(The Center Square) – Though a private company for over 175 years, the North Carolina Railroad Company often works with the state’s taxpayer subsidized projects to create jobs and help the economy.
It’s done so again with an investment in Siler City.
The company is investing $200,000 toward Florida-headquartered Innovative Construction Group’s $39.8 million manufacturing plant. The company produces wall panels, roof trusses, floor systems and offers installation.
Commercial builders of homes, and apartment homes, are the foundation to its success.
The taxpayer subsidy package was nearly $1 million. A Job Development Investment Grant over 12 years totals $873,750, a release from the state says. The company and state project 157 jobs created in five years.
The North Carolina Railroad Company’s stock is 100% owned by the state, though it is a private corporation. It doesn’t operate trains; companies that do are its partners.
While energy changes dictated by the Biden administration and, closer to home, sought by the Cooper administration, are impacting transportation, the rail industry has gotten significant boosts lately. Recent moves, however, are not related to electrifying freight trains.
Grants of $2 million spread through four counties were announced in February; the state budget has $45.2 million in the current year and next; and a $1.4 billion federal project includes seven corridors in the state and a passenger rail line from Raleigh to Richmond, Va.
