Clayton Supply Establishes New London, North Carolina, Operations
The investment will expand the company’s capabilities to support the growing market demand in the housing industry.
"Manufacturers trust North Carolina because they know we’ve earned our reputation for having the best advanced manufacturing workforce in the nation,” said Governor Roy Cooper. “From our central, east coast location that makes it easy to reach customers, to our world-class transportation infrastructure and workforce training systems, North Carolina offers everything these companies need to succeed.”
Clayton Supply’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $649 million.
Using a formula that takes into account the new tax revenues generated by the new jobs and a capital investment of $46.6 million, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,063,700, 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. 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 Clayton Supply chose a site in Stanly County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving just over $229,300 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 2 county such as Stanly, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“North Carolina is the number one manufacturing state in the Southeast United States,” noted Commerce Secretary Machelle Baker Sanders. “This leadership depends on a strong, well-trained workforce. As our First in Talent strategic plan makes clear, investing in our people and educational systems creates economic opportunities for everyone.”
As a leading national home builder dedicated to attainable housing, Clayton Home Building Group’s portfolio includes a comprehensive range of off-site and site-built housing.
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 Revenue, Stanly County, the Town of New London, and the Stanly County Economic Development Commission.
2023 Top States for Doing Business Meet the Needs of Site Selectors
The Rise of Mid-Size U.S. Cities: The Industrial Development Boom
Front Line: Brownfields Offer Redevelopment Opportunities
2023 Top States Commentary: Top-Ranked States Have What It Takes to Win Mega Projects
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Immigration: A Potential Fix for Labor Shortages?
Workforce Q4 2023
2023 Top States Workforce Development Programs