North Carolina's governor, Josh Stein, announced a significant expansion by Hoffman & Hoffman, Inc. in Greensboro, promising an investment of $40 million and the creation of 131 new jobs in Guilford County. As reported by official website of the State of North Carolina, the HVAC supplier aims to consolidate its corporate headquarters and elevate its manufacturing operations.
The company's history stretches back to 1947, becoming a staple in the HVAC and building automation sectors. “We are grateful that Hoffman & Hoffman is deepening its roots in North Carolina,” Governor Stein expressed his appreciation as mentioned on the official website. Serving with an employee-owned business model, Hoffman & Hoffman specializes in providing cutting-edge technology solutions aimed at creating safe and comfortable spaces for its clients.
Jim Bingham, CEO of Hoffman & Hoffman, told the state's news outlet, “The Hoffman family of companies continues to grow because our employee-owners never lose sight of the people we serve.” This expansion is poised to amalgamate the company's corporate functions while also expanding its warehouse capacity, according to the same press release.
The ongoing commitment to North Carolina's business-friendly climate was applauded by N.C. Commerce Secretary Lee Lilley, “Manufacturers like this need a strong and stable business climate to be successful,” and confirmed the state's partnerships in supporting the company's growth. The investment by H&H is expected to offer an average annual salary of $72,176, exceeding the current average wage in Guilford County, and contribute an annual payroll impact in excess of $9.4 million to the local economy, as mentioned on the State of North Carolina website.
The state's economic incentive, the Job Development Investment Grant (JDIG), is playing a part in facilitating the expansion. The grant agreement laid out by the Economic Investment Committee includes potential reimbursements to the company of up to $1,110,600 over twelve years, contingent upon meeting job creation and investment targets. Projections suggest that for every dollar spent, the state could see a 129 percent return on investment.
Additionally, due to Hoffman & Hoffman's decision to set up in a Tier 2 county like Guilford, part of the JDIG agreement involves a contribution of $123,400 to the state's Industrial Development Fund – Utility Account, geared towards helping rural areas in North Carolina upgrade infrastructure to attract future businesses. Leaders across the state, like Senate President Pro Tempore Phil Berger, have lauded these developments. As Representative John M. Blust acknowledged the validation this reinvestment brings to North Carolina's business reputation, everyone involved seems to welcome the firm to their consolidated headquarters in Greensboro with open arms.
Partnerships have been a key element in this undertaking, involving entities such as the North Carolina Department of Commerce, Guilford Tech Community College, Duke Energy, the Guilford County Economic Development Alliance, and several others, all geared towards nurturing an environment where commerce can flourish and communities can evolve in tandem with economic advancements.
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