This week, Governor Josh Stein and the North Carolina Department of Commerce announced that seven new economic development projects will bring more than 3,400 jobs and over $1.8 billion in investments to North Carolina. These developments follow Scout Motors’ recent decision to locate its new headquarters in Charlotte, an investment exceeding $206.9 million and creating 1,200 jobs in the city. In total for this year, nearly 33,000 new jobs have been announced by Governor Stein and the Department of Commerce.
“North Carolina continues to prove that we are the Top State for Business,” said Governor Josh Stein. “These new projects will bring thousands of good-paying jobs and billions in investment to communities across our state from small towns like Benson to cities like Charlotte. We are doubling down on our commitment to strengthening our workforce and building an economy that works for everyone.”
“These announcements reflect the confidence that leading companies have in North Carolina’s dynamic economy,” said Commerce Secretary Lee Lilley. “We are grateful for companies like these that have recognized our state as one where they can flourish. With more than 30,000 jobs created in less than a year, this is only the beginning. We look forward to building on this momentum and strengthening our workforce across the state.”
Among this week’s announcements is Vulcan Elements Inc., a rare earth magnet manufacturer planning a $918.1 million investment in Benson which will create 1,000 jobs in Johnston County. This facility will be the largest magnet factory outside China and is expected to generate an annual payroll impact of almost $82 million for the region while expanding North Carolina’s economy by $2.6 billion overall. For every dollar invested by the state, projections indicate a return of $1.65 in state revenue.
Other notable investments include Novartis committing $771 million for facilities in Durham and Wake counties with plans to add 700 positions; Aspida Financial Services investing $28 million to expand its Durham headquarters with 1,000 additional jobs; Fit Precast investing $102 million for manufacturing operations in Gastonia with 125 new positions; Maersk bringing a logistics facility valued at $16 million along with 520 jobs to Charlotte; Eaton expanding aerospace component production with more than $6.8 million invested and adding 30 roles in Middlesex; and VectorTex USA establishing operations worth over $6 million resulting in 44 new positions at Elizabethtown.
Earlier this year, North Carolina was ranked as the top U.S. state for business by CNBC for the third time within four years (https://www.cnbc.com/2024/07/11/north-carolina-is-americas-top-state-for-business-in-2024.html). Since taking office, Governor Stein has overseen announcements totaling more than 30,000 jobs created statewide alongside upwards of $22 billion invested through various economic initiatives.
Recently, Governor Stein marked progress on workforce development efforts including celebrating Guilford Technical Community College’s Aviation Center groundbreaking—an initiative aimed at preparing students for careers related to aerospace and advanced manufacturing within North Carolina’s aviation sector valued at approximately $88 billion annually (https://www.ncdot.gov/divisions/aviation/Documents/state-of-aviation-report.pdf). The governor also highlighted GE Aerospace Foundation’s recent commitment of half a million dollars toward supporting veterans transitioning into advanced manufacturing roles via Heroes MAKE America Program.
Additionally, he established the Council on Workforce and Apprenticeships tasked with expanding access to well-paying job opportunities across different sectors statewide—recently directing it toward preparations necessary for implementing Workforce Pell grants intended to support student career training.
Further information about these economic developments can be found through local news coverage such as The Charlotte Observer (https://www.charlotteobserver.com/news/business/article287654660.html), The News & Observer (https://www.newsobserver.com/news/business/article287697040.html), Spectrum News (https://spectrumlocalnews.com/nc/charlotte/news/2025/11/20/magnet-manufacturer-set-to-invest–1-billion-and-add-1-000-new-jobs-in-johnston-county), WSOC (https://www.wsoctv.com/news/local/company-chooses-charlotte-hq-creating-540-jobs/QZXQOHTVJZADHB5CVOEK7ABDBY/) ,and Axios Charlotte (https://axioscharlotte.com/333812/ev-startup-picks-charlotte-for-new-headquarters-bringing-1200-jobs-to-the-city).
