BUSINESS NORTH CAROLINA
North Carolina’s most job-rich economic development projects of 2022-2023
06/30/2023
In the wake of record-setting job creation announcements in 2020 and 2021, North Carolina continues to show why global media outlets heap praise on the state as a top business destination. Wolfspeed’s $5 billion investment in Chatham County tops the list and symbolizes the country’s move to electric vehicles and an economy much less dependent on fossil fuels.
High-profile expansions were announced by U.S.-based manufacturers such as GE and Energizer, while the state also was chosen for direct investment by companies in Australia, Finland, Germany, Italy and the United Kingdom.
North Carolina continues to excel in life sciences, as well as transportation equipment, aviation services, building products, consumer foods and financial services.
This year’s Top 25 list ranks projects from June 2022 through May 2023 based on job creation. Details are gleaned from N.C. Department of Commerce and Economic Development Partnership of North Carolina reports, as well as news coverage. Amid unpredictable shifts in global economic conditions, not every company will meet its mark. Some, however, will exceed expectations when it comes to job growth and capital expenditures once operations get going.
1. WOLFSPEED
Durham
NEW JOBS: 1,802
COUNTY: Chatham
PROJECTED INVESTMENT: $5 billion
N.C. CASH INCENTIVES: $76.1 million over 20 years
For the second year in a row, Chatham County took home the No. 1 spot as Durham-based Wolfspeed announced plans to build the world’s largest silicon carbide production site at the Chatham-Siler City Advanced Manufacturing megasite. The company makes semiconductor chips and devices that power electric vehicle inverters and charging systems. It is hoping to benefit from the so-called CHIPS and Science Act passed by Congress last August to promote U.S. manufacturing. The initial $1.3 billion phase of Wolfspeed’s 445-acre campus is expected to open next year, with additional capacity to be added through the end of the decade. The Silicon Carbide wafers produced there will supply the company’s $1 billion Mohawk Valley chip factory, which opened last year near Utica, New York.
2. Siemens Mobility
Munich
NEW JOBS: 500
COUNTY: Davidson
PROJECTED INVESTMENT: $220 million
N.C. CASH INCENTIVES: $5.64 million over 12 years
In unveiling plans for a 200-acre passenger railcar plant and service center in Davidson County, company executive Marc Buncher called Lexington “our new East Coast hometown.” The division of Germany’s Siemens AG is a global leader in many industries, including railcars. Buncher cited proximity to customers as a factor in picking the site. Siemens Mobility paid $16.2 million for the property at Lexington Industrial Park, a public-private partnership between the city of Lexington and Front Street Capital, a commercial real estate firm based in Winston-Salem.
3. GE Hitachi
Nuclear Energy
Wilmington
NEW JOBS: 485
COUNTY: New Hanover
PROJECTED INVESTMENT: $85 million
N.C. CASH INCENTIVES: None
GE has been a leader in nuclear power technologies since 1955. It began making fuel for nuclear plants in Wilmington in 1969 and, in 2003, moved its nuclear energy division headquarters there from San Jose, California. GE Nuclear’s joint venture with Japan’s Hitachi Group began in 2007. Its latest Wilmington expansion is being driven by a partnership with TerraPower, a designer of nuclear reactors founded by Bill Gates in 2006. The project has support from the U.S. Department of Energy’s Advanced Reactor Demonstration Program. The project expects to boost payroll by $63.5 million annually and help build the supply chain for a new generation of nuclear power plants, GE-Hitachi says.
4. SO-PAK-CO
Mullins, South Carolina
NEW JOBS: 440
COUNTY: Scotland
PROJECTED INVESTMENT: $85 million
N.C. CASH INCENTIVES: $4.6 million over 12 years
Founded in 1943, So-Pak-Co is a top supplier of military field rations, also known as meals ready to eat or MRE, to the U.S. military. The company also makes foods for major national brands such as Bush’s Baked Beans. The company opted for Laurinburg over nearby sites in Bentonville and Mullins, South Carolina, for its latest expansion. In addition to its $4.6 million Job Development Investment Grant, the project will receive $2.2 million in road enhancements from the N.C. Department of Transportation and $585,000 in training support from the N.C. Community College System. The 440-job expansion is said to be the largest-ever economic development win for Scotland County, which had the state’s highest unemployment rate, 6.8%, as of April.
5. Bank of London
London
NEW JOBS: 350
COUNTY: Mecklenburg
PROJECTED INVESTMENT: $33 million
N.C. CASH INCENTIVES: None
Charlotte’s reputation as a financial technology hub grew bigger with the mid-2022 announcement by The Bank of London that it would base its U.S. global platform and services headquarters in the Queen City. The company, founded in 2021, said it will employ 350 people in 40,000 square feet of space at One Independence Center downtown. Software developers, engineers, technology professionals and risk management specialists are among the positions created by the business, which provides clearing and other transaction services for financial services companies. Since inception, Bank of London has raised $160 million and has a valuation of $1.1 billion, the company said earlier this year.
