NVR, Inc. [NYSE: NVR], a leading homebuilder, will create 261 new jobs in an expansion involving Cleveland and Cumberland counties, Governor Roy Cooper announced today. The company will invest more than $33.9 million to expand its capacity in Kings Mountain and build a new facility in Fayetteville.
“When companies already in North Carolina choose to expand here, it’s a great vote of confidence,” said Governor Cooper. “Our ability to support NVR’s growth demonstrates the reliability of our workforce, access to supply chains, and quality of life as attractive tools to meet the increasing demands of the homebuilding industry.”
Headquartered in Virginia, NVR sells and constructs homes under the brands of Ryan Homes, NVHomes, and Heartland Homes in 15 states. In addition to homebuilding products, the Fortune 500 company also operates a mortgage division.
“Companies like NVR will continue to thrive in places where a world-class workforce and strong partnerships are available to support their business objectives,” said N.C. Commerce Secretary Machelle Baker Sanders. “North Carolina not only has a strong manufacturing economy and the largest manufacturing workforce in the Southeast, but it also has a commitment to building a well-prepared workforce with its multi-tiered talent-focused strategic economic development plan.”
The North Carolina Department of Commerce led the state’s efforts to support the company’s expansion in North Carolina. Salaries for the new positions will vary, but altogether, the average annual salary for the positions is $46,510, which is above the average salaries in Cleveland and Cumberland counties. The project could create a potential annual payroll impact of more than $12.8 million per year.
NVR’s expansion 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 the grant, the project is estimated to grow the state’s economy by more than $516 million. Using a formula that takes into account the new tax revenues generated by the 261 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,635,000 spread over 12 years. Payments for all JDIGs 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.
“We are excited to welcome these additional jobs and increased investment to Cleveland County,” said N.C. Senator W. Ted Alexander. “With affordable corporate taxes and creative training systems, this announcement further validates that North Carolina is indeed the best place to do business.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, North Carolina Department of Transportation, North Carolina Community College System, Cleveland County, Cumberland County, Cleveland County Economic Development Partnership, Fayetteville Cumberland Economic Development Corporation, City of Kings Mountain and City of Fayetteville.
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