(The Center Square) – For the third time in six years, North Carolina is No. 1 for business climate and economic development in selections by Business Facilities magazine.
The State of the Year, as the award is known, follows a 2025 calendar year that brought major commitments from Amazon, JetZero and Vulcan Elements. Previous selections were in 2022 and 2020.
“From JetZero choosing Greensboro at the Piedmont Triad International Airport grounds for the site of its first commercial airplane manufacturing facility to biotech firm Genentech building a manufacturing plant in Wake County, the state’s economic development infrastructure supports the growth of new and existing companies,” said Anne Cosgrove, editorial director of the magazine. “Emerging supply chains are being cultivated here as well. One example is Vulcan Elements, a manufacturer of rare-earth magnets locating in Johnston County for its rare-earth magnets facility with plans to invest nearly $1 billion and create 1,000 jobs.”
Amazon Web Services, in last year’s announcement, said a minimum of 500 jobs in high-tech cloud computing and artificial intelligence are coming to an innovation campus in Richmond County along the South Carolina border. The $10 billion investment shattered the previous investment record.
JetZero has a $4.7 billion planned investment coming with more than 14,000 jobs.
Vulcan Elements plans a $1 billion rare-earth magnet factory, largest in the world outside of China.
Genentech plans a $700 million investment in Holly Springs it says should bring 420 jobs.
Taxpayer money through incentives sweetened the lure. Most have contingencies on job creation. The state success rate of companies achieving and getting all incentives is less than 50%.
Amazon’s 20-year contingency-laden deal with commissioners in Richmond County included 50% reimbursement on property tax, and 65% reimbursement on personal property taxes such as high-value servers and networking gear.
The state and local incentives for JetZero could potentially be $1.5 billion. Vulcan Elements could be up to $95 million locally with a state package of $25.2 million. Genentech has a state and local package that could be worth a combined $13 million.
“Strategic investments in workforce development, infrastructure, and site readiness – combined with close collaboration with local communities and industry partners – are helping businesses grow while creating good jobs across the state,” said Lee Lilley, secretary of the state Commerce Department.
