WEBVTT - Manufacturing Dollars Flowing to North Carolina

0:00:00.080 --> 0:00:03.640
<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

0:00:03.720 --> 0:00:08.720
<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So fascinating

0:00:08.760 --> 0:00:10.920
<v Speaker 1>recent story out this month by Bloomberg News. It talked

0:00:10.960 --> 0:00:14.240
<v Speaker 1>about how North America's Evy future hinges on a North

0:00:14.280 --> 0:00:17.439
<v Speaker 1>Carolina turtle pond. It's a pond that sits him on

0:00:17.480 --> 0:00:20.799
<v Speaker 1>a defunct lithium mind that album Marale is start looking

0:00:20.840 --> 0:00:23.959
<v Speaker 1>to really restart and maybe, you know, kind of create

0:00:24.760 --> 0:00:28.680
<v Speaker 1>a business because we know Evy battery supply chain. You know,

0:00:28.800 --> 0:00:31.520
<v Speaker 1>the US is trying to create that, and so it

0:00:31.560 --> 0:00:34.360
<v Speaker 1>just speaks to some of the industries that might create

0:00:34.400 --> 0:00:36.720
<v Speaker 1>some jobs and activity in the state of North Carolina.

0:00:36.760 --> 0:00:38.479
<v Speaker 1>And I think a lot of people listening right now

0:00:38.680 --> 0:00:41.080
<v Speaker 1>I could think that the state was all about being

0:00:41.159 --> 0:00:44.199
<v Speaker 1>the furniture capital of the world. Right. Yeah, well, let's

0:00:44.240 --> 0:00:46.440
<v Speaker 1>get into it here in our Bloomberg Interactor Broker's studio,

0:00:46.479 --> 0:00:49.280
<v Speaker 1>We've got Michelle Baker Sanders, Secretary of Commerce for the

0:00:49.320 --> 0:00:52.159
<v Speaker 1>State of North Carolina. Good to have you with us,

0:00:52.440 --> 0:00:56.160
<v Speaker 1>uh this afternoon. How are you key for having me?

0:00:56.680 --> 0:00:59.200
<v Speaker 1>It's it's good to have you here. Um hey, just

0:00:59.280 --> 0:01:01.560
<v Speaker 1>be a picture was the economy in North Carolina doing.

0:01:01.960 --> 0:01:05.080
<v Speaker 1>The economy in North Carolina is doing very well. We

0:01:05.160 --> 0:01:08.360
<v Speaker 1>are quite excited about the growth and its fansion and

0:01:08.440 --> 0:01:11.240
<v Speaker 1>the fact that we are back to pre pandemic levels

0:01:11.360 --> 0:01:17.039
<v Speaker 1>of economic growth. Well, let's talk about that. I think

0:01:17.080 --> 0:01:20.119
<v Speaker 1>at this point, Um Michelle, that you know, we're trying

0:01:20.120 --> 0:01:22.760
<v Speaker 1>to figure out the way forward. We heard from j

0:01:22.880 --> 0:01:26.720
<v Speaker 1>Powell the FED share today and markets are enthused. Rates

0:01:26.720 --> 0:01:30.039
<v Speaker 1>have moved down. You know, maybe some thinking that the

0:01:30.080 --> 0:01:33.720
<v Speaker 1>aggressive FED moves are coming to an end doesn't mean

0:01:33.720 --> 0:01:36.039
<v Speaker 1>they're going to start cutting rates. But he also seemed

0:01:36.040 --> 0:01:38.480
<v Speaker 1>to say that he could do this without you know,

0:01:38.520 --> 0:01:42.120
<v Speaker 1>maybe creating or he could do it with a soft landing.

0:01:42.640 --> 0:01:46.039
<v Speaker 1>So give us some ideas about the insight you have

0:01:46.200 --> 0:01:48.760
<v Speaker 1>about your economy going forward and for how long what

0:01:48.840 --> 0:01:52.920
<v Speaker 1>kind of visibility? Sure? Um, well, you know, in spite

0:01:53.240 --> 0:01:59.680
<v Speaker 1>of implation inflation and the tight labor supply and conversations

0:01:59.720 --> 0:02:04.800
<v Speaker 1>about um, the entire global markets and the economy North

0:02:04.840 --> 0:02:08.760
<v Speaker 1>Carolina continues to do well. Not only does this give

0:02:08.840 --> 0:02:12.680
<v Speaker 1>us confidence in our future, but it underscores um with

0:02:12.720 --> 0:02:16.120
<v Speaker 1>the indicators that we have what's possible in North Carolina.

0:02:16.639 --> 0:02:19.840
<v Speaker 1>So I believe that North Carolina will continue to transform

0:02:19.840 --> 0:02:24.520
<v Speaker 1>its economy to be more focused on technology as well

0:02:24.560 --> 0:02:28.720
<v Speaker 1>as UM other booming section two sectors and UM. So

0:02:28.880 --> 0:02:32.360
<v Speaker 1>I I really feel like the economy in North Carolina

0:02:32.400 --> 0:02:38.040
<v Speaker 1>will continue to do well and will continue to grow. Okay,

0:02:38.400 --> 0:02:40.880
<v Speaker 1>I'm not gonna answer that phone, but I'm gonna talk

0:02:40.919 --> 0:02:44.480
<v Speaker 1>to you instead. One thing that I'm wondering is you

0:02:44.480 --> 0:02:48.840
<v Speaker 1>said the economic indicators we use. What are those economic indicators?

0:02:48.840 --> 0:02:50.960
<v Speaker 1>What are the important numbers that you need to watch

0:02:50.960 --> 0:02:53.720
<v Speaker 1>in the state of North Carolina. Some of the important

0:02:53.800 --> 0:02:58.120
<v Speaker 1>numbers are our job growth and numbers UM, the number

0:02:58.160 --> 0:03:03.280
<v Speaker 1>of jobs that we are creating, UM, the unemployment rate UM.

0:03:03.440 --> 0:03:08.040
<v Speaker 1>But importantly an indicator for us is the attention that

0:03:08.080 --> 0:03:11.480
<v Speaker 1>we are getting from businesses and the fact that businesses

0:03:11.520 --> 0:03:16.079
<v Speaker 1>continue to expand and locate in North Carolina. That is

0:03:16.120 --> 0:03:19.920
<v Speaker 1>the strongest indicator because we know that companies and ceo

0:03:20.120 --> 0:03:23.200
<v Speaker 1>s can go anywhere in the world and they are

0:03:23.320 --> 0:03:26.880
<v Speaker 1>choosing to come to North Carolina. We've had two records

0:03:26.919 --> 0:03:31.280
<v Speaker 1>setting years of economic growth, job creation, and capital investment,

0:03:31.760 --> 0:03:34.880
<v Speaker 1>and UM, you know, recently, or I should say this year,

0:03:35.280 --> 0:03:39.320
<v Speaker 1>we've had extraordinary growth in the central region of North Carolina,

0:03:39.640 --> 0:03:43.080
<v Speaker 1>which we call the Carolina Core, which is our like

0:03:43.240 --> 0:03:47.240
<v Speaker 1>third economic engine UH in North Carolina, and that the

0:03:47.320 --> 0:03:51.680
<v Speaker 1>other two being Charlotte and Raleigh area. UM. The economic

0:03:51.760 --> 0:03:56.040
<v Speaker 1>growth in the Carolina Core reason I say it's extraordinary.

0:03:56.120 --> 0:04:00.920
<v Speaker 1>We've had four major projects, three of those being historic

0:04:01.400 --> 0:04:06.440
<v Speaker 1>and its economic development, capital investment, and job creation. And

0:04:06.800 --> 0:04:10.120
<v Speaker 1>from those we have created an e V sector in

0:04:10.240 --> 0:04:14.440
<v Speaker 1>North Carolina, in the Carolina Core. UM. So that of

0:04:14.520 --> 0:04:17.720
<v Speaker 1>the other measures that our mission is the strongest indication

0:04:17.760 --> 0:04:23.400
<v Speaker 1>that North Carolina has a unstoppable momentum right now, especially

0:04:23.480 --> 0:04:26.200
<v Speaker 1>in the Carolina Core well and Michelle. And that's why

0:04:26.200 --> 0:04:27.960
<v Speaker 1>I bet everybody thought I was crazy. But like this

0:04:28.120 --> 0:04:32.520
<v Speaker 1>this story that Bloomberg News are our city group looking

0:04:32.560 --> 0:04:35.600
<v Speaker 1>at what's going on at states and municipalities talking about

0:04:35.680 --> 0:04:38.000
<v Speaker 1>that as we in the US try to get a

0:04:38.000 --> 0:04:40.920
<v Speaker 1>complete e V battery supply chain in the US, how

0:04:40.960 --> 0:04:43.760
<v Speaker 1>what's going on in North Carolina could be you know,

0:04:43.920 --> 0:04:47.719
<v Speaker 1>maybe in the future a real good source and strong

0:04:47.800 --> 0:04:50.920
<v Speaker 1>source and supply when it comes to lithium. So it's

0:04:50.920 --> 0:04:52.320
<v Speaker 1>something that's going on. I want to dig a little

0:04:52.320 --> 0:04:54.919
<v Speaker 1>bit deeper into that. When we come back, We're going

0:04:54.960 --> 0:04:58.200
<v Speaker 1>to continue with Michelle Baker Sanders. She's Secretary of Commerce

0:04:58.320 --> 0:05:00.159
<v Speaker 1>of the State of North Carolina. She's back in our

0:05:00.200 --> 0:05:03.320
<v Speaker 1>Bloomberg Interactive Broker studio in New York City. But I

0:05:03.360 --> 0:05:05.919
<v Speaker 1>love getting to see Tim what's going on when it

0:05:06.000 --> 0:05:09.120
<v Speaker 1>comes to cities and states specifically. And she's talking about,

0:05:09.160 --> 0:05:10.760
<v Speaker 1>you know, a fair amount of money coming in and

0:05:10.800 --> 0:05:14.160
<v Speaker 1>our guest at this hour, Michelle Baker Sanders, She's Secretary

0:05:14.200 --> 0:05:16.560
<v Speaker 1>of Commerce for the State of North Carolina. She's back

0:05:16.600 --> 0:05:20.160
<v Speaker 1>in our Bloomberg Interactor Broker studio in New York City. So, Michelle,

0:05:20.240 --> 0:05:22.440
<v Speaker 1>when you guys think about what will we were talking

0:05:22.480 --> 0:05:25.200
<v Speaker 1>a little bit about the US looking to create a

0:05:25.320 --> 0:05:29.839
<v Speaker 1>supply chain of materials when it comes to e V production,

0:05:30.160 --> 0:05:34.080
<v Speaker 1>lithium holds maybe some great promise for North Carolina. How

0:05:34.120 --> 0:05:37.960
<v Speaker 1>do you think about how do you strategize around maybe

0:05:38.120 --> 0:05:40.400
<v Speaker 1>that supply chain, the e V supply chain for the

0:05:40.440 --> 0:05:44.920
<v Speaker 1>state and what steps are you taking right now? Yes, UM,

0:05:45.000 --> 0:05:48.840
<v Speaker 1>North Carolina is a major contributor or will be a

0:05:48.839 --> 0:05:51.840
<v Speaker 1>major contributor to the supply chain e V supply chain

0:05:52.520 --> 0:05:56.440
<v Speaker 1>UM with the recent announcements in central North Carolina or

0:05:56.480 --> 0:06:02.239
<v Speaker 1>the Carolina core of Toyota, VIM faff UM and Boom Supersonic.

0:06:03.040 --> 0:06:06.320
<v Speaker 1>Surely we will have a major factor to play these

0:06:06.360 --> 0:06:11.240
<v Speaker 1>economic development projects. Not only UM you know, are will

0:06:11.279 --> 0:06:16.320
<v Speaker 1>have outcomes from those companies, but the suppliers, the vendors,

0:06:16.360 --> 0:06:19.640
<v Speaker 1>and the o e ms that support those companies supply chain.

0:06:20.040 --> 0:06:24.040
<v Speaker 1>We believe or anticipate that they too will also either

0:06:24.200 --> 0:06:28.120
<v Speaker 1>locate or expand to North Carolina because we know proximity

0:06:28.200 --> 0:06:31.440
<v Speaker 1>matters when it comes to a supply chain. UM, the

0:06:31.480 --> 0:06:35.880
<v Speaker 1>supply chain UH that is being built in North Carolina

0:06:35.960 --> 0:06:39.680
<v Speaker 1>around electric vehicles UM, and I also want to mission

0:06:40.120 --> 0:06:44.440
<v Speaker 1>suit semiconductor industry in the same region that we're talking about,

0:06:45.200 --> 0:06:48.919
<v Speaker 1>which is anchored by Winston Salem, Greensboro and High Point.

0:06:49.400 --> 0:06:53.120
<v Speaker 1>We have wolf Speed, a semiconductor company that's invested five

0:06:53.200 --> 0:06:56.599
<v Speaker 1>billion dollars in chip manufacturing. So the theme that you

0:06:56.720 --> 0:06:59.520
<v Speaker 1>hear and the thing that I'd like to underscore is

0:06:59.560 --> 0:07:02.520
<v Speaker 1>that North Carolina is playing a key role and and

0:07:03.279 --> 0:07:08.600
<v Speaker 1>a vital contributor to national security, to supply chain security,

0:07:08.720 --> 0:07:13.440
<v Speaker 1>and also to economic prosperity not only for North Carolina,

0:07:13.520 --> 0:07:17.960
<v Speaker 1>but for other states and other countries far beyond North Carolina.

0:07:18.160 --> 0:07:21.440
<v Speaker 1>We have a globally competitive market and we are leading

0:07:21.440 --> 0:07:24.760
<v Speaker 1>the way when it comes to electric vehicles, Michelle. I

0:07:24.800 --> 0:07:27.200
<v Speaker 1>bet if I talk to commerce secretaries around the country,

0:07:27.240 --> 0:07:29.440
<v Speaker 1>they're all competing for this. They know that this is

0:07:29.440 --> 0:07:32.400
<v Speaker 1>where there's going to be tremendous growth. How competitive is

0:07:32.440 --> 0:07:35.120
<v Speaker 1>it to get companies UM who want to be part

0:07:35.160 --> 0:07:37.160
<v Speaker 1>of that supply chain, to get them to your state

0:07:37.280 --> 0:07:40.920
<v Speaker 1>right now, right now? UM, of course it's competitive. We

0:07:41.000 --> 0:07:44.920
<v Speaker 1>are globally competitive market. But what I can tell you

0:07:45.160 --> 0:07:48.440
<v Speaker 1>is that, UM, you know, CEOs have can make a

0:07:48.520 --> 0:07:52.520
<v Speaker 1>decision UH to locate anywhere in the world, and based

0:07:52.560 --> 0:07:55.680
<v Speaker 1>on the results and based on North Carolina's performance, we

0:07:55.840 --> 0:07:59.120
<v Speaker 1>know that they are making the decision and are intentional

0:07:59.200 --> 0:08:02.320
<v Speaker 1>and want to be in North Carolina because North Carolina

0:08:02.480 --> 0:08:04.920
<v Speaker 1>is a place where they can have an excellent quality

0:08:04.920 --> 0:08:09.080
<v Speaker 1>of life, a good cost of doing business, and we

0:08:09.160 --> 0:08:13.080
<v Speaker 1>have our greatest asset, which is talent. North Carolina is

0:08:13.160 --> 0:08:16.560
<v Speaker 1>also a place where you will see leadership on many

0:08:16.640 --> 0:08:20.440
<v Speaker 1>fronts and the e V space and workforce development in

0:08:20.480 --> 0:08:23.840
<v Speaker 1>the clean energy space, and also when it comes to

0:08:24.040 --> 0:08:28.679
<v Speaker 1>climate change. UM. Not to mention the domestic chot supply

0:08:28.800 --> 0:08:32.960
<v Speaker 1>chain that North Carolina is working to be a major contributor.

0:08:33.520 --> 0:08:36.240
<v Speaker 1>So we are a place that, um, you know, I

0:08:36.280 --> 0:08:39.400
<v Speaker 1>think there are very few, if any companies that wouldn't

0:08:39.400 --> 0:08:42.600
<v Speaker 1>want to be in North Carolina, wouldn't you say so? Well,

0:08:42.640 --> 0:08:45.480
<v Speaker 1>it's certainly for the executives that these companies to answer

0:08:45.520 --> 0:08:50.200
<v Speaker 1>that question. Hey, what I'm wondering, Uh secretary, is about

0:08:50.200 --> 0:08:53.600
<v Speaker 1>other states that you compete with. Name your biggest competitor

0:08:53.679 --> 0:08:55.920
<v Speaker 1>out there that you know when you hear the state name,

0:08:56.000 --> 0:08:59.600
<v Speaker 1>you just shake your fist and say not again. I

0:08:59.720 --> 0:09:04.960
<v Speaker 1>say up for every other state again again. We are

0:09:05.000 --> 0:09:09.079
<v Speaker 1>globally competitive, so UM, we don't limit that to the

0:09:09.120 --> 0:09:12.920
<v Speaker 1>borders of the states. We are globally competitive, and and

0:09:13.080 --> 0:09:15.560
<v Speaker 1>I don't really shake my fist, but I do say

0:09:15.640 --> 0:09:19.400
<v Speaker 1>bring it on, UM, because I know that North Carolina

0:09:19.720 --> 0:09:24.920
<v Speaker 1>is UH competitive state. It's an excellent asset to market

0:09:25.480 --> 0:09:29.360
<v Speaker 1>and it is. Bring it on South Carolina, bring it

0:09:29.400 --> 0:09:35.160
<v Speaker 1>on Texas, bring it on Florida, which one. Um. We

0:09:35.200 --> 0:09:37.080
<v Speaker 1>can look at the results though, and just see how

0:09:37.120 --> 0:09:41.680
<v Speaker 1>wonderful the performance has been because of the partners in

0:09:41.760 --> 0:09:46.680
<v Speaker 1>North Carolina, the strong ecosystem that we have a businesses UM,

0:09:46.880 --> 0:09:51.120
<v Speaker 1>the university community college system, and because of the strong

0:09:51.320 --> 0:09:56.000
<v Speaker 1>network of economic developers who care so deeply about not

0:09:56.160 --> 0:09:59.880
<v Speaker 1>only the economic prosperity of the state, but about the

0:10:00.040 --> 0:10:02.640
<v Speaker 1>people in the residents of the state. We have a

0:10:02.720 --> 0:10:06.600
<v Speaker 1>governor in place right now who wants us to work

0:10:06.720 --> 0:10:09.640
<v Speaker 1>hard every day to make sure that we have an

0:10:09.640 --> 0:10:13.800
<v Speaker 1>economy that works for everyone. I think the key differentiative

0:10:13.920 --> 0:10:17.280
<v Speaker 1>factor from North Carolina and and what gives me the

0:10:17.360 --> 0:10:20.280
<v Speaker 1>confidence and the courage to say bring it on, is

0:10:20.280 --> 0:10:24.240
<v Speaker 1>that North Carolina is a collaborator. We are one team,

0:10:24.600 --> 0:10:28.200
<v Speaker 1>We have one mission, and we work together in all

0:10:28.240 --> 0:10:31.040
<v Speaker 1>corners of the state, at all levels of government and

0:10:31.080 --> 0:10:35.000
<v Speaker 1>with all of our um private and public business partners.

0:10:35.360 --> 0:10:38.760
<v Speaker 1>And so that's rare. And you find that not only

0:10:38.880 --> 0:10:43.679
<v Speaker 1>doing the early stages of site selection, recruiting and you know,

0:10:43.760 --> 0:10:46.560
<v Speaker 1>making that decisions where a company will go. You will

0:10:46.600 --> 0:10:48.920
<v Speaker 1>find that with us through the longevity of the life

0:10:49.000 --> 0:10:52.840
<v Speaker 1>of the Christian Michelle, you sound awfully optimistic, and um,

0:10:52.880 --> 0:10:54.959
<v Speaker 1>I get it. And you talk about the investment coming in.

0:10:55.360 --> 0:10:58.240
<v Speaker 1>You know we did today. It feels like this was

0:10:58.280 --> 0:11:02.000
<v Speaker 1>an upbeat day. J Powell gave some enthusiasm. It felt

0:11:02.000 --> 0:11:05.760
<v Speaker 1>like two investors or reasons to be enthusiastic and optimistic

0:11:05.800 --> 0:11:08.040
<v Speaker 1>that maybe they're not going to be so aggressive with

0:11:08.160 --> 0:11:10.920
<v Speaker 1>rate increases UM and maybe coming to an end of that.

0:11:10.960 --> 0:11:13.480
<v Speaker 1>We saw the stock market rally, we saw rates come down.

0:11:13.760 --> 0:11:16.080
<v Speaker 1>What I do wonder, you know, a big part of

0:11:16.080 --> 0:11:19.760
<v Speaker 1>your enthusiasm is these commitments from firms when it comes

0:11:19.800 --> 0:11:23.080
<v Speaker 1>to you know, building facilities, manufacturing, if you will, in

0:11:23.120 --> 0:11:26.320
<v Speaker 1>your state. Are you seeing any of that slowing data.

0:11:26.320 --> 0:11:28.960
<v Speaker 1>We've just got about thirty seconds. We have the same

0:11:29.040 --> 0:11:33.680
<v Speaker 1>companies make different decisions than anticipated. But what gives me

0:11:33.760 --> 0:11:36.720
<v Speaker 1>hope and gives me this optimism is that even in

0:11:36.760 --> 0:11:39.720
<v Speaker 1>the spite of the most difficult and challenge in Tim's

0:11:40.080 --> 0:11:42.959
<v Speaker 1>North Carolina continues to its sale all right, but things

0:11:43.000 --> 0:11:44.960
<v Speaker 1>are slowing down, which is which is kind of interesting

0:11:44.960 --> 0:11:47.280
<v Speaker 1>in terms of tone and sentiment. UM. Michelle, thank you

0:11:47.320 --> 0:11:49.800
<v Speaker 1>so much. Michelle Baker Sanders, Secretary of Commerce for the

0:11:49.840 --> 0:11:52.840
<v Speaker 1>State of North Carolina, back in our Interactive Broker studio

0:11:52.920 --> 0:11:53.920
<v Speaker 1>in New York City,