Today Governor Josh Stein announced that Fit Precast, an industrial concrete product manufacturer, will create 125 new jobs in Gaston County. The company says it will invest $102 million to build its headquarters and concrete pipe production facility in Gastonia.
“North Carolina continues to lead the way in advanced manufacturing, and this announcement for Gaston County is a testament to our skilled workforce and business-friendly climate,” said Governor Josh Stein. “This project is the example of how forward-thinking North Carolina companies have a vision for the future and why North Carolina is the top state for business.”
FIT Precast is a new North Carolina company that will manufacture precast concrete and piping products that are critical components to stormwater management, transportation, and utility construction for infrastructure-related projects. The company will build a 154,000-square-foot facility to house its administrative and manufacturing operations to meet regional and national demand.
“The demand for resilient, American-made infrastructure has never been greater, and North Carolina is the ideal place to meet that challenge,” said Matt Goreski, President of FIT Precast. “This flagship headquarters and production facility is the most advanced precast concrete manufacturing site in the country; investing in both leading-edge technology and the people of North Carolina with high paying, meaningful careers. The Gaston County EDC and the State of North Carolina consistently went above and beyond to secure this project, we would like to thank them for making this our new home.”
“Fit Precast’s project reflects the power of collaboration and the confidence businesses have in North Carolina’s economic future,” said N.C. Commerce Secretary Lee Lilley. “As our manufacturing economy continues to grow, it benefits from the partnerships of innovative companies that are creating opportunities for communities to thrive.”
While salaries for the new positions will vary, the average annual salary is expected to be $102,168, which exceeds the Gaston County average of $52,180. These new jobs could create a potential annual payroll impact of more than $12.7 million for the local economy.
Fit Precast’s operation in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $530 million. Using a formula that takes into account the new tax revenues generated by the new jobs and $71 million of the company’s investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,303,100, spread over 12 years. State payments occur only following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
The project’s projected return on investment of public dollars is 170 percent, meaning for every dollar of potential cost to the state, the state receives $2.70 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Fit Precast chose a site in Gaston County, which is classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $255,900 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities anywhere in the state finance necessary infrastructure upgrades to attract future business.
“Fit Precast’s commitment to Gaston County is a powerful vote of confidence in the hard-working people of the region,” said N.C. Representative Donnie Loftis. “These 125 new jobs will bring stability and opportunity to families across our district. I’m proud to support efforts that keep Gaston County moving forward.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, the North Carolina Community College System, Gaston College, the North Carolina Railroad Company, Norfolk Southern, Duke Energy, Enbridge, Gaston County, the Gaston County Economic Development Commission, and the City of Gastonia.