Monitoring the economic pulse of the Triad
WINSTON-SALEM AT HEART OF NORTH CAROLINA’S INCENTIVES STORY
Caterpillar ranks first in companies receiving state subsidies in North Carolina, according to the New York Times’ muchdiscussed business incentives series. The heavy-machinery manufacturer landed $87.9 million in state economic incentives for facilities in Winston-Salem and Clayton, according to the Times, ahead of Fidelity Investment Services, Siemens, Electrolux and General Electric. Dell, the Texas-based computer maker that has become a poster child for incentives gone wrong in North Carolina, ranked seventh based on receiving $37 million from the state. Dell closed its Winston- Salem facility in 2010. But North Carolina is not nearly as generous with incentives as other states. On an annual basis, North Carolina spends $69 per capita on incentives compared to $759 in top-ranked Texas. The study also found that North Carolina is outgunned by neighboring states that are more likely to directly compete for jobs. Virginia spends $161, Tennessee, $249, and South Carolina, $194.