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In the last two days, five companies announced they are creating thousands of new jobs and investing hundreds of millions of dollars in communities across North Carolina, further cementing the state as the preeminent place to do business in the U.S.
The five announcements represent a total of more than 3,000 new jobs and over $1.8 billion worth of investment in North Carolina.
The breadth and volume of these announcements shows that North Carolina’s momentum for attracting businesses continues to accelerate, across different industries and communities within the state. This week’s announcements come from international giants with more than a century of history, and cutting-edge startups disrupting their respective industries. These new projects will bring everything from manufacturing, life sciences, and finance jobs to the state, and located in bustling urban cores and growing rural communities.
Below is a summary of each of the five projects.
- Vulcan Elements, a manufacturer of rare earth magnets, is creating 1,000 jobs and investing $918 million in the Johnston County community of Benson. The company’s 1 million-square-foot facility will become the largest magnet factory in the world outside of China, and will help the U.S. reshore this crucial component of the supply chain for many defense and commercial electronics.
- Maersk, a global shipping company based in Copenhagen, Denmark, is creating 520 jobs and investing $16 million in Charlotte. The site will be home to the company’s North American headquarters. Maersk already has a sizable presence in Charlotte, and with this move, will eventually employ over 1,300 people in the Queen City.
- FIT Precast, an industrial concrete product manufacturer, is creating 125 jobs and investing $102 million in the Gaston County community of Gastonia. The company will build its headquarters and a concrete pipe production facility at the site, which will be the most advanced precast concrete manufacturing site in the U.S.
- Aspida Financial Services, a life insurance and annuity company, is creating 1,000 jobs and investing over $28 million in Durham. The company will locate to the former IQVIA building along I-40 and make the location its headquarters.
- Novartis, a life sciences company, is investing $771 million in three sites across Wake and Durham counties. The sites will house a small-molecule manufacturing facility, large-molecule manufacturing facility, and a fill-finish facility. Novartis, as part of an incentive agreement with the state of North Carolina, will create a total of 380 jobs across all three projects. However, the company anticipates exceeding that total and plans to hire upwards of 700 people at the three locations.
“In the last two days alone, five companies announced new finance, corporate, manufacturing, and life sciences jobs that will employ thousands of North Carolinians for years to come,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina. “This diverse range of projects shows that no matter the industry, no matter the locale, North Carolina has an ecosystem where every company can grow and thrive.”
This handful of projects adds to what has already been a historic year for North Carolina as it attracts new businesses and facilitates the expansion of existing companies. So far this year, companies have announced intentions to create more than 30,000 new jobs and invest over $22 billion in North Carolina.
About the Economic Development Partnership of North Carolina
The Economic Development Partnership of North Carolina (EDPNC) is a private nonprofit corporation that serves as North Carolina’s statewide economic development organization. Governed by an 18-member board of business and industry leaders from across the state, the EDPNC focuses on business and job recruitment, existing industry support, international trade, tourism and film marketing. The EDPNC, which operates under contract with the North Carolina Department of Commerce, works closely with public- and private-sector partners at the state, regional and local levels. To learn more, visit www.edpnc.com.