VinFast’s deals, Macy’s rely on the hotline for NC in getting new jobs. Can come again

RALEIGH−North Carolina is already building beyond the 2021 blockbuster when it comes to economic development projects.

Since the calendar was moved to 2022, the state has announced $ 7 billion in investments in seven projects. For the whole of 2021, about $ 10 billion in investments and 23,000 jobs have been pledged.

It is estimated that the projects announced last week alone will bring the state at least nearly 10,000 jobs.

The list for 2022 includes an announcement on Tuesday that Vietnamese automaker VinFast will build a $ 4 billion car plant and an electric battery assembly plant in Chatham County. This is in addition to announcements earlier this year from Eli Lilly and Boom Supersonic.

And on Thursday, Macy’s Corporate Services said it would build a 1.4 million-square-foot service center to better meet demand due to growing online orders, after receiving a stimulus package totaling about $ 11 million from the state. The company plans to create nearly 2,800 jobs.

The VinFast project is based on the state’s “clean energy economy,” a term used by North Carolina Gov. Roy Cooper to announce the VinFast deal.

Automaker VinFast to invest $ 4 billion in Chatham County assembly plant and receive $ 1.25 billion in incentive package

Unlocking the potential of clean energy

“The North Carolina government is fully committed to unlocking the economic development potential of a clean energy economy, and yesterday’s announcement reaffirmed North Carolina as a place of choice for innovative mobile companies such as VinFast,” said Christopher Chung, executive director of the Partnership for Economic Development. North Carolina, the statement said.

Earlier this year, Eli Lilly said she would invest $ 1 billion in the construction of a new production facility in Concord, creating nearly 600 jobs, and Boom Supersonic said it would deploy an aerospace plant at Piedmont Triad Airport, investing $ 500 million and creating the same. 2400 jobs, including at least 1,750 jobs on the site by 2030.

And there may be more jobs.

Sources told WRAL TechWire that while one semiconductor company has excluded North Carolina from its list, other semiconductor firms are actively considering locating facilities in the state.

Which means the VinFast plant for $ 4 billion for the triangle – and the state

Transforming the North Carolina economy?

However, at the moment the main creator of the headlines is VinFast.

“This is one of the most transformative economic development opportunities in our state’s long history, and we are confident that VinFast will have a major impact on North Carolina and its people for decades to come,” Chung said.

In a December interview with WRAL TechWire, Chang also called Toyota’s planned 1.29 billion-dollar electric battery plant in Randolph County a project that transforms the state.

Macy’s is investing $ 584 million and hiring nearly 2,800 workers at a new work center in Rowan County

Ryan Combs, executive director of the Regional Triangle Regional Partnership, called the VinFast deal “monumental”.

There may also be additional investment from companies in the supply chain of electric vehicles. According to Chung, last year the North Carolina Economic Development Partnership commissioned a supply chain study for electric vehicles to prepare the state and its economic developers.

One example that the state can follow is what happened after the announcement of the Tesla plant in Reno, Nevada, which Chang noted as an area that the state and its economic developers could consider in their current study in an interview in December 2021.

Chang confirmed to WRAL TechWire in December that about half a dozen projects related to electric vehicles were at some point considered during 2021.

VinFast news “monumental” for NC, tax breaks still needed, says Research Triangle partnership head

2021 – “the year of the blockbuster”

The onset of the global COVID-19 pandemic brought disruptions to labor markets and the supply chain. But while 2020 was a year of uncertainty for many, 2021 was a year of blockbusters for companies, said Melissa Smith, vice president of hiring and business development at EDPNC, in her annual partnership report.

According to the report, the organization has participated in 174 projects to expand business, relocate or choose jobs, which together are expected to create more than 23,000 new jobs with more than $ 10 billion in joint ventures.

These estimates are the highest of all time, says EDPNC.

“The pandemic has forced companies to look closely at their supplier networks and business forecasts,” Smith said in his annual report. “As companies reassess, uncertainty has given way to confidence for many.”

Screenshot of the EDPNC 2021 Digital Interactive Annual Report.

And, according to the report, as of the end of 2021, an active series of state projects “represented the highest level of potential investment of all time.”

EDPNC data showed that as of the end of 2021, there were 191 potential projects that could create more than 72,000 jobs with nearly $ 39.3 billion in potential investment.

How much does it cost to plant a VinFast car plant in North Carolina? What is the payout?

According to the numbers

Of the 174 projects announced, 124 were in production or assembly, which is by far the largest industry category. According to the report, 13 warehousing and distribution projects, 12 service or sales projects, 11 corporate headquarters and 14 other projects were announced.

Screenshot of the EDPNC 2021 Digital Interactive Annual Report.

But, according to EDPNC, it is four megaprojects that have really increased record investment figures in the 2021 calendar year. These megaprojects were:

In addition, the EDPNC’s annual report highlights other project victories, including the $ 553.5 million Amgen project in Holly Springs, the Kroger Co. project. in Kabarrus County for $ 139 million, the Amazon project in Johnston County for $ 100 million and the project for $ 213 million. from Abzena in Lee County, a $ 154 million project from Thermo Fisher Scientific in Pete County and a $ 114.6 million project from Invitae Corp. in Wake County.

“Our banner year is a testament to the fundamental benefits of North Carolina as a place to do business despite the global pandemic,” Smith said. “The decision of employers to locate and grow here is a confirmation of the workforce and business environment of our state as one of the best in the country. Businesses know that North Carolina is a place where they can thrive. ”

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