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Loan | Alive

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Last Raised

$1.1M | 1 yr ago

About Economic Development Partnership of North Carolina

Economic Development Partnership of North Carolina provides support for businesses founded in North Carolina. The group specializes in NC's key industries including aerospace, automotive, food processing, and information technology.

Economic Development Partnership of North Carolina Headquarter Location

150 Fayetteville St Suite 1200

Raleigh, North Carolina, 27601,

United States


Latest Economic Development Partnership of North Carolina News

Ball Corp. to Spend $384M to Join Red Bull & Rauch Factory Hub in North Carolina

Jul 27, 2021

Adding 220 jobs, it pushes the hub's investment to over $1 billion by 2027 and 600 new jobs in total. Jul 27th, 2021 iStock RALEIGH, NC — Global aluminum beverage packaging company Ball Corporation will create 220 new jobs in Cabarrus County, Governor Roy Cooper announced Tuesday. The company will invest $383.8 million to join Red Bull and Rauch’s beverage manufacturing hub in Concord. "We believed throughout this recruitment that Ball would be the third piece of this historic economic development package and we are delighted it has been confirmed," said Governor Roy Cooper. "We’re excited that there will be even more available good paying jobs in the Cabarrus County area." Headquartered in Colorado, Ball Corporation is a global leader in supplying recyclable aluminum packaging for beverages and aerosols. Since its start in 1880, the company has grown to more than 60 production facilities and 21,500 employees around the globe. Ball will manufacture aluminum cans for Red Bull and other customers in a new, 800,000 square foot state-of-the-art operation. With Ball’s commitment, the three companies at the new beverage manufacturing hub will create more than 600 jobs and an investment exceeding $1 billion by 2027. “The beverage manufacturing campus in Cabarrus County is now a billion-dollar operation with the addition of Ball,” said N.C. Commerce Secretary Machelle Baker Sanders. “This is a powerful illustration of the opportunities and confidence that growing companies have in North Carolina’s resilient economy, robust infrastructure and diverse manufacturing workforce.” The North Carolina Department of Commerce led the state’s efforts to support Ball’s decision to locate to North Carolina. The average annual salary for all new positions is $70,555, creating a potential annual payroll impact of more than $15.5 million per year. Cabarrus County’s overall average annual wage is $41,255. Ball’s expansion will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by more than $1 billion. Using a formula that takes into account the new tax revenues generated by the 220 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,084,000 spread over 12 years. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. Because Ball is locating in Cabarrus County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $1 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Cabarrus, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state’s economic tier designations is available  here . “This is an exciting expansion for Cabarrus County,” said N.C. Senator Paul Newton. “We are eager to add another global company to such a creative and historic project at the Concord super site and provide a workforce that is ready to get to work.” In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, North Carolina Railroad Company, Cabarrus County, Cabarrus Economic Development, the City of Concord, Charlotte Regional Business Alliance, and Duke Energy. Latest in Capital Investment

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