Governor Josh Stein announced today that Fit Precast, a manufacturer of industrial concrete products, will establish its headquarters and a production facility in Gastonia, North Carolina. The company plans to invest $102 million and create 125 new jobs in Gaston County. This move highlights North Carolina’s role in advanced manufacturing and its appeal to businesses due to its skilled workforce and favorable business climate.
Fit Precast, a new company in North Carolina, will produce precast concrete and piping products essential for infrastructure projects, including stormwater management and transportation. The company plans to construct a 154,000-square-foot facility to accommodate its administrative and manufacturing operations to address both regional and national demand. The average salary for the new positions is expected to be $102,168, significantly above the Gaston County average, potentially generating an annual payroll impact of over $12.7 million.
The project will benefit from a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over a 12-year period, the project is expected to grow North Carolina’s economy by $530 million. The JDIG agreement allows for potential reimbursement of up to $2,303,100, contingent upon the company meeting its job creation and investment objectives. The project’s return on investment is projected to be 170 percent, contributing positively to state tax revenues.
As Gaston County is classified as a Tier 2 area under the state’s economic tier system, the JDIG agreement also allocates up to $255,900 to the state’s Industrial Development Fund – Utility Account. This fund supports necessary infrastructure upgrades in rural communities across North Carolina. Various partners, including state departments, local entities, and energy companies, collaborated to bring this project to fruition.
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