JetZero Inc. Invests $4.7 Billion in North Carolina, Promising 14,000 Jobs by 2036
Jet Zero Inc. has announced a significant investment of $4.7 billion to establish its first manufacturing plant at Piedmont Triad International Airport in Greensboro, North Carolina. The initiative, expected to generate over 14,000 jobs by 2036, was revealed by Governor Josh Stein, who expressed enthusiasm for the project, highlighting North Carolina’s skilled workforce and leadership in aviation innovation.
JetZero, founded in 2020, is focused on developing the Z4, a state-of-the-art blended-wing body jet that integrates the wings and fuselage for improved aerodynamic efficiency. The company has formed partnerships with industry leaders, including NASA and United Airlines, and plans to create a cutting-edge research and development center dedicated to composite structures.
According to JetZero’s CEO, Tom O’Leary, North Carolina offers the ideal environment for reshaping aviation, thanks to its talent and infrastructure. The new facility is projected to provide positions with an average salary of $89,340, significantly higher than the local average of $60,195, contributing over $1.3 billion to the regional economy through payroll.
However, the project has drawn scrutiny due to the Job Development Investment Grant (JDIG) awarded to JetZero, raising concerns about corporate incentives and the potential for failure to deliver on promised jobs. Critics, including Brian Balfour from the John Locke Foundation, argue that such deals perpetuate a cycle of political favoritism and may burden taxpayers.
Despite the skepticism, the state expects JetZero’s investment to add approximately $259.4 billion to North Carolina’s economy over the grant’s 37-year term. The company will need to meet specific job creation and investment targets to benefit fully from the state’s incentives. If successful, JetZero could receive up to one billion dollars in taxpayer-funded reimbursements.
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