(The Center Square) – New projects in the product development and technology, power management, pharmaceutical and financial services industries rolled out Thursday and Wednesday in yet another surge for economic development in North Carolina.
VectorTex USA is a newcomer, and Eaton, Norvartis Gene Therapies and Aspida announced expansions.
VectorTex USA, subsidiary of Vector Technologies, will invest more than $6 million in a manufacturing facility in the Elizabethtown community of Bladen County. The parent company is an Australian contract manufacturer for the life sciences, aquaculture, automotive, and food and beverage industries.
Incentives for the company include $120,000 from the One North Carolina Fund, which requires a matching participation from local governments. The project is estimated to bring 44 jobs with average salary of $48,136.
Economists question the effectiveness of financial incentives to businesses to expand or come to a new state. Average wage comparisons are questioned because salaries of a few corporate leaders can skew the average higher while it would not have the same impact on the median wage.
Also Thursday, an expansion of Eaton Aerospace Group’s facility in the Nash County community of Middlesex will add 30 jobs and create a $6.8 million investment, the state Commerce Department said.
The plant tracing history to 1976 will expand by 40,000 square feet. It is adding a new distribution center for hose products and components that support aerospace customers.
The performance-based grant from the OneNC Fund is for $100,000.
The drug company Novartis Gene Therapies, Inc. announced a $771 million expansion in Durham and Wake counties it says will create 700 new jobs.
Novartis also considered Dallas-Ft. Worth for the expansion. The choice was in part because of the “life science eco system,” and a highly skilled workforce, according to state officials.
Aspida Financial Services, a life insurance and annuity company, announced an expansion of its global headquarters in Durham, a $28 million investment which will add 1,000 new jobs.
A state board on Wednesday approved $10 million in grants over 12 years for the Novartis expansion and $21.8 million for Aspida.
This is in addition to other forms of state and local assistance such as job training.
