacity equal to 30,000 shipping containers and will provide seamless rail and truck connectivity between central Alabama and the Port of Mobile.

“The Montgomery ICTF is a game-changer for freight movement in Alabama and beyond,” said John Driscoll, Director and CEO of the Alabama Port Authority. “This facility will provide businesses with seamless access to global markets, driving economic growth and strengthening our state’s supply chain infrastructure.”

CSX, a key partner in the $94 million project, will serve the facility, ensuring efficient rail connectivity between the Port of Mobile and inland markets.

Alabama exports total $26.8 billion in 2024, reaching 200 countries

Companies based in Alabama exported goods and services worth more than $26.8 billion in 2024, down slightly from the previous year, but still ranking as the second-highest annual tally for worldwide shipments from the state, Commerce Secretary Ellen McNair announced in February.

The value of last year’s exports dipped 2 percent from the previous year’s record total of $27.4 billion, according to data from the Alabama Department of Commerce. The 2024 total was nearly 30 percent higher than the figure for 2019, indicating strong growth from pre-pandemic levels.

Alabama’s agriculture, food products sector surges with major investment projects

When the J.M. Smucker Co. celebrated the opening of a $1.1 billion manufacturing facility in McCalla, it marked another milestone in a long-running growth spurt that’s energizing Alabama’s key agriculture and food products sector. Since early 2021, more than 50 growth projects in this sector have launched statewide, paving the way for more than $3.5 billion in new investment and creating more than 2,500 jobs, according to Alabama Department of Commerce data.

ARKANSAS

Hybar Steel invests $500K in Mississippi County’s Housing Incentive Program

Hybar Steel has joined the “Work Here. Live Here” (WHLH) housing incentive program in Mississippi County, Ark., as an industry partner. The company is investing $500,000 to help its employees purchase homes in the county. Hybar became the 15th employer to participate in WHLH.

The program offers up to $50,000 toward the cost of a new home and up to $25,000 toward an existing home. Since the program launched in 2023, it has generated $36.1 million in new home value and facilitated 122 home purchases, according to a news release announcing Hybar’s investment.

Hybar is nearing completion of its state-of-the-art steel re-bar mill in Osceola, which is designed to be powered by 100 percent renewable energy, making it the most environmentally sustainable facility of its kind. The company currently employs more than 100 people, with plans to expand to 200 direct employees and 50 to 60 indirect workers. Along with steel workers, Hybar’s career opportunities also extend to employees in human resources, marketing, IT and logistics.

FLORIDA

Big aerospace deal in Volusia County, Fla.

Aura Aero Inc., the French designer and manufacturer of next-generation aircraft, has announced its intent to build a 500,000-square-foot manufacturing and assembly plant in Volusia County at the Daytona Beach International Airport. The facility will create more than 1,000 high-paying jobs in the area. 

Wire 3’s $200 million in fiber going up in North Florida

Wire 3, a Daytona-based fiber optics company, plans to invest $200 million to expand its services to Lake County, Fla. After working with LEAD (Lake Economic Area Development) Partnership, Wire 3 CEO Jia Ramachandaran connected with the Ocala Metro Chamber about services in Marion County. The former agricultural communities in the area have seen much growth, and local businesses will benefit from the fiber optics. Wire 3 expects that construction of the line will create 100 to 200 jobs, including subcontractors, and about 40 full-time jobs to support the service once operational.

GEORGIA

Hartsfield-Jackson holds on to “world’s busiest”

Data from Airports Council International in April shows that Hartsfield-Jackson Atlanta International Airport defended its top position as the busiest airport by passenger volume in 2024. Over 108 million passengers traveled through the massive terminals in calendar year 2024. The totals were up 3.3 percent from 2023, but down 2.2 percent from 2019. Atlanta has ranked as the busiest airport in the world for decades except for 2020, when the airport lost out to the airport in Guangzhou, China.

Atlanta officials consider even more restrictions on data centers

Atlanta officials are considering additional restrictions on data centers after banning them in and around the Beltline. A special-use permit for data centers is now required, and they are prohibited from building in neighborhood commercial districts like Little Five Points. 

All kinds of rules are being drawn up to slow data center growth in the Atlanta mega-market, including one that requires permit applicants to show their project’s impact on natural resources and the environment, including a water consumption plan, water conservation and sustainability plan, energy consumption plan, transmission line impact assessment, tree preservation and reforestation plan, and a storm water management plan.

Class A office occupancy success in Atlanta after a few years of post-pandemic “see-throughs” 

What is a “see-through?” Easy.
Look at a new office building and if you can see through to the other side of windows without obstruction, well, there ain’t anyone in there. New construction in Austin, Atlanta, D/FW, NOVA, Charlotte, even Nashville, has waned as of late after a surge under the Biden administration. Generally, a good thing as folks come back to the office in droves four years later.

But Atlanta seems to have come back strong from the emptying out of high-rises during and after the pandemic. As of February, metro Atlanta’s new space brought to the mega-market $14 million square feet built from 2016 to 2021 — those office buildings were 92 percent occupied, according to commercial real estate giant JLL. 

Georgia breaks export records, rises in total trade

Gov. Brian Kemp joined the Georgia Department of Economic Development (GDEcD) in announcing that the State of Georgia surpassed $53.1 billion in exports, a year-over-year increase of 6.4 percent that outpaced the national average of 2.3 percent. The state also moved up a rank to sixth in the United States for dollar value of trade, serving as a global gateway to facilitate more than $198.7 billion in trade to 222 unique countries and territories.

Exporting to 219 unique destinations in 2024, Georgia retained its No. 12 ranking in the U.S. for dollar value of exports. Civilian aircraft and ancillary parts also remained the state’s No. 1 export, followed by motor vehicles, data processing machines (computers), electrical apparatus for line telephony (telephone sets), and medical devices.

Georgia swamp sets up for mining rare metals

Georgia’s Okefenokee National Wildlife Refuge has been nominated to join the United Nations’ World Heritage List, the feds announced in December. The designation is a step forward to bring recognition to the swamp (the largest black-water swamp in North America), just as a titanium mining operation is preparing to start in the Okefenokee. 

KENTUCKY

Kentucky sets back-to-back exports record with over $47 billion in products shipped globally

Gov. Andy Beshear announced that Kentucky once again set an all-time record for products shipped globally, with $47.7 billion in exports in 2024. The commonwealth broke the record set in 2023 with an 18.7 percent increase over the previous year. “The global demand for Kentucky-made products, made by hard-working Kentuckians right here in the commonwealth, has never been higher,” said Gov. Beshear. 

LOUISIANA

Meta selects northeast Louisiana as site of $10 billion artificial intelligence optimized data center

Facebook and Instagram parent company Meta announced it will build a $10 billion artificial intelligence data center in northeast Louisiana, a transformational investment that cements the state’s status as a major innovation hub and puts this picturesque rural community on the leading edge of a global digital revolution.

Meta projects the data center will support 500 or more new direct new jobs in Richland Parish. LED estimates the project will result in the creation of more than 1,000 indirect jobs, for a total of more than 1,500 potential new jobs in the northeast Louisiana region. The company estimates 5,000 construction workers at peak of construction on the 2,250-acre former Franklin Farm megasite that sits between the municipalities of Rayville and Delhi, about 30 miles east of Monroe.

LSU Center for Energy Studies releases 2025 Gulf Coast Energy Outlook

Researchers at the LSU Center for Energy Studies have released their 2025 Gulf Coast Energy Outlook, and the takeaway is clear: a balanced, all-of-the-above approach to energy supply and decarbonization presents a generational opportunity for Louisiana and the Gulf Coast. The numbers are large. By 2030, the Gulf Coast region is projected to see:

• $219 billion in liquefied natural gas investments

• $151 billion for chemical and refining industries

• $107 billion for energy transition projects

MISSISSIPPI

Compass Datacenters project generates $10 billion investment in Lauderdale County

Dallas-based Compass Datacenters, a multinational data center developer, is locating its next hyper-scale data center campus in Meridian. The campus will consist of eight data centers that will be constructed over an eight-year period.

Upon occupancy, Compass Datacenters’ campus will represent an investment of $10 billion, including future tenants’ information technology equipment. The campus will also create thousands of direct and indirect jobs.

Compass Datacenters builds single-tenant, hyper-scale data center campuses. The large-scale campuses built by Compass are designed to last for more than 100 years and create economies of scale to support local businesses and jobs.

NORTH CAROLINA

Which North Carolina metro is the fastest growing in the state? Hint: It is not Raleigh or Charlotte

Charlotte and Raleigh have been two of the fastest growing metros in the U.S. for decades. Charlotte is now a mega-market by our methodology (2.5 million population or more) and the Triangle is well on its way. 

But neither of the dynamos in the Tar Heel State was the fastest growing market in 2024. . .Wilmington, N.C., took that honor over the last four years. Wilmington is among the top 10 metro areas for population growth between 2020 and 2024, according to new numbers by the U.S. Census Bureau. That metro grew by more than 13 percent over the period. Raleigh’s growth was 10 percent last year and Charlotte was at 8 percent. 

North Carolina-based Boom Supersonic validates quiet supersonic flight

In the winter quarter, Boom Supersonic said that results from its successful sound-barrier-breaking flight of its demonstration plane indicate that faster-than-sound flight without an audible sonic boom is technically possible with its technology. The company expects to build “no sonic boom” airliners next at its complex at the Piedmont Triad International Airport in Greensboro, N.C. The Denver-based company said that specialized arrays of microphones under the flight path of the XB-1 test plane on January 28 confirmed that sonic booms did not reach the ground during the plane’s repeated periods of flights above Mach 1.

Amazon workers reject union in vote at North Carolina warehouse

Amazon workers at a facility near Raleigh overwhelmingly voted against unionizing in January. Of the 3,276 ballots cast, there were 2,447 votes opposing the union and 829 in favor, according to the National Labor Relations Board. There were 77 challenged ballots, a gap that’s too narrow to change the outcome of the election. The results still need to be certified by the NLRB.

That clawback feeling

California company Smart Wires moved to North Carolina pledging 250 jobs. Now the state is pulling its incentives. North Carolina has terminated millions in incentives set for the cleantech company that moved its headquarters to Durham from California with plans to create hundreds of local jobs. In 2021, the company, which partners with electric utilities to help maximize grid capacity, chose Durham over a competing site in Austin for a new headquarters.

Wolfspeed’s massive North Carolina chip plant enters final phase 

Wolfspeed’s $5 billion semiconductor factory is nearing completion in Chatham County, N.C. The new facility features complex chip production processes. The electric vehicle market is the target sector for the company’s technology and employees will start moving in as early as June. 

The $5 billion project fell into one of President Biden’s initiatives aimed at reshoring chip plants in the United States, and President Trump wishes to carry that forward. The 1,800-acre site near Siler City was one SB&D walked in 2014 with landowner Tim Booras. 

Massive facilities from some of the world’s largest drug developers soon to be operational in the Research Triangle

North Carolina is one of the South’s major hubs for bio-manufacturing, specifically in the Triangle and just outside of it to the west and east, such as Durham, Wilson County and elsewhere. The Triangle’s largest project underway is Novo Nordisk’s $4.1 billion expansion in Johnston County. The Danish drugmaker began building a new facility that will bring 1.4 million square feet of production space online, and promises to create 1,000 new jobs Other projects going up in and near the Triangle include Fujifilm Diosynth Biotechnologies, which is finishing its multi-billion project in Holly Springs, among several others underway. 

Triangle’s Wake County loaded with prospects in the winter 

According to Michael Haley, executive director of Wake County Economic Development, the area he serves had 37 project requests, and if all the deals are captured, they would equal 13,000 jobs and $7.6 billion in capital investments. Most of the working projects from Wake are in advanced manufacturing, the life sciences, office deals and headquarters. 

OKLAHOMA

Commerce celebrates groundbreaking of $1.2 billion lithium refinery in Muskogee

In the winter quarter, representatives from the Oklahoma Department of Commerce were on hand in Muskogee to celebrate the groundbreaking of one of the largest lithium refineries in the United States. Stardust Power Inc. is building the facility on a 66-acre site near the Port of Muskogee, which will eventually be able to produce up to 50,000 metric tons per annum of battery-grade lithium.

SOUTH CAROLINA

Capital investment by existing industry accounts for $5.38 billion of total investment in South Carolina

The South Carolina Department of Commerce released its 2024 industry recruitment results, with an announced total capital investment of $8.19 billion from January to December 2024. Existing industries reinforced their commitment to South Carolina by reinvesting in the state through expansion projects, accounting for $5.38 billion of all announced capital investment last year. “The capital investment and economic development activity announced in 2024 reinforces South Carolina’s position as a competitive destination for businesses across many sectors,” said Secretary of Commerce Harry M. Lightsey, III. 

TENNESSEE

Whoa! Another fast food giant moves its headquarters to the South

In-N-Out Burger is moving its headquarters out of Irvine, Calif., to Nashville, following KFC’s move to Texas. By 2029, the popular restaurant will operate from two hubs — a western headquarters in its original home of Baldwin Park, Calif., and an eastern headquarters in Franklin, Tenn., according to The Press-Enterprise, citing a news release. The $126 million relocation will create 275 jobs. 

TEXAS

New industrial and tech institute forming in Texas

A group of major players in the industrial and defense tech sectors are getting together with venture capitalists, universities and policymakers to launch a new institute in Texas that focuses on assisting the U.S. with innovation that keeps the nation ahead of places like China.

The Endless Frontiers Institute will have offices in Austin and at Baylor University in Waco. It is part of a 10-year plan that will be driven, in part, by a consortium that includes the Council on Foreign Relations, the University of Texas, Rice University, Texas A&M and Baylor, as well as Austin-based venture firms 8VC and Overmatch Ventures, and Arlington-based America’s Frontier Fund

Surely not! KFC takes its HQ to Texas

KFC U.S. is leaving Kentucky and landing in Dallas-Fort Worth. Louisville-based parent company Yum Brands announced in February that it is relocating KFC’s corporate brand headquarters to Plano, north of Dallas, and combining it with the Pizza Hut brand headquarters already located in the city. Roughly 100 corporate roles in Louisville are affected, with relocations happening over the next six months.

Startup wants to power Texas data centers with small nuclear reactors

A startup developing small modular nuclear reactors wants to power energy-hungry data centers in Texas. Last Energy has secured approval to build 30 mini-reactors in the plains of North Texas. The company announced in March it has obtained “site control” to build its reactors in Haskell County, three hours west of D/FW. No jobs were given by the Washington, D.C.-based company. 

After spending millions to outfit a 1 million-square-foot facility in Texas, Google walks away from the deal

Tech giant Google has walked away from a 1 million-square-foot lease north of Fort Worth. Google signed for space at the massive Northlake 35 Logistics Park in Northlake, Texas, and spent over $20 million retrofitting the space. The project was part of Google’s $1 billion investment in data centers and cloud center infrastructure in Texas. The leasing company was told that at this time, Google did not need the extra capacity. The space is now completed and back on the market.

Texas’ Permian Basin booms

The Texas Oil and Gas Association recently came out with its annual energy and economic impact report showing recording-breaking industry numbers for 2024. And yes, the Permian Basin is booming again. 

Texas saw mass crude oil production this past year, with new records set in the last six of the past 12 months. In October, the state produced 5.86 million barrels per day of crude oil. This is the highest total ever and accounts for 44 percent of the nation's total. 

Texas becomes the top-rated state for solar installations in the U.S. 

A new report by the Solar Energy Industries Association (SEIA) and Wood Mackenzie reported that Texas is the top-ranked state for solar capacity installed in 2024, with 7.9 GWdc through Q3. Texas is also leading the way with more solar and wind jobs than any other state, passing California and Florida in 2024.

Samsung finished with CHIPS ACT incentives. Investments in two Texas semiconductor facilities lower than expected

South Korea-based Samsung Electronics is downsizing its investments in two chip plants in the Austin MSA. The company’s federal incentives paved the way for Samsung to expand its long-time plant in Austin and start up a new one just up the road in Taylor. Samsung officials confirmed total investments of $37 billion in the two plants, down from initial estimates of $45 billion. Still, both projects will rank high in the top 10 investment deals in calendar year 2024. 

VIRGINIA

Richmond-based Dominion Energy to spend $50 billion to increase capacity 

Dominion Energy is preparing for the rash of data centers and growth in general by investing over $50 billion over the next five years. Dominion said data centers contracted 88 percent more power capacity, or 19 gigawatts (GW), in December as compared to July.