Governor Josh Stein announced a significant investment by Genentech in Holly Springs, North Carolina. The biotechnology company plans to build a new manufacturing plant at a cost of $700 million, creating 400 jobs. This development marks Genentech’s first East Coast production facility, which is expected to boost the local economy and enhance the state’s burgeoning biotechnology sector. The project is supported by a Job Development Investment Grant (JDIG) and promises substantial economic benefits.
Genentech, headquartered in South San Francisco and a member of Switzerland’s Roche Group, has been a leader in biotechnology for over 40 years. The new facility in Holly Springs will be a 700,000 square-foot operation dedicated to high-volume fill-finish processes. It will support Genentech’s existing and future product lines, addressing the growing demand for its medicines. The average salary for the new positions will be $119,833, significantly higher than the current average wage in Wake County.
The state’s Economic Investment Committee has approved a JDIG to facilitate the project. The grant is expected to grow the state’s economy by over $3 billion over 12 years. Genentech may receive up to $9,846,750 in reimbursements if it meets job creation and investment targets. Additionally, the project promises a 230 percent return on investment for public dollars, generating $3.30 in state revenue for every dollar spent.
Choosing Wake County, classified as a Tier 3 area, means that Genentech’s JDIG agreement will contribute $3,282,250 to the state’s Industrial Development Fund – Utility Account. This fund helps rural communities with infrastructure upgrades to attract business. The tax revenue generated will also benefit less economically developed areas in the state.
The project has received support from various local and state organizations, including the North Carolina Department of Commerce, the Economic Development Partnership of N.C., and several educational institutions and utility companies. State leaders and officials have expressed optimism about Genentech’s investment and its potential positive impact on North Carolina’s economy and workforce.
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