Why are there so many HQ relocation announcements right now? 

We have seen a rash of headquarter relocations since January here in the South, and it seems they are just starting out. There’s already been a lot of them so far this year, some of which are written about in this issue. 

What does that mean? It means many companies have shelved their aggressive expansions in the last three or four years as a result of an unsettled economy, so they do the next best thing — save money by relocating their headquarters to the South. Toyota (Texas), Tesla (Texas), Volkswagen (Virginia), Nissan (Tennessee), Mercedes-Benz and Porsche (both Atlanta, Ga.) are all automakers who have placed their headquarters in the Southern Automotive Corridor, for example. It gives them something to do when expansion plans are intentionally put aside. 

We have covered every U.S. recession since 1981, and this headquarters run is no different than any other recession. . .except that we are currently not officially in recession. 

Dallas-Fort Worth and Austin are ranked No. 1 and No. 2 by Visual Capitalist on a new list of metros that have added the most corporate headquarters from 2018 to 2024. 

DFW captured 100 headquarters from 2019-2024, according to the report. Austin ranked second with 81 new headquarters during that period. It should be noted that the San Francisco Bay area lost the most headquarters with 156. Los Angeles lost 106 HQs. 

Who’s capturing the most HQ relocations? 

Dallas-Fort Worth MSA - 100 headquarters captured

Austin MSA - 81 headquarters captured

Nashville - 35 headquarters captured

Phoenix - 31 headquarters captured 

Houston - 31 headquarters captured

Source: Visual Capitalist

 

Regional

U.S. birth rates hover near historical lows 

The U.S. birthrate remains stubbornly low. Only 3.6 million babies were born in the U.S. in calendar year 2024 (3.1 million deaths) with a rate of 54.6 births per 1,000 women in their child-bearing years. 

Teen and early-20s births hit record lows, while births among women in their 30s rose. Increases were seen mostly among Asian and Hispanic women.

Regarding the workforce, in addition to the deaths in 2024, retirees who have aged out of the workforce, the disabled, mentally ill, family or child caretakers, etc., must be factored in. 

So counting those, the U.S. is actually losing workforce numbers each year, and to date, we have not seen much information on how many employed illegal immigrants have been deported. 

Right now, Miami is hotter than any Texas town as a tech hub

There are all kinds of tech hubs in Texas and we are not just talking about mega-markets like DFW, Austin and Houston. We are talking about places like Taylor, Georgetown, Plano, Sugarland and Katy, Texas. 

But that rate of growth in tech company attraction can’t compete with South Florida. According to Venture Capital firm SignalFire, San Francisco and New York remain the top locations for tech companies and tech
talent. 

Two warm markets are making a run to the top — Miami and San Diego. Miami's low taxes, cultural amenities and warm climate continue to attract entrepreneurs and startups, the report said. That has helped fuel a 12 percent increase in jobs related to artificial intelligence.

Alabama

A new airport opens in the South on Alabama’s Gulf of Mexico beaches 

The South’s most recent airport opening was the Northwest Florida Beaches International Airport on May 23, 2010. That airport is on the Gulf Coast west of Panama City and has grown dramatically in the vacation department, making the 30A highway one of the most affluent locations on the Gulf. Prior to the Panama City airport, the Fort Myers airport opened in 1983.

Now, it looks like Gulf Shores is getting in on the action. Commercial flights have officially landed at the Gulf Shores International Airport. . .Allegiant Airlines Flight 1403 from Knoxville celebrated with a water cannon welcome in May.

The Mobile Regional Airport is actually located across the bay from Baldwin County in West Mobile, making it a trek to the beaches in Baldwin County. 

Arkansas

Arkansas announces new 875-acre industrial megasite

Entergy, the Little Rock Regional Chamber and the Port of Little Rock have announced a “shovel ready” 875-acre industrial megasite in the southeastern portion of the port. Little Rock Mayor Frank Scott, Jr. said, “The Little Rock Port Megasite provides access to road, rail, river and runway — intersecting in the heart of the state’s Capital City.”

Florida

Central Florida’s massive manufacturing growth since 2014 is impressive

We have heard all the stories about “manufacturing in the U.S. leaving in droves to China.” That was so 1990s, a millennium ago. The South has surpassed the 1 million-job mark in reshored jobs (from various sources including the Reshoring Initiative) since the word “reshoring” was first uttered in economics in 2010. 

Current data shows a manufacturing magical show happening in the South. And Central Florida has been well represented for a long time in capturing deals from the manufacturing sector. Yup, Mickey Mouse now has a side gig as a welder.

The steamroller of EV and battery deals in 2022 and 2023 in the region was the largest manufacturing deal surge since 2015. But Central Florida was essentially absent from the massive EV and battery charge of 2021-2023 that was incentivized by the previous Congress and the Executive Branch. 

The manufacturing sector in Central Florida is now booming, even with a lack of EV participation to the degree of other Southern states. The growth in manufacturing has been substantial, with $17 billion invested in Central Florida, a 93 percent increase from 2015. 

While Central Florida has always been a huge aerospace industry magnet (true for the entire state), much of that was supporting launches at Cape Canaveral. For decades, Cape Canaveral and Brevard County mostly served and supported the launch industry, but not so much the aerospace manufacturing industry. 

Now, Central Florida is building the rockets and so much more in aerospace manufacturing because of the unbelievable success of private rocket and capsule manufacturers and operators like SpaceX, Blue Origin and others, many of which are just starting up. 

Outside of Hillsborough and Orange Counties, Polk County is especially well-positioned between Orlando and Tampa for a cross section of manufacturers. And in Orange County, there is a huge Lockheed Martin presence, much of it in manufacturing. 

In addition to aerospace, Central Florida also has a large manufacturing base in defense, boat manufacturing and medical device technology.

Billion dollar investment made in Northwest Florida 

Williams International announced in late spring it is locating a $1 billion, 1 million-square-foot facility in Okaloosa County, Fla. It is the largest investment by value in Florida Panhandle history. The aviation and aerospace manufacturer conducted a long site search before choosing Okaloosa County (Fort Walton) and the Shoal River Industrial Park. 

From Gov. Ron DeSantis’ office: “Numerous state, regional, and local partners worked together to facilitate this major economic development success story for Northwest Florida.” 

In 2022, Governor DeSantis awarded $3.2 million through the Florida Job Growth Grant Fund to expand manufacturing in Okaloosa County. FloridaCommerce partnered with several state and local organizations including CareerSource Florida, Florida’s Great Northwest, Space Florida, Okaloosa County and Triumph Gulf Coast on this major economic development win for Florida.

Georgia

Now that Hyundai’s Metaplant has opened, a short report on Georgia’s economy 

After decades of “Atlanta IS Georgia,” the wealth that aggressive economic development creates has spread statewide, especially its rural areas, small markets and middle markets. 

The average GDP growth rate was over five percent from 2005 through 2023. Having rebounded from COVID, Georgia was probably the first state out of the recovery box with a growth rate of 10.4 percent in 2021, 10.2 percent in 2022 and 7.5 percent in 2023. 

Georgia’s GDP is expected to remain strong, well above national growth in the five to seven percent range sans recession. And by the end of the year, Hyundai’s MetaPlant’s production in Savannah should be a nice addition. 

Kentucky

Slower growth over the first two quarters of 2025? Don’t tell Kentucky

As of June, Kentucky’s labor market has shown momentum, with over 20,000 jobs created in the first six months of the year. Last year’s first two quarters created about 9,000 jobs. The unemployment rate in May was 5.0 percent. 

Kentucky tourism generated $14.3 billion in calendar year 2024

Last year was a record year for tourism in Kentucky. As the center of the world’s bourbon, horse breeding and racing industries, there is a lot to see in the Bluegrass State. Over 80 million travelers visited Kentucky in 2024. 

GE Appliances’ big deal in Louisville

Near deadline, GE Appliances announced it will invest $490 million and add 800 jobs at its global corporate headquarters in Louisville. 

Louisiana

Reuters calls Louisiana economy “a revival”

Since Gov. Jeff Landry has been in office, Louisiana has captured over $61 billion in investments. The signs that Louisiana is headed in the right direction are unmistakable. Meta is building a $10 billion AI data center in Richland Parish; Hyundai Steel Company is building a $5.8 billion steel mill in Ascension Parish; and Louisiana is poised to lead the world in liquid natural gas (LNG) production, with Woodside Energy’s $17.5 billion LNG investment in Calcasieu Parish and Venture Global’s $18 billion LNG expansion in Plaquemines Parish.

Mississippi 

According to the Reshoring Initiative, Mississippi is near the top in reshored and FDI jobs

In 2025 and the first quarter of this year, Mississippi, South Carolina and Texas captured more reshored jobs among states in the U.S., according to the Reshoring Initiative. Asia remains the largest source of reshored and FDI jobs in the U.S., while South Korea, China and Germany led among individual countries.

North Carolina

North Carolina has record year in tourism

North Carolina’s tourism industry topped all previous years in 2024 with $36.7 billion in visitor spending. The Tar Heel State ranks fifth in domestic visitors with 40 million. Visitors spend $100 million daily on average, boosting tax revenues.

Oklahoma

Oklahoma celebrates best month ever!

The Oklahoma Department of Commerce celebrated the most successful month of economic development in state history, based on publicly announced job growth. From April 24 to May 15, companies expanding or launching operations in Oklahoma announced plans to create 2,907 jobs.

“This is what happens when you cut red tape, keep taxes low, and put America-first values to work,” said Governor Kevin Stitt. “Oklahoma is winning because we’re doing things the right way — trusting businesses, protecting freedom, and getting government out of the way. Companies are flocking here because they know Oklahoma has their back.” The almost 3,000 jobs were announced in just a 21-day period.

One of the projects included a $4 billion aluminum smelting plant by Emirates Global Aluminum, which chose Oklahoma as the site for its U.S. operations, creating 1,000 new jobs. The facility will be located on more than 350 acres at the Tulsa Port of Inola, a 2,200-acre industrial park with access to rail, barge transportation and global waterways. Once complete, the facility will be the largest of its kind in the U.S., producing billets, sheet ingots, high-purity aluminum and foundry alloys. 

South Carolina

Lots of folks moving to South Carolina

The Palmetto State’s labor force is growing rapidly, as the state’s recent population growth has primarily been driven by domestic migration. From 2023 to 2024, the South was the only U.S. region in the country to record net gains in domestic migration, meaning more people relocated to the South than the number that moved away to another part of the country. 

Were it not for such high rates of migration, South Carolina’s population would have stagnated. From 2023 to 2024, South Carolina netted over 68,000 domestic migrants, according to the South Carolina Department of Employment and Workforce. 

Tennessee

H&M Company plans an industrial park in Jackson, Tenn., to attract BlueOval City suppliers

Jackson, Tenn.-based H&M Company has confirmed plans for the 338-acre Ross Industrial Park in the West Tennessee city. The H&M layout for building options range from 200,000 to
1 million square feet. Named the Ross I-40 West Tennessee Industrial Park, H&M is positioning itself to capture suppliers to the large Ford BlueOval EV and battery plant that is north of Memphis. In the last 10 years, H&M has completed over 55 million square feet of warehouse and distribution space for clients including Asics, Nike, Baxter, Milwaukee Tool, Adidas and Procter and Gamble to name a few. Founded in 1957, H&M is a national engineering and construction firm headquartered in Jackson. 

Texas 

Boomtown Austin, Texas’ population growth slows dramatically

In Austin — home to the University of Texas, the Texas Capital and Elon Musk — population growth has waned recently. In fact, population stagnation and a slowdown in job generation are occurring right now in the Heart of Texas.

That's according to Lauren Middleton-Pratt, director of the city’s planning department, who cited both issues in a recent memo about causes of people leaving the city. 

Austin grew by just 0.4 percent (slowest growth of all Texas cities) during the 12-month period ending in July 2024, adding 4,000 residents to bring its total population to roughly 994,000, according to new figures from the U.S. Census Bureau released in the spring quarter. Also, the region added 22,700 jobs in 2024. The Texas MSA created almost 42,000 in 2023. 

One of the southernmost locations in the South is SpaceX’s future world complex (of course, with Florida’s Space Coast) in Boca Chica, Texas.

Brownsville, Texas, specifically Boca Chica, Texas, has been transformed economically since Elon Musk and SpaceX built the “Starbase” there. That’s where the largest rocket in the world is partially assembled and launched, right there near Brownsville and Matamoras, Mexico. 

Brownsville has a deep-water port, but the future is all about SpaceX in the Eastern Rio Grande Valley. That alone is preparing Brownsville economic development officials to bring more land product online in the region. 

Recently, officials broke ground on a 730-acre industrial park, indicating Brownsville is positioning itself for more industrial and manufacturing activity tied to SpaceX. 

Report: Austin is the No. 1 innovation hub in the South

A new report by CommercialCafe, ranks Austin as the top innovation hub in the South, just days after a different study indicated the city's startup and big tech sectors are slowing down. The latest report was produced by CommercialCafe, an online marketplace for commercial real estate, owned by California-based real estate software company Yardi Systems Inc.

Austin came in at No. 1 in the ranking (followed by Raleigh, N.C., and Irving, near Dallas) because of its strong performances across employment, business and innovation indexes, according to the report.

U.S. News & World Report names El Paso as the No. 2 “Best Big City to Live in the U.S.”

El Paso is one of the top big cities to live in, according to a report by U.S News and World Report. El Paso beat Texas metros such as Austin, San Antonio, Fort Worth and Houston for the best in the U.S. in 2025 and 2026.

The ranking earned by El Paso, according to the media property, was based on its lower-than-average cost of living, warm weather, average commute time, income and rent. The details: El Paso has an average commute time of 21 minutes, a median home value of $175,800, a median household income of $57,754, and a median monthly rent of $883, meaning its cost of living is lower than the national average.

Virginia

Can’t find workers? 

Want to know the hottest place for available labor in the country right now, including the South? Not talking about rural regions, y’all, like Eastern Kentucky where so many talented but laid-off coal miners were available 10 to 15 years ago. Lots of manufacturers went after that labor when it became available in Eastern Kentucky. At its peak, there were 12,000 laid-off miners in the rugged region. 

Something similar has occurred in Virginia as thousands of federal workers there and in D.C. have been ditched so far this year. And we are not talking about your typical labor force here, as it is highly educated (even overeducated) white collar, and plentiful right now. 

One in eight Virginians are tied to the federal government, and we would guess it is quadruple that number or more for Northern Virginia. Reports indicate that Virginia has around 145,000 federal workers. The Commonwealth is expected to lose 32,000 jobs, according to the publication Virginia Business.