This week, North Carolina Governor Josh Stein and the state’s Department of Commerce announced seven new economic development projects expected to bring over 3,400 jobs and more than $1.8 billion in investment to the state. The announcements follow Scout Motors’ decision to establish its headquarters in Charlotte, which will involve an investment exceeding $206 million and create 1,200 jobs.
Governor Stein and the Department of Commerce have reported that nearly 33,000 new jobs are coming to North Carolina this year. “North Carolina continues to prove that we are the Top State for Business,” said Governor Josh Stein. “These new projects will bring thousands of good-paying jobs and billions in investment to communities across our state from small towns like Benson to cities like Charlotte. We are doubling down on our commitment to strengthening our workforce and building an economy that works for everyone.”
Commerce Secretary Lee Lilley commented on the influx of business activity: “These announcements reflect the confidence that leading companies have in North Carolina’s dynamic economy. We are grateful for companies like these that have recognized our state as one where they can flourish. With more than 30,000 jobs created in less than a year, this is only the beginning. We look forward to building on this momentum and strengthening our workforce across the state.”
One notable project involves Vulcan Elements Inc., a rare earth magnet manufacturer planning a $918 million investment in Benson, Johnston County. The company aims to add 1,000 jobs and establish what is projected as the largest magnet factory outside China. This initiative is expected to generate an annual payroll impact of nearly $82 million for the region and increase North Carolina’s economy by $2.6 billion.
Other companies expanding or establishing operations in North Carolina include:
– Novartis will invest $771 million in Durham and Wake counties with plans for 700 new positions.
– Aspida Financial Services intends a $28 million expansion at its Durham headquarters, creating 1,000 jobs.
– Fit Precast will invest $102 million in Gastonia with an addition of 125 jobs.
– Maersk plans a $16 million investment in Charlotte bringing 520 new positions.
– Eaton is investing over $6.8 million in Middlesex with 30 added roles.
– VectorTex USA will put more than $6 million into Elizabethtown with expectations of creating 44 jobs.
Earlier this year, North Carolina was ranked as America’s top state for business for the third time within four years. Since taking office, Governor Stein has announced over 30,000 jobs and upwards of $22 billion from various economic projects statewide.
In related developments last month, Governor Stein marked progress on Guilford Technical Community College’s Aviation Center aimed at preparing students for aerospace careers—a sector contributing about $88 billion annually to North Carolina’s economy. Additionally, he announced a half-million dollar investment by GE Aerospace Foundation into Heroes MAKE America Program supporting veterans transitioning into advanced manufacturing roles.
Governor Stein also established the Council on Workforce and Apprenticeships to broaden access to quality employment opportunities across North Carolina and directed preparations for implementing new Workforce Pell grants designed for career training.
