Aggressive Economic Development

North and South Carolina are aggressively diversifying their economies to survive a devastating loss of the region's manufacturing base.
January 20, 2004, 9am PST | Chris Steins | @urbaninsight
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"The Carolinas continue to revamp and diversify their economies as they try to weather the storm that has seen much of their traditional manufacturing base, especially in textiles, unravel over the past three years. North Carolina has lost nearly 30,000 textile jobs since the start of 2001. South Carolina lost 4,200 textile jobs during the year running from September 2002 to September 2003. Both states see various forms of high technology as their salvation... North Carolina state officials are touting their latest economic-development tool, the job development investment grant program (JDIG), giving it credit for bringing in 1,580 jobs and $50.5 million in investment during a six-month period (May to October) in 2003. Created by the General Assembly in 2002, JDIG provides grants to new and expanding companies deemed 'strategically important.' "

Thanks to Chris Steins

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Published on Friday, January 16, 2004 in Wall St. Journal
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