In a move that champions innovation and promises economic expansion, Governor Josh Stein has heralded Genentech's decision to establish a significant presence in North Carolina with the construction of a new biotechnology manufacturing facility in Holly Springs, a project that pledges to create 400 jobs and pour $700 million into the region; Genentech, renowned for its role as a biotech trailblazer, plans to construct a 700,000 sq. ft. high-volume fill-finish operation, aiming to bolster its product portfolio and cater to future demands, with Genentech's CEO Ashley Magargee expressing enthusiasm for the endeavor and its positive implications for the local community, as reported by NC Department of Commerce.
The chosen location, Holly Springs, sits in Wake County, where the average salary for these new positions is projected to outpace the county's average wage by a substantial margin, averaging $119,833 against the county’s $76,643; North Carolina Commerce Secretary Lee Lilley touched on the transformative nature of Genentech's East Coast production foray, highlighting the synergy between state investments in workforce and infrastructure and the burgeoning biotech sector which yields not only jobs but also potential healthcare advances, these factors collectively cementing the state's reputation as an emerging hotbed for the life sciences industry.
As part of the economic incentive to sway Genentech's decision, the state’s Economic Investment Committee has approved a Job Development Investment Grant (JDIG) that could amount to up to $9,846,750 over a 12-year period provided that the company meets its job creation and investment targets, this strategic gamble is anticipated, according to economic projections, to springboard the state's economy by more than $3 billion, with a return on investment of 230 percent, meaning that every dollar potentially spent by the state in support of the project could ultimately net $3.30 in state revenue.
Moreover, due to Genentech opting to invest in a Tier 3 designated area, a significant portion of the JDIG funds, precisely $3,282,250, shall be allocated to North Carolina’s Industrial Development Fund – Utility Account; this fund is essential for facilitating necessary infrastructure upgrades in rural communities to attract future businesses, proving that even as high-tech jobs flock to Wake County, the ripple effects will benefit regions across the state grappling with economic adversity, as vocalized by both N.C. Senator Lisa Grafstein and N.C. Representative Ya Liu, who collectively praised the collaborative effort that culminated in securing Genentech's commitment to North Carolina.
