RALEIGH, NC – Governor Josh Stein announced JetZero, Inc., a breakthrough aviation company, will invest more than $4.7 billion in Greensboro to build its first commercial airplane manufacturing facility at the Piedmont Triad International Airport. The project will create more than 14,560 jobs for Guilford County by 2063, the largest economic development project in North Carolina history based on job commitment.
JetZero is a start-up airplane designer and manufacturer of the Z4, a blended-wing body jet, which blends the wings and fuselage, enabling the entire wingspan to produce lift. Founded in 2020, the California-based company has partnerships with NASA, Siemens, United Airlines, Alaska Airlines, and suppliers including RTX and BAE Systems. JetZero will build an advanced manufacturing facility for a first-of-its-kind commercial all-wing jet, as well as a state-of-the-art research and development center for composite structures. Its unique design uses technological advancements to help lower carbon emissions, burn less fuel, and enhance the experience of its travelers.
New jobs for the company include engineers, manufacturing specialists, and technicians. While salaries for the positions will vary, the average annual salary is expected to be $89,340, which exceeds the Guilford County average of $60,195. These new jobs could create a potential annual payroll impact of more than $1.3 billion for the region.
JetZero’s operation in North Carolina will be facilitated, in part, by a Transformative-class Job Development Investment Grant (JDIG) awarded to JetZero, Inc., which was approved by the state’s Economic Investment Committee earlier today. Over the course of the 37-year term of this grant, the project is estimated to grow the state’s economy by $259.4 billion. Using a formula that takes into account the new tax revenues generated by the 14,564 new jobs and capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,017,775,800, spread over 37 years.
Should JetZero create and maintain at least 10,000 jobs, the threshold for the JDIG’s transformative qualities will be reached, which allows for grant payments to be made for up to 29 years as long as performance targets are maintained.
The project’s projected return on investment of public dollars is 274 percent, meaning for every dollar of potential cost to the state, the state receives $3.74 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
The state also anticipates providing additional support of publicly owned infrastructure to the project by means of a state appropriation of as much as $450 million, to cover site preparations; road, water, and wastewater improvements, as well as the construction of the manufacturing and research and development facility. The funding will be administered by the N.C. Department of Commerce and provided to Piedmont Triad International Airport, the N.C. Department of Transportation, and the City of Greensboro.
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, the North Carolina Department of Transportation, the North Carolina Community College System, Guilford Tech Community College and Forsyth Tech Community College.
