JetZero to build manufacturing facility in NC, create more than 14K jobs; investment of $4.7B

GREENSBORO, N.C. (WTVD) -- North Carolina will be the home of a new production facility for aviation company JetZero, Governor Josh Stein announced on Thursday.

Stein delivered remarks in Greensboro as part of an event this afternoon, where he revealed it will be a $4.7 billion investment by the company that could create more than 14,500 jobs.

"For the past few weeks, I've been spontaneously breaking out into dance," said Kevin Baker, Executive Director of Piedmont Triad International Airport.

JetZero chose Greensboro among numerous other finalists for its first manufacturing plant.

"North Carolina has one of the most impressive talent ecosystems in the country. From your K-12 public schools to your top-ranked universities, best-in-class community colleges, we are thrilled to work with you," added JetZero CEO Tom O'Leary.

The company says its planes offer superior fuel efficiency, which could improve safety range for new routes and overall customer experience.

"This is new technology, but we're confident that it's going to succeed, and when it does, it's going to transform aviation. We want North Carolina to not only be where aviation started, but where it goes into the future," said Stein.

Conversations between the company and state lawmakers, including then-Governor Roy Cooper, started last year.

"The first economic development call I had after I was elected, but before I was sworn in, was with Tom (O'Leary). I wanted to make sure I understood this project," said Stein.

United and Alaska Airlines have already invested in the company and plan to order the new design.

Available positions will range from maintenance technicians to engineers, with an average salary of about $89,000, a figure well above the state and county average.

"There is a tremendous workforce here. And now people know of Greensboro as a hub for aerospace and innovation. I think it will also be a magnet. Whenever you do something of this nature, you're going to draw other people to the state who are coming here for the opportunity. And I think that's a good news message for North Carolina that we're happy to be a part of it," said O'Leary.

The state's economic incentives package includes a Job Development Investment Grant that authorizes potential reimbursement of up to $1,017,775,800 over 37 years.

Thursday morning, the Guilford County Board of Commissioners unanimously approved its own economic incentive grant, providing $75,933,517 over 20 years.

"All you have to do is look back at the economic development changes that we've made, the statutes over time, creating the JDIG provision that JetZero is working under," said Senate President Phil Berger, when discussing the role of the State Legislature in working to attract companies to the state.

In both instances, the company would need to hit certain benchmarks, including hiring and salary figures, to receive the money.

"The economic return on this is like 250% in terms of what the state is offering, in terms of what we think will come back to the state. And that's just to the state. What they do in the local economy here in terms of creating jobs and stimulating housing construction and helping support local restaurants, and the thriving arts culture here in Greensboro," said Stein.

With JetZero coming to Greensboro, it'll be the second aviation start-up with plans for the Triad, joining jet maker Boom Supersonic.

"We have a burgeoning aerospace community with other companies already here, like HondaJet and HAECO and Marshall and now Boom Supersonic. And we're just adding to that," said O'Leary.

SEE ALSO | Supersonic jet startup Boom putting factory in North Carolina

He expects the physical buildout of the site to start next year.

"At any manufacturing facility, though, particularly in aviation, you do have a ramp rate to full-rate production. It usually takes a number of years. One of the reasons to work with Siemens and to simulate the factory digitally is to accelerate the ramp to full-rate production, which we anticipate will be 20 aircraft a month," O'Leary explained.

Piedmont Triad International Airport (PTI) is also home to Honda Aircraft Company, which manufactures smaller jets.