(The Center Square) – The mountains of southwestern North Carolina have been chosen over sites in Alabama or Georgia for industrial expansion of existing facilities driven by financial incentives.
The North Carolina Economic Investment Commission, part of the Department of Commerce, on Tuesday approved $1.9 million in state incentives for defense contractor DuoTech Services. The company, which repairs and maintains military equipment, will expand its Macon County facility to produce electronic components for military aircraft.
The project is expected to create 95 jobs over five years. The company currently employs 42 people in a 35,000 square foot facility. DuoTech wants to add another 50,000 square meters and pay new employees an average annual wage of $91,200. The capital investment will be $6.5 million.
Huntsville, Alabama, and Atlanta were also considered.
“We had a choice, and with Governor Cooper's support, our decision to remain in Macon County and expand our presence was the right business decision,” Brian Ferraioli, chairman of the company's board of directors, said in a statement.
State incentives include job development investment grants of up to $845,100 over 12 years. Subsidies are calculated based on the increase in tax revenue from new jobs. Payments will only be made after the state confirms that job creation and investment goals have been met.
The state said in a release that the return on investment for public funds was 234%.
“DuoTech's growth is another reason why North Carolina is one of the most military-friendly states in the nation,” Governor Roy Cooper said in a statement. We welcome the expansion.” We were able to build alliances while creating great jobs in Western North Carolina. ”
