This week Governor Josh Stein and the North Carolina Department of Commerce announced two new economic development projects, bringing more than 700 jobs to North Carolina. Genentech and Prolec GE build on North Carolina’s strong reputation in the life sciences and advanced manufacturing industries. Governor Stein and Secretary Lee Lilley also attended the Select USA Investment Summit in Maryland to highlight North Carolina’s attractive business environment and encourage companies to expand their operations in the state.
“I am excited to see that more than 700 new jobs are coming to North Carolina,” said Governor Josh Stein. “Companies recognize that our strong economy and talented workforce are an asset to their operations, and that is why they are eager to invest here."
“Genentech and Prolec GE’s investments in North Carolina demonstrate our state’s high-powered business climate,” said Commerce Secretary Lee Lilley. “Our state’s investments in our workforce and infrastructure are paying off, and companies see the value in calling North Carolina home."
Governor Stein announced this week that Genentech, one of the world’s premier biotechnology companies, will invest $700 million to build a new manufacturing plant in Holly Springs, creating 420 jobs. The average salary for new positions will be $119,833 as compared to the average wage in Wake County of $76,643, although wages vary depending on the position. This project is expected to grow North Carolina’s economy by more than $3 billion. For every dollar the state invests it is projected to receive $3.30 in state revenue.
The Governor also announced that Prolec-GE Waukesha, Inc., one of the nation’s largest manufacturers of power transformers, will add 330 new jobs as it invests $140 million to build a second manufacturing facility in Goldsboro. This project will build a new state-of-the-art manufacturing plant at the company’s existing site to support a growing demand for power grid capacity across the country. Although wages vary by position, the average salary for new positions will be $71,912. This project is expected to grow North Carolina’s economy by more than $1.05 billion. For every dollar the state invests it is projected to receive $2.06 in state revenue.
Governor Stein is committed to creating a North Carolina that is safer and stronger with opportunity for everyone. North Carolina was recently ranked in the top 10 states for economy and growth by U.S. News and World Report, with the 7th best economy and the 5th best growth in the nation. The Governor’s budget proposal seeks to continue that progress by investing $256 million in workforce development and including free community college for students pursuing credentials in high-demand fields. In 2025, the State of North Carolina has announced more than 2,600 new jobs facilitated by grants and incentives.