Issuepedia:Filing Room/to file/2022

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The Center for Economic Accountability, a 3-year-old nonprofit based in Michigan that says it approaches topics 'from a free-market, limited-government "classical liberal" perspective,' called out the incentives package as going 'further than any other ... to exemplify the massive wastefulness and ineffectiveness of state government subsidy programs.'

North Carolina officials from multiple agencies had engaged with Apple (Nasdaq: AAPL) for years about a site in RTP. Talks resumed this past spring$ and in April the project – code named "Project Bear" – was announced as a huge win$ for the Triangle and the state.

Apple committed to developing a 3,000-job campus on 281 acres the company controls.

The campus and engineering hub will focus on machine learning, artificial intelligence and software engineering. The high-paying jobs – with average annual salaries of at least $187,000, according to Apple – come at a cost, however. To ensure a win over Ohio, North Carolina put forward its biggest-ever incentives package.

[...]

Earlier this year Michael Farren, an economist with the Mercatus Center at George Mason University, also called the sum exorbitant.

Farren said subsidies – even those in the form of reimbursements – are not free money, and that the majority of incentives are unnecessary, pointing to research that estimates just one out of every eight subsidies is actually responsible for changing a company's decision on where to locate.

'And in situations where it does cause a company to change where it locates, it causes the company to choose a less efficient spot for production,' Farren said.