Raleigh— New “economic corridors” focused on “next-gen manufacturing” emerge in central North Carolina, with headquarters in Durham wolf speed An announcement is expected today A new semiconductor factory in Chatham County.
This agreement – it can happen billion dollars and 1,800 new jobs If not more – adding to the sequence of substantial economic development of the state.
Wolfspeed is likely to be added to Vinfast (Electric car), Toyota (electric vehicle batteries) and supersonic boom (jet). These factories, in turn, are expected to create more jobs by partnering with all major companies to provide services, supply chains and other needs.
All stocks from the past year Chief Economists Dr Michael Walden NC State calls these developments a “revival” of the state’s manufacturing industry, which has grown over the years from tobacco, textiles and furniture.
“Wolfspeed’s selection of a semiconductor plant in Chatham County is another piece of the emerging Triangle-to-Triangle next-generation manufacturing economic corridor,” Walden told WRAL TechWire.
“Companies in the corridor will be able to hire workers trained inside the triangle and the triad. These businesses develop a level of critical mass that will attract similar businesses to the skilled workforce that will be developed.
Work is critical
John Boyd, Jr., a nationally recognized site selection firm whose company boyd co. Doing a lot of business in North Carolina, noting that labor availability is Top Reasons Why Wolfspeed Chooses Chatham County for the chip factory.
“North Carolina’s workforce training programs through its state-of-the-art community college system are the benchmark for economic development and a key asset in attracting more players major players in technology, electric vehicles, etc. [electric vehicle] and the pharmaceutical industry,” he said in an exclusive interview. “These industries need a highly skilled workforce, and North Carolina has a workforce training and continuing education infrastructure that can play a role in human capital. “
Boyd also noted that in addition to labor and training, the state is a prime location for growth (CNBC recently ranked North Carolina #1 for business):
- lower the costs
- reduce taxes
- Tax incentives
- natural resources
Wolfspeed is expected to agree to the terms of the contract with North Carolina, which could be officially announced Friday morning at a meeting of the state’s Economic Investment Commission. These measures are expected to include state income tax refunds for new jobs created, local incentives in Chatham County and money set aside by the North Carolina General Assembly for settlements. so-called “big places” like VinFast and Toyota.
The state said it would allocate “$112.5 million” to secure a company’s commitment to a “qualified project in Chatham County.”
as WRAL TechWire reported in June Such projects would receive the State Economic Investment Board’s Job Development Investment Grant (JDIG), which combines a job creation target of at least 1,800 qualifying jobs with at least $4.8 billion in private fund investments.
Growth continues despite setbacks
North Carolina’s economy has also suffered a setback, canceling some planned job expansions, including a billion-dollar complex in Charlotte. But the North Carolina Department of Commerce said the job outlook remains positive.
“The business fundamentals that make North Carolina the best place to do business remain the same, and the strength of our business development pipeline reflects that fact,” NC Commerce spokesman David Rhoades said recently. at WRAL TechWire. Sometimes disappointing, but economic conditions are always dynamic and affect different businesses in different ways. Our programs have been operating successfully in such environments for years. North Carolina’s future is bright, Department of Commerce Ongoing efforts will be made to create world-class jobs in the state.
It’s also easy to overlook the continued expansion of the state’s booming life sciences sector, with manufacturing projects making headlines. But the latest announcement means more pharmaceutical jobs — especially in Johnston, Wilson and Pitt counties — and not just in the Triangle. In fact, pharmaceutical giant Novo Nordisk has pledged to create jobs and grow over the next decade under a new agreement with Johnston County.
Rural counties benefit
The Triad to Triad corridor means rural counties such as Chatham, Durham, Forsyth and Guildford counties outside of Wake will share in the economic benefits of new manufacturing, Walden noted.
For example, Toyota’s new plant is under construction in Randolph County, and the recently announced new expansion means hundreds of jobs. (The exception is Boom Supersonic, which decided to build a factory at Piedmont Triad International Airport.)
Also, Walden said, factories won’t necessarily increase housing demand in Metro County.
“[W]It cannot be ignored what this corridor can do for workers in rural counties north and south of the corridor,” he explained. “Rural workers can continue to live in their area but have reasonable travel time to find work in the corridor. This combination of rural living and corridor work will avoid housing price pressures in triangular and triadic metropolitan areas. “
However, housing costs in Chatham are already on the rise, with median prices already among the highest in the area. The addition of about 4,500 workers at Wolfspeed and VinFast factories has left county officials scrambling to sustain growth.
But while the corridor may present challenges growing, Walden noted that the long-term benefits to the state and its residents are significant.
“The Corridor’s manufacturing businesses represent the renaissance of this sector of the North Carolina economy as it continues to transition from textile, tobacco and furniture manufacturing to 21st century manufacturing, providing thousands of North Carolina state residents from middle-income jobs,” he said.