Fort Worth's city council is gearing up to decide on an economic incentive plan that could significantly bolster the local workforce. GE on Wing Support Inc., an engine maintenance, and repair provider for GE Aerospace, is eyeing an expansion that would increase both its physical footprint and employee count in the area. According to the City of Fort Worth, the expansion entails a proposed 3.25-acre land acquisition adjacent to their existing site near DFW International Airport.
Discussions revealed that the planned expansion, already employing 65 people in an 84,344-square-foot facility, would commit GE on Wing Support Inc. to a $50 million capital investment. This figure includes property improvements worth $37.5 million by December 2026 and a further $12.5 million in business personal property by the following January. Hiring 100 additional full-time jobs by the end of 2026 is also on the table, which would up the site's workforce total to 165, each pulling in an average annual salary upwards of $70,000.
In an economy where job growth and investment are watched closely, the council's consideration of tax incentives can be a pivotal factor for expansions like GE's. In return for GE's commitments, Fort Worth is considering offering a seven-year tax abatement for up to 60% of the incremental value of their real and business personal property. However, this abatement is contingent on the company meeting its hiring and investment benchmarks. Falling short would lead to a corresponding reduction in abatement benefits.
Moreover, the city is keen to support diverse contractors through this deal. With commitments to allocating 15% of construction costs towards business-equity firms, the project can offer new opportunities to firms that have often been underrepresented in the industry. The city council will take a final vote on whether to green-light these incentives during the session scheduled for August 13, potentially setting the stage for further economic growth in Fort Worth.
