Apple delays plans for RTP campus in RTP. Company says it’s still committed to region

🌈 Abstract

The article discusses Apple's decision to delay the start of its planned corporate campus in Research Triangle Park, North Carolina, despite the company's continued commitment to growing its presence in the region.

🙋 Q&A

[01] Apple's Plans for North Carolina

1. What are the key details about Apple's planned corporate campus in Research Triangle Park?

• Apple announced plans in 2021 to build a 1 million-square-foot research and development campus in RTP, expected to create 3,000 jobs in Wake County
• The project was expected to grow the state's economy by $79.8 billion over 39 years
• Apple has hired over 600 people in the Triangle region in the past three years and now employs around 1,600 people in the state

2. Why is Apple delaying the start of the project?

• Apple executives briefed state officials on plans to delay the start of the project by up to four years after a review of its real estate
• The delay is likely due to factors such as inflation, rising interest rates, labor costs, and uncertainty around the presidential election and the impact on the economy

3. How has Apple's commitment to the project been received?

• North Carolina's governor stated that Apple emphasized its commitment to build the "transformative campus" in the state
• The project is still seen as a "tremendous endorsement" of North Carolina's business climate, workforce, and infrastructure, and is expected to have significant branding and value for the state

[02] Changing Business Landscape

1. How have other companies responded to the changing business environment?

• Some companies have asked to terminate incentives deals with the state due to their inability to meet hiring or construction targets, partly due to the shift towards remote work
• State incentives are often tied to the construction or occupancy of physical offices or factories, but the COVID-19 pandemic has accelerated the change in how and where companies do business

2. How does North Carolina's business climate compare to other states?

• Despite the cancellations and delays, North Carolina is still seen as a magnet for companies looking to expand, as evidenced by the $4.1 billion expansion announced by Danish drugmaker Novo Nordisk
• North Carolina is said to continue outperforming most other states in the nation due to its overall positive business climate