(The Center Square) – Tax subsidy of $125,000 from the One North Carolina Fund, and $691,037 from local incentives, is part of the equation in a steel fabrication company’s $19 million expansion in Cumberland County.
SteelFab plans to add 38 jobs – more than $21,000 per job in subsidies if performance metrics are met.
The One North Carolina Fund is taxpayer money as appropriated by the General Assembly. The sitting governor, in this case first-term Democrat Josh Stein, has discretion for its use to recruit, expand or retain businesses. No money is paid up front; rather, specific job creation and capital investment benchmarks must be met.
The plant in Fayetteville has design plans for 108,000 square feet of addition, three fabrication bays, two prep bays, two shape lines, an office and a breakroom.
“SteelFab looks forward to substantially growing our business in Fayetteville,” said Rob Burlington, regional president of SteelFab. “The grants from Fayetteville Cumberland County Economic Development Commission and the state of North Carolina were extremely helpful in helping us realize our goal of a new manufacturing facility and growing workforce. We are excited to continue our tradition as a North Carolina-founded privately owned steel manufacturer supplying projects in communities across the state and the East Coast.”
Cumberland County approved a grant for $363,550. The city of Fayetteville’s grant is $327,487.
Because all of the grants are performance-based, there is no upfront taxpayer money.
A release from the state Commerce Department said the new positions will pay average annual salary of $70,106 and noted Cumberland County, population 335,000, has annual average salary of $47,175.
Economists question the effectiveness of financial incentives to businesses to expand or come to a new state. Context is encouraged when wages are introduced because a few corporate leaders at a site can skew the average higher while the median wage would not have the same ratio.
SteelFab started in 1955 as a small handrail fabrication shop in Charlotte, led by Glenn Sherrill. Corporate headquarters
Nearly $1M of incentives push SteelFab expansion in Fayetteville
(The Center Square) – Tax subsidy of $125,000 from the One North Carolina Fund, and $691,037 from local incentives, is part of the equation in a steel fabrication company’s $19 million to $22 million expansion in Cumberland County.
SteelFab plans to add 38 to 42 jobs – more than $20,000 per job in subsidies if performance metrics are met.
The One North Carolina Fund is taxpayer money as appropriated by the General Assembly. The sitting governor, in this case first-term Democrat Josh Stein, has discretion for its use to recruit, expand or retain businesses. No money is paid up front; rather, specific job creation and capital investment benchmarks must be met.
The plant in Fayetteville has design plans for 108,000 square feet of addition, three fabrication bays, two prep bays, two shape lines, an office and a breakroom.
“SteelFab looks forward to substantially growing our business in Fayetteville,” said Rob Burlington, regional president of SteelFab. “The grants from Fayetteville Cumberland County Economic Development Commission and the state of North Carolina were extremely helpful in helping us realize our goal of a new manufacturing facility and growing workforce. We are excited to continue our tradition as a North Carolina-founded privately owned steel manufacturer supplying projects in communities across the state and the East Coast.”
Cumberland County approved a grant for $363,550. The city of Fayetteville’s grant is $327,487.
Because all of the grants are performance-based, there is no upfront taxpayer money.
SteelFab, according to published information attributed to state business reports, exceeds $2 billion in annual revenue for the privately held, family-owned business.
A release from the state Commerce Department said the new positions will pay average annual salary of $70,106 and noted Cumberland County, population 335,000, has annual average salary of $47,175.
Economists question the effectiveness of financial incentives to businesses to expand or come to a new state. Context is encouraged when wages are introduced because a few corporate leaders at a site can skew the average higher while the median wage would not have the same ratio.
SteelFab started in 1955 as a small handrail fabrication shop in Charlotte, led by Glenn Sherrill. Corporate headquarters remain there today. The Fayetteville plant was acquired in 2021.
North Carolina is SteelFab’s home to facilities, in addition to headquarters and Fayetteville, for the C-Beams Division, a plant in Charlotte, and a sales office in Raleigh.
From the Spokane to Phoenix to Austin to Pennsylvania, SteelFab in some shape or form has a facility in 12 states.
remain there today. The Fayetteville plant was acquired in 2021.
North Carolina is SteelFab’s home to facilities, in addition to headquarters and Fayetteville, for the C-Beams Division, a plant in Charlotte, and a sales office in Raleigh.
From the Spokane to Phoenix to Austin to Pennsylvania, SteelFab in some shape or form has a facility in 12 states.
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