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Sustainability » Sustainability Reports » 2007|2008 Sustainability Report » Strong Communities » Economic Development Exceeds Expectations

Economic Development Exceeds Expectations

Duke Energy’s success is directly linked to the communities we serve. We partner with economic development specialists in our five-state service territory to help attract new business and industry. Energy prices and reliability – coupled with the overall quality of life – are important criteria when businesses determine where to locate.

In 2007, Duke Energy’s economic development specialists worked with state and regional government officials to help attract approximately $3.7 billion in capital investments and 15,270 new jobs to the five states we serve. That exceeded our goals of 12,500 new jobs and $2.4 billion in investment.

While our representatives in each state were involved in dozens of successful projects, a few stand out:

  • Google – Internet search leader Google is building a data storage center in Caldwell County, N.C. The company plans to invest up to $600 million on its new facility and create 210 new and relatively well-paying jobs in the next four years.
  • Honda Jet – This subsidiary of Honda Motors announced plans to locate its world headquarters and airframe assembly plant at Piedmont Triad International Airport in N.C. Honda will invest up to $100 million and create more than 280 jobs with average wages of more than $70,000 per year. The plant will produce the company’s eight-person, twin engine private jet.
  • Cummins Engine – It is often better to re-use existing structures than to build new ones. Cummins Inc. will invest $250 million and create more than 600 new jobs to produce a new lightduty diesel engine at its Columbus, Ind., plant. The building is a former heavy-duty engine assembly plant that closed in 2002.
  • Amylin Pharmaceuticals – This biotech firm demonstrates the popularity of southern Ohio for specialized manufacturing. Amylin is expanding a facility that was already under construction into a $400 million project. About 500 new jobs will be created in Butler County, Ohio, to produce a new, once-a- week drug to treat Type 2 diabetes.
  • Tata Consultancy Services (TCS) – “Insourcing” is a new term that perfectly describes this new development in the Greater Cincinnati region in 2007. TCS, the largest business conglomerate in India, announced that its North American Service Delivery Center would come to the area. The $20 million development is expected to eventually employ approximately 1,000 software engineers, information technology consultants, sales staff and administrative support personnel.

Each of these projects will have a multiplier effect on the number of jobs created as suppliers, support industries, and general retailers arrive to serve their customers.

One of the Top Utilities
Site Selection magazine named Duke Energy as one of the “Top 10 Utility Companies of the Year” in economic development for the ninth consecutive year. The magazine based its selection on total capital investment, investment per capita, total jobs created and jobs created per capita.