New Hanover County has approved millions in economic incentives to persuade one of the area’s top employers to expand its local facility.
At a meeting on Oct. 19, the Board of Commissioners unanimously approved a $3 million grant proposed by Wilmington Business Development to help fund the expansion of a manufacturing facility. County Chief Financial Officer Eric Credle identified the business as Corning Inc., which is currently the No. 12 largest employer in New Hanover, according to the N.C. Department of Commerce.
Separately, the city of Wilmington is considering a $2 million incentive for the same project. City Council will discuss the grant proposal at a meeting on Oct. 20.
in hundreds of jobs
Bringing jobs to New Hanover
If Corning pursues the deal, the company would create 414 new jobs and make a $585 million property investment over a five-year period beginning as soon as 2027. New Hanover’s contributions would be made over five years at $600,000 annually. Credle said that through tax collections, the county would recoup its full investment within four years.
Wilmington Business Development CEO Scott Satterfield explained that Corning could choose any of its sites – including multiple throughout North Carolina – for the expansion.
“Corning has been a vital employer here, a great taxpayer, a pillar of the business community in greater Wilmington,” Satterfield said. “Their position and their presence helps establish the greater Wilmington region as a serious contender for major global opportunities.
If Corning chooses Wilmington, the company intends to complete construction by the end of 2028, Satterfield said.
Satterfield said that Corning’s optical communication sector is leading the project, known as Project Pearl 2, which manufactures fiberoptic cables to “enable fast, reliable transmission of large volumes of data across a variety of telecommunication networks.” Corning has partnered with several major companies during its time in Wilmington, including Meta, Amazon and Microsoft.
The 414 full-time jobs will have an average salary of $85,080, which is 21% higher than the average wage in New Hanover. The company will bring on 15 support engineers with an average wage of $132,000, 60 salary engineers averaging $119,000 and 339 production employees averaging $77,000.
“We want those 414 jobs here, we want the increase to the tax rolls, we want them to be successful in their business, but we also want to bring more high-paying jobs to New Hanover County and this will help us to get there,” Vice Chair Dane Scalise said.
About the county's contributions
Credle said that the county’s contributions will be dependent upon Corning’s ability to meet job investment targets, and the annual $600,000 payment could be prorated if goals are not met. The county will also be protected in cases of site abandonment or workforce reductions within one year of termination of the agreement.
County finance staff recommended approval based on how the deal stacks up against previous incentives. The median direct investment of nine large incentive agreements was $305 million, significantly smaller than the $585 million that Corning plans to invest. In the sampled agreements, the median of the county and city’s combined incentives was over $20 million, compared to the combined $5 million Corning deal.
Satterfield said that the county’s competitive incentives could have a domino effect when it comes to securing future businesses, pointing to the recent development of an Amazon facility on the Pender County line.
Daniel Sheehan covers New Hanover County for the StarNews. Reach him at dsheehan@usatodayco.com.
This article originally appeared on Wilmington StarNews: New Hanover approves millions to land Corning expansion
