A new biotechnology plant is set to boost North Carolina's economy by more than $3 billion.
Medical manufacturing company Genentech plans to invest $700 million to build the new facility in Holly Springs. The project is set to create more than 400 jobs, with an average salary of $119,833.
"These are meaningful, good paying jobs that will help hundreds of North Carolinians build their career and support their family," Governor Josh Stein said in a press conference Monday.
Workers at the facility will develop the next generation of obesity medications, according to CEO Ashley Magargee.
"We are thrilled to see the incentives, as well as a very strong government support, for scientific innovation that North Carolina is providing us," Magargee said at the press conference. "This will be our first Eastern seaboard manufacturing facility and it'll be our first new manufacturing facility globally in nearly two decades."
One of those incentives is a state reimbursement. Over the next 12 years, North Carolina's Job Development Investment Grant (JDIG) program will provide Genentech up to $9,846,750. Governor Stein said the funds will generate a 230% return on investment for the state.
"It is only paid when Genentech meets its investment and hiring targets," Stein said at the press conference. "Biotechnology is one of North Carolina's signature industries. Every day, companies, research institutions that call North Carolina home push the boundaries of science and bring new medicines and new hope to people all around the world."
Stein's office said the project should still result in positive net tax revenue for the state treasury. It estimated that for every dollar of potential cost, the state will receive more than three dollars in revenue.
The Genentech facility is set to be 700,000 square feet. It's unclear when the project will be completed.
