A global titanium giant has just selected North Carolina to build its new nearly $1 billion manufacturing facility.
American Titanium Metal‘s new $867.8 million titanium mill is expected to invest nearly $1 billion into the tax base and create over 300 jobs. Their 100-acre site in Fayetteville, currently unoccupied, is projected to be operational by 2027.
The mill will offer jobs with an average salary of $123,476, significantly higher than Cumberland County’s current average wage of $45,951. In May, county commissioners approved $1.5 billion in bond funding to support American Titanium Metals’ investment, shielding the county and taxpayers from potential debt repayment if the company defaults.
“From the moment the Wright brothers pioneered powered flight at Kitty Hawk, the aerospace industry has been a cornerstone of modern life, driving technological advancements and fostering connectivity,” said Governor Cooper in a press release. “North Carolina offers aerospace manufacturers like this one in Cumberland County a talented workforce, worker training systems, and world-class transportation networks that will help them grow and succeed in our state.”
Commissioner Adams expressed hopes that this deal, along with the recent Amazon warehouse opening, will attract more high-level manufacturing, healthcare, and clean energy jobs to the area. Project Aero, the initiative behind this titanium mill, is supported by a Job Development Investment Grant (JDIG) from the state’s Economic Investment Committee. The grant, worth up to $8,026,000 over 12 years, depends on the company meeting job creation and investment targets.
The project is expected to boost the state’s economy by $1 billion over the grant’s term, with a projected return on investment of 102%, meaning every dollar spent by the state will generate $2.02 in state revenue. This JDIG project will result in positive net tax revenue for the state treasury, even after accounting for reimbursement payments to the company.
