While the United States has plentiful land, there are not that many places to quickly plunk a billion-dollar-plus factory.
Volkswagen’s off-road brand Scout Motors studied 74 different parcels of land across the US last summer as it hunted for a place to build a $2-billion assembly plant.
But all that new construction has a real estate problem. More specifically, a “megasite” problem. While the US has plentiful land, there are not that many places to quickly plunk a billion-dollar-plus factory. Local economic development agencies and states have long cultivated big industrial developments by assembling land and installing utilities in the hope of luring the next big auto assembly or steel plant with the promise of fast-track building.
They studied hundreds of sites but constantly hit roadblocks. Some locations said it would take two or three years just to get utilities installed, said Templeton. They are choosing from two good possibilities and are aiming to have the plant open by 2025. In the decade and a half before the recent spike, the annual average was just over five and many years saw just three or four large projects announced.
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