800 jobs in Asheville as Pratt and Whitney selects North Carolina for major facilityChristian Fernsby ▼ | October 24, 2020
Pratt and Whitney plans to invest approximately $650 million and create 800 jobs through 2027 in Asheville, North Carolina.
North Carolina Pratt and Whitney
Topics: North Carolina
Pratt and Whitney, a unit of Raytheon Technologies Corporation is a world leader in the design, manufacture and service of aircraft and helicopter engines, and auxiliary power units. The new project in Asheville will lead to the development of a new 1,000,000 square foot advanced manufacturing facility.
Although wages will vary depending on position, the average annual salary for all the new positions is planned to reach $68,000.
The current average wage in Buncombe County is $43,134. Once all the new positions announced are filled, a $54 million payroll impact will be felt in the area economy each and every year, according to estimates by the Department of Commerce.
Pratt and Whitney’s project in North Carolina 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 this grant, N.C. Commerce economists estimate the project could grow the state’s economy by $7.4 billion.
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $15,543,000, paid over 12 years. State payments 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.
Pratt and Whitney’s JDIG agreement also could move as much as $5,181,000 into the state’s Industrial Development Fund – Utility Account for use by rural communities elsewhere in the state. The Utility Account helps finance necessary infrastructure upgrades in more economically challenged areas of the state to attract future business. ■