Design Foundry Plans Furniture Manufacturing Plant in Hickory, North Carolina
According to state officials, the company will manufacture upholstered furniture in partnership with a major furniture and home goods retailer. The company will emphasize the strong tradition of handmade furniture combined with technology in manufacturing to create new methods of manufacturing through supplier partnerships and internal research and development.
“We are excited to make Catawba County our home,” said Eric Fulcher, CEO & President of Design Foundry. “The community has a strong tradition of being makers of great things, with furniture being an important part of that history. Investments in STEM programs within Catawba County helped affirm our decision to select Hickory as the location for this new company.”
“ We believe Catawba County can be at the forefront of combining innovative technology with the artisan craft. We are excited about the opportunities this will create for everyone. Together, with our skilled men and women, new generations will be introduced to upholstery manufacturing,” he said. “We look forward to partnering with suppliers, other businesses and community organizations to make this happen. The foundation of everything we do, is to enhance the lives of those in our community. Design Foundry – Building People, Making Furniture.”
“North Carolina is the international home of the furniture industry with leading manufacturers, designers and events,” said Governor Roy Cooper. “Our state’s experienced furniture talent is the reason for our success. Design Foundry’s decision to open a new facility in Hickory both underscores our reputation and sets the industry up for future growth.”
Design Foundry will hire craftspeople, in addition to those with education or experience based in science, technology, engineering and math. The company plans to use advanced equipment and practices in their manufacturing processes.
The Design Foundry facility in Catawba County 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 this grant, the State expects the project will grow the state’s economy by an estimated $320 million.
Using a formula that accounts for the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,545,300 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 Design Foundry chose to designate its corporate headquarters in Catawba County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $171,700 in new tax revenue generated through the grant into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
How are Uncertain Times Altering Company Location Strategies?
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
2020 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
Site Selection 2020: The Importance of “Regional Depth” with Global Reach
Infrastructure Investment as an Economic Stimulus Tool
34th Annual Corporate Survey & the 16th Annual Consultants Survey