Raleigh, NC (STL.News) Eastern Wholesale Fence, LLC, a New York-based fence manufacturing company, will create 142 jobs in Rowan County, North Carolina Governor Roy Cooper announced today. The company will invest $17.5 million to create a manufacturing center of excellence in Salisbury to better fulfill demand for their product.
“The North Carolina economy continues to grow manufacturing jobs, despite public health and economic challenges,” said Governor Cooper. “This means companies like Eastern Wholesale Fence choose to expand in our state because of the talented workforce and effective management of the pandemic.”
Founded in 1971, Eastern Wholesale Fence, LLC is an extruder, manufacturer, and distributor of commercial and residential fence products. The company’s new manufacturing center in North Carolina will and distribute their vinyl, ornamental, chain link, wood, and decorative fencing fabricate materials for the eastern portion of the United States.
“Eastern Wholesale Fence, LLC is extremely excited to be expanding into our new Salisbury to better fulfull the needs of our customers,” said Peter Williams Jr, Chief Executive Officer – Eastern Wholesale Fence, LLC. “We greatly appreciate the support from the State of North Carolina, Rowan County, and the City of Salisbury on this expansion project, and we look forward to being an involved corporate citizen in our new community.”
“Advanced manufacturers of all kinds find their future in our state because of our talent, location, affordable cost structure and access to high-growth consumer markets,” said Commerce Secretary Anthony M. Copeland. “Eastern Wholesale Fence is a leading name in the building-products industry, and we look forward to supporting their long-range business strategy.”
The North Carolina Department of Commerce led the state’s efforts to support Eastern Wholesale Fence’s decision to locate to North Carolina. The company’s 142 new jobs will include engineers, technicians, operators, managers, and administrative support staff. The average annual salary for all new positions is $46,109, creating a potential payroll impact of more than $6.5 million per year. Rowan County’s overall average annual wage is $43,883.
Eastern Wholesale Fence’s expansion will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by more than $288 million. Using a formula that takes into account the new tax revenues generated by the 142 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,078,200 spread over 12 years. Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. 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.
Because Eastern Wholesale Fence is locating to Rowan County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $119,800 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Rowan, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state’s economic tier designations is available here.
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Rowan County, Rowan EDC, Charlotte Regional Business Alliance, Duke Energy, CSX, Norfolk Southern, and North Carolina Railroad.