(The Center Square) – A commercial heating and air conditioning company plans a $40 million headquarters expansion in Greensboro creating 131 new jobs, helped by $1.1 million over 12 years in assistance from state taxpayers.
The North Carolina Economic Investment Committee approved the financial package on Tuesday for Hoffman & Hoffman. State leaders say Greensboro was chosen over Columbia, S.C.
The jobs will pay an average of $72,176 annually, which is higher than the current average in Guilford County of $60,195 per year, a release from first-term Democratic Gov. Josh Stein says.
Economists question the effectiveness of financial incentives to businesses to expand or come to a new state. Context is encouraged when wages are introduced because a few corporate leaders at a site can skew the average higher while the median wage would not have the same ratio.
“We are grateful that Hoffman & Hoffman is deepening its roots in North Carolina,” Stein said in a statement. “Companies that do business here know better than anyone the benefits of operating in our state, and they know they can count on our skilled workforce, our robust transportation network, and our excellent quality of life as they grow.”
Hoffman & Hoffman chose Greensboro based on factors such as the skill of the workforce, nearby educational institutions and training opportunities, closeness to growth centers and transportation, the state said.
“The Hoffman family of companies continues to grow because our employee-owners never lose sight of the people we serve,” the company’s CEO, Jim Bingham, said in a statement. “When we put our customers at the center of every decision, success follows.”
The company was founded in 1947 and became employee-owned in 2016. It has offices in four states and works nationwide and in Europe.
The state assistance includes a $1.1 million Job Development Investment Grant that will be paid over 12 years if the company meets the promised job and investment targets, according to the state.
