Pratt & Whitney Builds Manufacturing Plant in Asheville, North Carolina
A world leader in the design, manufacture and service of aircraft and helicopter engines, and auxiliary power units, Pratt & Whitney’s new project in Asheville will lead to the development of a new 1,000,000 square foot advanced manufacturing facility.
“This investment will enable Pratt & Whitney to continue to modernize and transform its operations with cutting-edge technologies," said Chris Calio, president, Pratt & Whitney. “Turbine airfoils are a critical component across our engine portfolio and demand will increase significantly as the market recovers over the next several years. We need to invest today to ensure that we have the infrastructure, production capabilities and workforce in place to meet future market demand and provide the best products to our customers worldwide. We are grateful for the support provided by the State of North Carolina and the local community.”
“North Carolina’s leadership in aerospace may have started with the Wright Brothers, but make no mistake, this industry is a vibrant part of our state’s modern economy, as today’s announcement proves,” said North Carolina Commerce Secretary Anthony M. Copeland. “We welcome Pratt & Whitney’s new investment in North Carolina.”
“We are positioning North Carolina to come out of this pandemic with these and other good paying jobs which signals a bright future in aviation even with the current challenges the industry faces. Manufacturers know they can count on our strong workforce, our innovation and our leadership in uncertain times,” said Governor Roy Cooper.
Pratt & Whitney’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 earlier today. Over the course of the 12-year term of this grant, N.C. Commerce economists estimate the project could grow the state’s economy by $7.4 billion.
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $15,543,000, paid 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.
Pratt & Whitney’s JDIG agreement also could move as much as $5,181,000 into the state’s Industrial Development Fund – Utility Account for use by rural communities elsewhere in the state. The Utility Account helps finance necessary infrastructure upgrades in more economically challenged areas of the state to attract future business.
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, the Appalachian Regional Commission, Duke Energy Carolinas, the Golden LEAF Foundation, Buncombe County, Asheville-Buncombe Technical Community College, the Asheville Area Chamber of Commerce Community Betterment Foundation, and the Economic Development Coalition of Asheville and Buncombe County.
Investor Cash Management Plans Wilmington, Delaware, Headquarters-Customer Service Center
Innovation Corridors Have Economic Assets Driving Business Growth
Talent-Based Location Strategies
Workforce Q4 2021
The 2021 Top States for Doing Business Reflect Their Locational Advantages
Workforce Development Programs Are in Overdrive
Workforce Q4 2021
35th Annual Corporate Survey: Effects of Global Pandemic Reflected in Executives’ Site and Facility Plans
2021 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts