Governor Roy Cooper announced last week that Wolfspeed Inc, a leading manufacturer of semiconductors, was in the process of building a new facility in Siler City that is expected to bring in an estimated $5 billion in investments for the town and Chatham County across the next eight years.
Semiconductors are critical components for everything ranging from healthcare systems to EV charging stations. The new facility is expected to create 1,802 jobs come 2026 and is projected to pay an average minimum of $77,753 per year.
“This is another milestone in our drive toward a clean energy economy as it will boost electric vehicle manufacturing and offshore wind while fighting climate change and putting money in the pockets of every day North Carolinians with great paying jobs,” Cooper said in a press release.
The corporation was granted a generous $800 million incentive to open the facility in Siler City, comprising a mix of local and federal incentives. The state is pitching in $159.1 million, while Chatham County has committed $600 million.
Breaking down the state contributions, $57 million is being provided towards constructing the facility while the rest will go towards investment and other grants.
As a financial heavyweight project, the facility is expected to generate an additional $17.5 billion to the state’s gross domestic product by 2045.
“Wolfspeed’s decision further validates North Carolina as the epicenter of clean energy,” Cooper continued.
Cooper has assisted in creating multiple grants to attract manufacturers in clean energy industries to set up shop in Chatham County. Recently, VinFast, a Vietnamense electronic vehicle manufacturer, entered into a partnership with the county.
“Wolfspeed’s decision is a great vote of confidence for our manufacturing and burgeoning clean energy economy to help energize our future success,” Sen. Dan Blue (D), the state senate leader, said.