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TOP STORY OF THE YEAR: Incentives Of $2.9M Aim For 1,200 Jobs

By Staff Reports, posted Dec 16, 2022
Precision Swiss Products employees operate high-precision machinery in its new Brunswick County warehouse to produce parts for the med¬ical, aerospace and semiconductor industries. (Photo by Johanna F. Still)

Economic development agencies in the region had a busy 2022. A slate of projects was granted state and local incentive packages tied to job and capital investments, set to create nearly 1,200 new positions in the Cape Fear region over the next 12 years.

Combined, Wilmington’s and New Hanover County’s new planned annual financial payments nearly triple previous commitments.

The lion’s share of local government incentives is pledged to GE Hitachi, which aims to hire 485 employees at an average salary of $131,000 over the next five years.

The city and county committed to paying GE Hitachi a combined total of $1.5 million, should it meet its job performance goals. Although no state incentives were announced as part of the deal, the firm is building the facility through an up to 50% cost-sharing agreement with the federal government through the Advanced Reactor Demonstration Program.

Locally headquartered Live Oak Bank is eligible for up to $500,000 from the city and county and $1.5 million from the state for its expansion plans.

The bank is expected to add 204 employees at an average salary of $113,000 over a 12-year period. When the deal was announced in September, officials said they planned to begin a $25 million construction project on a fourth building before the end of the year.

The city and county offered MegaCorp Logistics a $500,000 incentive package tied to the firm’s planned creation of 300 new jobs, most of which will be sales related.

And Newcomer Port City Logistics could net up to $112,500 from the city and county for its planned $16 million warehouse at the Port of Wilmington – the firm’s first foray outside of its hometown Savannah, Georgia, flagship. With an added $225,000 from the state, Port City Logistics plans to add 75 jobs at an average salary of $64,000.

In Brunswick County, Precision Swiss Products got its start over the summer, with plans to transfer its west coast headquarters to the new location in the International Commerce Center. Brunswick County offered the firm $270,000, and the state will throw in $1.8 million if the company meets certain metrics. The manufacturing firm plans to create 125 jobs over the next five years.

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