North Carolina Secures $1.8B Investment, 3,400+ Jobs

Raleigh — Governor Josh Stein and the North Carolina Department of Commerce announced seven economic development projects this week that together will deliver more than 3,400 jobs and over $1.8 billion in private investment across the state.
The headline project is Vulcan Elements Inc., a rare-earth magnet manufacturer committing $918.1 million to build a plant in Benson that will add 1,000 jobs and become the largest magnet factory outside China. Officials project nearly $82 million in annual local payroll, a $2.6 billion boost to the state economy, and an estimated $1.65 returned in state revenue for every dollar invested.
Other notable investments include Novartis expanding in Durham and Wake counties with $771 million and 700 jobs; Aspida Financial Services expanding its Durham headquarters with $28 million and about 1,000 jobs; Fit Precast ($102 million, 125 jobs); Maersk ($16 million, 520 jobs); Eaton ($6.8 million, 30 jobs); and VectorTex USA ($6 million, 44 jobs). Scout Motors earlier chose Charlotte for a $206.9 million headquarters and 1,200 jobs.
State leaders highlighted workforce measures — a Council on Workforce and Apprenticeships, planning for Workforce Pell grants, new training at Guilford Tech’s Aviation Center, and targeted employer partnerships — to align talent with advanced manufacturing and aerospace demand.