You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So fascinating recent story out this month by Bloomberg News. It talked about how North America's Evy future hinges on a North Carolina turtle pond. It's a pond that sits him on a defunct lithium mind that album Marale is start looking to really restart and maybe, you know, kind of create
a business because we know Evy battery supply chain. You know, the US is trying to create that, and so it just speaks to some of the industries that might create some jobs and activity in the state of North Carolina. And I think a lot of people listening right now I could think that the state was all about being the furniture capital of the world. Right. Yeah, well, let's get into it here in our Bloomberg Interactor Broker's studio, We've got Michelle Baker Sanders, Secretary of Commerce for the
State of North Carolina. Good to have you with us, uh this afternoon. How are you key for having me? It's it's good to have you here. Um hey, just be a picture was the economy in North Carolina doing. The economy in North Carolina is doing very well. We are quite excited about the growth and its fansion and the fact that we are back to pre pandemic levels of economic growth. Well, let's talk about that. I think at this point, Um Michelle, that you know, we're trying
to figure out the way forward. We heard from j Powell the FED share today and markets are enthused. Rates have moved down. You know, maybe some thinking that the aggressive FED moves are coming to an end doesn't mean they're going to start cutting rates. But he also seemed to say that he could do this without you know, maybe creating or he could do it with a soft landing. So give us some ideas about the insight you have about your economy going forward and for how long what
kind of visibility? Sure? Um, well, you know, in spite of implation inflation and the tight labor supply and conversations about um, the entire global markets and the economy North Carolina continues to do well. Not only does this give us confidence in our future, but it underscores um with the indicators that we have what's possible in North Carolina. So I believe that North Carolina will continue to transform its economy to be more focused on technology as well
as UM other booming section two sectors and UM. So I I really feel like the economy in North Carolina will continue to do well and will continue to grow. Okay, I'm not gonna answer that phone, but I'm gonna talk to you instead. One thing that I'm wondering is you said the economic indicators we use. What are those economic indicators? What are the important numbers that you need to watch
in the state of North Carolina. Some of the important numbers are our job growth and numbers UM, the number of jobs that we are creating, UM, the unemployment rate UM. But importantly an indicator for us is the attention that we are getting from businesses and the fact that businesses continue to expand and locate in North Carolina. That is the strongest indicator because we know that companies and ceo s can go anywhere in the world and they are
choosing to come to North Carolina. We've had two records setting years of economic growth, job creation, and capital investment, and UM, you know, recently, or I should say this year, we've had extraordinary growth in the central region of North Carolina, which we call the Carolina Core, which is our like third economic engine UH in North Carolina, and that the other two being Charlotte and Raleigh area. UM. The economic growth in the Carolina Core reason I say it's extraordinary.
We've had four major projects, three of those being historic and its economic development, capital investment, and job creation. And from those we have created an e V sector in North Carolina, in the Carolina Core. UM. So that of the other measures that our mission is the strongest indication that North Carolina has a unstoppable momentum right now, especially in the Carolina Core well and Michelle. And that's why
I bet everybody thought I was crazy. But like this this story that Bloomberg News are our city group looking at what's going on at states and municipalities talking about that as we in the US try to get a complete e V battery supply chain in the US, how what's going on in North Carolina could be you know, maybe in the future a real good source and strong source and supply when it comes to lithium. So it's something that's going on. I want to dig a little
bit deeper into that. When we come back, We're going to continue with Michelle Baker Sanders. She's Secretary of Commerce of the State of North Carolina. She's back in our Bloomberg Interactive Broker studio in New York City. But I love getting to see Tim what's going on when it comes to cities and states specifically. And she's talking about, you know, a fair amount of money coming in and our guest at this hour, Michelle Baker Sanders, She's Secretary
of Commerce for the State of North Carolina. She's back in our Bloomberg Interactor Broker studio in New York City. So, Michelle, when you guys think about what will we were talking a little bit about the US looking to create a supply chain of materials when it comes to e V production, lithium holds maybe some great promise for North Carolina. How do you think about how do you strategize around maybe that supply chain, the e V supply chain for the
state and what steps are you taking right now? Yes, UM, North Carolina is a major contributor or will be a major contributor to the supply chain e V supply chain UM with the recent announcements in central North Carolina or the Carolina core of Toyota, VIM faff UM and Boom Supersonic. Surely we will have a major factor to play these
economic development projects. Not only UM you know, are will have outcomes from those companies, but the suppliers, the vendors, and the o e ms that support those companies supply chain. We believe or anticipate that they too will also either locate or expand to North Carolina because we know proximity
matters when it comes to a supply chain. UM, the supply chain UH that is being built in North Carolina around electric vehicles UM, and I also want to mission suit semiconductor industry in the same region that we're talking about, which is anchored by Winston Salem, Greensboro and High Point. We have wolf Speed, a semiconductor company that's invested five
billion dollars in chip manufacturing. So the theme that you hear and the thing that I'd like to underscore is that North Carolina is playing a key role and and a vital contributor to national security, to supply chain security, and also to economic prosperity not only for North Carolina, but for other states and other countries far beyond North Carolina. We have a globally competitive market and we are leading
the way when it comes to electric vehicles, Michelle. I bet if I talk to commerce secretaries around the country, they're all competing for this. They know that this is where there's going to be tremendous growth. How competitive is it to get companies UM who want to be part of that supply chain, to get them to your state right now, right now? UM, of course it's competitive. We
are globally competitive market. But what I can tell you is that, UM, you know, CEOs have can make a decision UH to locate anywhere in the world, and based on the results and based on North Carolina's performance, we know that they are making the decision and are intentional and want to be in North Carolina because North Carolina is a place where they can have an excellent quality of life, a good cost of doing business, and we
have our greatest asset, which is talent. North Carolina is also a place where you will see leadership on many fronts and the e V space and workforce development in the clean energy space, and also when it comes to climate change. UM. Not to mention the domestic chot supply chain that North Carolina is working to be a major contributor. So we are a place that, um, you know, I think there are very few, if any companies that wouldn't
want to be in North Carolina, wouldn't you say so? Well, it's certainly for the executives that these companies to answer that question. Hey, what I'm wondering, Uh secretary, is about other states that you compete with. Name your biggest competitor out there that you know when you hear the state name, you just shake your fist and say not again. I say up for every other state again again. We are globally competitive, so UM, we don't limit that to the
borders of the states. We are globally competitive, and and I don't really shake my fist, but I do say bring it on, UM, because I know that North Carolina is UH competitive state. It's an excellent asset to market and it is. Bring it on South Carolina, bring it
on Texas, bring it on Florida, which one. Um. We can look at the results though, and just see how wonderful the performance has been because of the partners in North Carolina, the strong ecosystem that we have a businesses UM, the university community college system, and because of the strong network of economic developers who care so deeply about not only the economic prosperity of the state, but about the
people in the residents of the state. We have a governor in place right now who wants us to work hard every day to make sure that we have an economy that works for everyone. I think the key differentiative factor from North Carolina and and what gives me the confidence and the courage to say bring it on, is
that North Carolina is a collaborator. We are one team, We have one mission, and we work together in all corners of the state, at all levels of government and with all of our um private and public business partners. And so that's rare. And you find that not only doing the early stages of site selection, recruiting and you know,
making that decisions where a company will go. You will find that with us through the longevity of the life of the Christian Michelle, you sound awfully optimistic, and um, I get it. And you talk about the investment coming in. You know we did today. It feels like this was an upbeat day. J Powell gave some enthusiasm. It felt like two investors or reasons to be enthusiastic and optimistic that maybe they're not going to be so aggressive with rate increases UM and maybe coming to an end of that.
We saw the stock market rally, we saw rates come down. What I do wonder, you know, a big part of your enthusiasm is these commitments from firms when it comes to you know, building facilities, manufacturing, if you will, in your state. Are you seeing any of that slowing data. We've just got about thirty seconds. We have the same
companies make different decisions than anticipated. But what gives me hope and gives me this optimism is that even in the spite of the most difficult and challenge in Tim's North Carolina continues to its sale all right, but things are slowing down, which is which is kind of interesting in terms of tone and sentiment. UM. Michelle, thank you so much. Michelle Baker Sanders, Secretary of Commerce for the State of North Carolina, back in our Interactive Broker studio in New York City,