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Honda Aircraft Company Expands Greensboro, North Carolina, Assembly Plant

07/13/2023
Honda Aircraft Company, maker of the HondaJet light aircraft, plans to develop and produce a longer-range version of the plane at its assembly plant in Greensboro, North Carolina. The $55.7 million project is expected to create 280 jobs in Guilford County.

The company will establish production lines to manufacture the new HondaJet 2600, focusing initially on the critical design phase and production readiness of the plane, requiring significant R&D resources.

“We are thrilled that North Carolina will be home to the new Honda light jet that represents the next chapter of our skyward mobility,” said Hideto Yamasaki, President and CEO of Honda Aircraft Company. “The state of North Carolina provides a rich talent pool and tremendous support from our local community and having our facilities located right next to the Piedmont Triad International Airport is an ideal location to develop and produce our new light jet.”

The project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee, and is contingent upon local participation from the City of Greensboro and Guilford County. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $2.37 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 $3,434,400, 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.

“HondaJet’s creation of nearly 300 good-paying jobs is yet another example of why CNBC named North Carolina as the number one state in the country to do business for the second year in a row,” noted Governor Cooper. “This decision shows our state’s commitment to developing a skilled workforce, not only in the key industry of aerospace with a flagship brand like HondaJet, but in the entire advanced manufacturing arena.”

Because Honda Aircraft is in Guilford County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving $381,600 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 Guilford, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“Talent comes first when companies consider a business location,” added North Carolina Commerce Secretary Machelle Baker Sanders. “Locations that can offer a talented and well-trained workforce, tailored to the needs of a particular industry, succeed in today’s business environment. North Carolina’s First in Talent strategic plan helps our state deliver the world-class workforce that makes us the best place to do business in the world.”

Honda Aircraft Company is an aircraft manufacturer responsible for the production of the HondaJet family of aircraft. The company was formed as a wholly owned subsidiary of Honda Motor in August 2006 under the leadership of HondaJet designer Michimasa Fujino.[2] Honda Aircraft Company began delivering aircraft to customers in late 2015, and by the first half of 2017 its HondaJet had become the top-selling twin-engine light business jet.

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 Piedmont Triad International Airport, Guilford Technical Community College, the City of Greensboro, Guilford County, the Guilford County Economic Development Alliance, GuilfordWorks, and the Greensboro Chamber of Commerce.

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