The first half of 2024 has been characterized by a significant number of corporate expansion announcements. Several leading firms are expanding their operations across the United States, fostering optimism and yielding substantial advantages for local and regional economies. Key expansion initiatives announced since the beginning of the year include:
These series of billion-dollar and multi-million-dollar expansions aren’t just expected to create thousands of jobs—they are also projected to drive in-migration, boosting demand for housing while stimulating the multifamily sector. Higher occupancy rates and up-trending rent growth performance are likely on the horizon, especially in markets with affordable living costs, making them attractive destinations for new talent.
Multifamily stakeholders including developers and investors should take note that the increased housing demand in the various cities and regions where these projects are planned present lucrative opportunities to meet these growing needs, while local economies benefit from job creation in construction and related industries.
Moreover, these corporate moves often lead to improvements in local infrastructure, enhancing transportation and public services to support the growing population. This creates a positive feedback loop, further boosting market attractiveness and economic development.
We have put together a list of major corporate expansion plans announced since the start of 2024. These plans are set to drive significant regional economic benefits for years to come with a ripple effect on the multifamily sector, sustaining economic momentum and fostering vibrant, thriving communities.
| Company | City/Region | Announcement Date | Expansion Plan |
|---|---|---|---|
| Novo Nordisk | Clayton, OH | June 2024 | $4.1B New Facility |
| Niagara Bottling | Winter Haven, FL | June 2024 | $420M Project |
| Ezee Fiber | Albuquerque, New Mexico, | June 2024 | $250M+ Fiber-to-the-Premise Network |
| Central Ohio: New Albany, Lancaster and Columbus, OH | June 2024 | $2.3B Invested Across Central Ohio Data Centers | |
| Compass Datacenter | Chicago, IL | June 2024 | Planned $10B Hyperscale Data Center Campus |
| Kikkoman | Jefferson County, WI | June 2024 | New $560M Production Facility |
| Microsoft | La Porte, NW Indiana | June 2024 | $1B New Data Center |
| JCB | San Antonio, TX | June 2024 | New $500M Factory – Largest Investment in Company History |
| Air Products | Northern and Southern California | May 2024 | Planned $15B Network of Hydrogen Refueling Stations and California |
| Eli Lilly | Lebanon, IN | May 2024 | Additional $5.3B Invested in Indiana Pharmaceutical Manufacturing |
| AdventHealth | Orlando, FL | May 2024 | Adding $423M to Lake Nona Hospital |
| Bridor | Salt Lake City, Utah | May 2024 | Investing $220M in Utah Bread and Pastry Manufacturing Facilities |
| Microsoft | Wisconsin | May 2024 | $3.3B to Spur Artificial Intelligence Innovation |
| Rivian | Illinois | May 2024 | $1.5B to Expand Illinois Operations |
| Fortescue Future Industries | Buckeye, AZ | May 2024 | $550M Hydrogen Hub Project |
| Eaton Corporation | Texas and Wisconsin | May 2024 | $500M+ to Grow North American Manufacturing Capacity |
| Meta | Montgomery County, AL | May 2024 | $800M Data Center |
| AT&T | Western Pennsylvania | April 2024 | $1.6B in Network Infrastructure |
| AWS | Northern Indiana | April 2024 | Largest Capital Injection into IN: $11B for New Data Centers |
| AESC | Florence County, SC | April 2024 | $1.5B Battery Manufacturing Site Expansion |
| Toyota | Princeton, IN | April 2024 | $1.4B EV Investment |
| Arca Continental Coca-Cola Southwest Beverages | Fort Worth, TX | April 2024 | $168M Expansion |
| Riviana Foods | Memphis, TN | April 2024 | Completed Phase One of $80.6M Processing and Packaging Plant |
| Delta Children | Orangeburg County, SC | April 2024 | $33.1M to Establish Operations in SC |
| Schott Pharma | Wilson, NC | March 2024 | $371M for First U.S. Prefillable Polymer Syringe Manufacturing Facility |
| GM | Orion Township, Detroit, MI | March 2024 | $300M in EV and AV Plant |
| Kyowa Kirin | Sanford, NC | March 2024 | $200M to Establish Biologics Manufacturing Center of Excellence |
| GE Aerospace | Auburn, AL; Lynn, MA; greater Cincinnati region, OH; North Carolina region | March 2024 | $650M towards Manufacturing Facilities and Supply Chain in 2024 |
| Bright Green | Grant, NM | March 2024 | $250M to Expand Controlled Substances Drug Production Facility |
| Hackensack Meridian Health | Woodbridge, Northern New Jersey | March 2024 | $200M Facility |
| Aldi | Nationwide | March 2024 | Plans 800-Store, $9B, Nationwide Expansion |
| Caterpillar | Lafayette, IN | March 2024 | $725M Expansion to Large Engine Center |
| Amgen | New Albany, OH | March 2024 | $365M Expansion |
| Unilever & Americold | Jefferson City, MO | March 2024 | $207M Investment |
| Amkor Technology | Phoenix, AZ | February 2024 | $2B Packaging Plant in Peoria |
| University Health | San Antonio, TX | February 2024 | $450M Hospital in Selma |
| Scout Motors | South Carolina | February 2024 | $2B Electric SUV Plant |
| Children's Health & UT Southwestern | Dallas, TX | February 2024 | $5B Planned Pediatric Health Campus in Southwest Medical District |
| We Energies | Kenosha County, WI | February 2024 | $2B Natural Gas Projects in Oak Creek and Paris |
| Toyota | Georgetown, KY | February 2024 | $1.3B for Battery Packs and New Electric SUVs |
| ZF Friedrichshafen | Gray Court, SC | February 2024 | $500M Transmission Plant |
| USFR | East Coast: TBD | February 2024 | $700M in US Offshore Wind Tower Production Plant |
| Blackstone | Arizona | February 2024 | Constructing $25B Data Center Empire |
| AWS | Madison County, MS | February 2024 | $10B to Build Two Data Centers |
| Hollywood Burbank Airport | Hollywood, CA | February 2024 | $1.2B Passenger Terminal Project |
| Lucid Group | Casa Grande, AZ | February 2024 | $1B Phase II Casa Grande EV Auto Plant |
| Hoag | Irvine, CA | January 2024 | $1B Planned Sun Family Campus Medical Facility Expansion |
