Consultants Forum Advertise
Subscribe
Close

  • Free for qualified executives and consultants to industry

  • Receive quarterly issues of Area Development Magazine and special market report and directory issues

Subscribe Now
Renew

Area Development - Site Selection, Facility Planning and Workforce Development

Innovative Construction Group Plans Siler City, North Carolina, Production Operations

04/26/2024
Innovative Construction Group, LLC, an off-site construction services company serving developers, general contractors, and professional builders, plans to establish manufacturing operations in Siler City, North Carolina. The $39.8 million project is expected to create approximately 157 jobs in Chatham County over the next five years.

The project is being supported, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. The project’s plans are also subject to receiving local incentives approvals and finalizing real estate negotiations. Over the 12-year term of this JDIG, the project is estimated to grow the state’s economy by $463.2 million.

"North Carolina’s growth and reputation as an excellent place to do business continues to attract great companies to the state,” said North Carolina Governor Roy Cooper. “Our manufacturing workforce, combined with the world-class training programs that support those workers, help companies succeed in North Carolina.”

Using a formula that considers the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $873,750, spread over 12 years. State payments only occur following performance verification by the Departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project’s projected return on investment of public dollars is 92 percent, meaning for every dollar of potential cost to the state, the state receives $1.92 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after considering the grant’s reimbursement payments to a given company.

Because ICG chose a site in Chatham County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $291,250 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 Chatham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“Innovative Construction Group joins North Carolina’s business community at a time of strong growth and opportunity,” noted Commerce Secretary Machelle Baker Sanders. “Just as this company is investing in our state, we must continue to invest in the public education and workforce training systems that are the building blocks of economic growth in North Carolina.” Innovative Construction Group (ICG) serves building professionals focused on single-family, multi-family, and commercial construction projects. The company provides design services, manufactures wall panels, roof trusses and floor systems, and offers on-site installation to provide a full frame shell construction process.

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, the North Carolina Railroad Company, Commerce’s Division of Workforce Solutions, Duke Energy, Norfolk Southern, Chatham County, the Town of Siler City, and the Chatham Economic Development Corporation.

Exclusive Research