Iredell County Once Again Lands A Project on North Carolina’s Most Job-Rich Economic Development Projects
By Lawrence Bivins, Business North Carolina, July 2024
Foreign investment is flooding into North Carolina as Asian and European companies respond to state and federal policies promoting clean energy and domestic manufacturing, according to Business North Carolina’s annual report on the state’s largest job announcements.
The dominant player is Toyota, which disclosed plans for a large Randolph County plant in late 2021, then last year raised the ante to a projected $14 billion investment. It has hired more than 800 people in preparation for production starting next year of electric and hybrid batteries to be used across its lineup.
Eight of the 10 largest job announcements came from foreign enterprises, compared with five in BNC’s 2022 report and four in 2021. More investment may be on the way after the Biden administration in May quadrupled the tariff on Chinese-produced electric vehicles to 100%. The rate for foreign-made semiconductors, solar cells and needles and syringes is also rising to 50% this year.
Ready talent was commonly cited as a top factor in companies’ interest in the state, with several CEOs trumpeting their partnerships with N.C. universities and community colleges.
North Carolina also benefits from available land and buildings that have access to industrial-grade infrastructure. Many “megasites” have filled up as the state wins kudos as a top location for business. That is prompting leaders to seek developers for other sites with suitable land and buildings.
BNC’s annual list is based on job-creation projections for developments announced between June 1, 2023, and May 31. Details are gleaned from press releases, state reports and local media accounts. History shows many projects won’t meet their targets for jobs and investment, while some exceed their goals. State officials verify the companies’ job creation and capital spending before providing incentives.
2024 marks the third year in a row that Iredell County has made it on the list of the Top 25 projects in the state.
2023 – Iredell County Lands Two Projects On North Carolina’s Most Job-Rich Economic Development Projects
2022 – North Carolina’s 25 Largest Job-Creating Projects Over The Past Year
19. DEHN
Neumarkt, Germany
NEW JOBS: 195
COUNTY: Iredell
PROJECTED INVESTMENT: $38.6 million
N.C. CASH INCENTIVES: $1.17 million over 12 years
LOCAL INCENTIVES: $1.84 million over seven years
The 114-year-old, family owned company makes surge-protection equipment, lighting and safety gear designed to protect infrastructure. It holds 1,100 patents. Its new facility in Mooresville will serve as headquarters for its U.S. division. Proximity to Charlotte Douglas International Airport, strong regional highways and abundant internet infrastructure helped draw the company to Iredell County. Dehn considered 350 possible U.S. locations, with Auburn, Alabama, and Columbia, South Carolina, joining Mooresville as finalists.
Read more about Dehn and their decision to locate in Mooresville here.
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