ARCHDALE – Another 129 jobs will be coming to North Carolina’s Piedmont-Triad as Japanese firm Sumitomo Forestry will open a subsidiary company to operate a housing and wood product manufacturing facility in Randolph County, following a deal struck with the State of North Carolina’s Economic Investment Committee on Tuesday morning.
The firm is the latest company to announce a manufacturing and distribution facility for products that support building construction.
Under the deal, the company would open a new component manufacturing and distribution facility that would make roof trusses, floor trusses, and wall panels that are used in residential and multifamily construction.
According to a presentation delivered during Tuesday’s Economic Investment Committee conference call, Sumitomo Forestry will invest upwards of $19 million in the project. Following confirmation that a performance-based Job Development Investment Grant is necessary to secure the project, the deal could see an incentives package from the state valued at more than $2 million, with another $650,000 or so in local incentives if conditions are met.
An economic model forecast that the project will add $308 million to North Carolina’s gross domestic product during the grant period and would increase net state revenue by $6.2 million during that time.
The jobs will pay an average annual wage of at least $45,782, according to the presentation delivered during Tuesday’s call.
Building products company Woodgrain expanding in Rocky Mount, will hire more workers
What’s happening
The Piedmont-Triad remains among the nation’s most affordable housing markets, with Winston-Salem recently ranking second in the nation for housing markets that favor home sellers.
And more people are expected to move to the region as Toyota and Boom Supersonic, among others, build and open new manufacturing facilities.
In such an environment, where housing is relatively affordable and people are moving to the region, homebuilders may decide to add new neighborhoods or new multifamily projects.
Earlier this year, Sanford-based Service Offsite Solutions announced an expansion in the Piedmont-Triad region that could bring 200 jobs to the area.
And manufacturers of building products aren’t just coming to the Piedmont-Triad, they’re setting up shop all across North Carolina. That includes a recent announcement from Woodgrain that the company would expand in Rocky Mount with plans to add 42 more workers.
In April, CertainTeed announced an expansion of a roofing supply manufacturing operation in Oxford, with an investment north of $118 million and a commitment to bring on at least 37 new employees. Atlantic Building Components announced in May that it would invest $6 million and would hire 105 workers in Robeson County. And NVR announced in August that it would invest more than $33 million in the state, and plans to add at least 261 net new jobs to the state, across two facilities.
Homebuilder NVR bringing 261 jobs, $33M to NC for two facilities
