State Incentives Secure Major Investment
In a landmark decision, the North Carolina Department of Commerce has approved a substantial incentives package to attract American Titanium Metal LLC to Fayetteville. The company, which plans to build a cutting-edge titanium recycling facility in Cumberland County, is set to invest over $865 million in the project. This initiative is expected to generate 304 new high-paying jobs by 2028, with an average salary of approximately $123,476โnearly three times the county average.
Economic Impact and Future Prospects
The project, spearheaded by American Titanium Metal LLC, also known as Project Aero, is anticipated to boost the local economy significantly. The company’s planned investment could surpass $1 billion with future expansions, potentially creating over 450 full-time jobs. The facility, spanning 500,000 square feet, will focus on producing aerospace-grade titanium, primarily from recycled materials. This move is crucial for enhancing the U.S. aerospace manufacturing supply chain, according to state officials.
Local and State Incentives Combine for Growth
The incentives package approved by the Economic Investment Committee includes a jobs development grant of up to $8 million over 12 years, contingent on meeting hiring milestones. Additional support includes workforce training and infrastructure enhancements. Cumberland County and Fayetteville have also contributed with their own incentives, totaling up to $189.9 million. This comprehensive support is expected to elevate North Carolina’s GDP by approximately $1.5 billion.
