Business Briefs

Corporate investments in Triangle topped $1B this summer

Posted September 2, 2008 2:56 p.m. EDT

— New and expanding companies announced more than $1 billion in investments in the 13-county Research Triangle region between June and August, creating nearly 1,700 jobs, officials said Tuesday.

The summer investment total exceeded the $819 million in regional investments announced for all of 2007.

"It's an extraordinary level of investment for a region under any conditions, but even more significant in light of the weaker national economy," Charles Hayes, president and chief executive of the Research Triangle Regional Partnership, which coordinates economic development for the region, said in a statement.

The region's 30 announced investments come from 12 new and 18 existing companies and represent a mix of targeted industry sectors and business types, from research and development and contract research to advanced manufacturing. Among the new investments were $373 million from informatics companies (528 jobs), $302 million in life sciences (382 jobs), and $150 million in advanced medical care (328 jobs).

Four companies relocated their corporate, U.S. or North American headquarters to the region: Cheminova, Medis Medical Imaging Systems Inc., Patheon Inc. and Tryton Medical. Attracting headquarters is a regional economic development priority because companies tend to be more engaged in the communities in which their top executives live, and their presence often leads to additional investments by both the company and those that service and supply them.

New investments were announced in seven of the region’s 13 counties.

"We're delighted to see companies investing across our region, not only in the urban core but also in the 10 rural, outlying counties," Hayes said. "This creates jobs closer to home for residents in all of our 13 counties, which is a regional economic development priority."