(The Center Square) – The southwestern North Carolina mountains were chosen for industrial expansion of exisiting facilities fueled by financial incentives rather than Alabama and Georgia sites.
The North Carolina Economic Investment Committee, which operates under the Department of Commerce, on Tuesday approved $1.9 million in state incentives for defense contractor DuoTech Services. The company that repairs and maintains military equipment will expand its Macon County facility to produce electronic components for military aircraft.
The project will create 95 jobs over five years. It currently employs 42 in a 35,000 square-foot facility. DuoTech wants to add an additional 50,000 square, paying the new employees an average wage of $91,200 per year. Capital investment would be $6.5 million.
Average wage in the county is $42,034, the state said.
Huntsville, Ala., and Atlanta were also considered.
“We had choices to make, and with the support of Governor Cooper, the decision to remain and expand our presence in Macon County was the right business decision,” Brian Ferraioli, chairman of the company’s board of directors, said in a statement.
Included in the state incentives is a Job Development Investment Grant of up to $845,100 over 12 years. The grant is calculated based on increases in tax revenues from the new jobs. Payments are only made after the state verifies that job creation and investment targets have been met.
In a release, the state said return on investment of public dollars is 234%.
“Duotech’s growth is another reason why North Carolina is the most military-friendly state in the country,” Gov. Roy Cooper said in a statement. “We welcome the expansion of this nimble and innovative company that’s supporting the defense of our country and its allies while creating great jobs in western North Carolina.”
