2020 Comprehensive Annual Financial Report

customers around the globe, bringing the total number of manufactured aircraft, since it started production, to about 157. In 2018, two former Honda Aircraft executives created Jet It , a Greensboro-based business providing fractional ownership of HondaJets to clients. Within the first 18 months, Jet It acquired and put into service six HondaJet Elite aircrafts. Over the next 18 months, the fleet is set to triple, having placed an order for 10 more HondaJet Elites in August 2020, representing an investment of $60 million. Jet It has grown its workforce from an initial three to 59 employees and is beginning the second phase of its business model, JetClub. Key factors of Jet It’s business are private air travel, fractional ownership of an aircraft and increased health security of private terminals, aircrafts and reduced number of passengers. HondaJets are assembled at Honda Aircraft’s headquarters and manufacturing facility at PTI airport. Jet It now ranks among Honda Aircraft’s largest purchasers of HondaJet Elite aircrafts. HAECO Americas’ , formerly known as TIMCO Aviation Services, corporate headquarters is located at PTIA. HAECO provides aircraft maintenance, repair and overhaul services, and acquired TIMCO Aviation services for $388 million in 2014. The company has 2,200 employees at its five-hangar footprint at PTIA as well as additional employees at its interiors manufacturing facility in neighboring Davidson County. It services both wide-body and small body aircraft and is able to provide both high-end interiors for luxury airliners as well as more modest coach configurations. In addition to the four existing hangars in operation, HAECO completed a new $60 million, 250,000 square-foot hanger at PTIA in 2018. The City has offered an economic incentive grant of $400,000 to be paid out over five years if certain jobs are created. The new hanger could create up to 500 jobs when fully occupied. Federal Express began operating its Mid-Atlantic Hub, a major U.S. air hub and cargo handling facility, in 2009. The one million square-foot cargo handling facility is located at PTIA on an approximately 160-acre site and has been leased by the Authority to Federal Express for an initial term of 25 years. Federal Express funded the cost of the $500 million cargo handling facility, and the Authority constructed a new 9,000-foot public runway parallel to an existing runway, as well as related taxiway, airfield and road improvements. Since fall 2019, the Federal Express Mid-Atlantic air hub, has nearly double existing operations, adding eight net new flights and approximately 400 new jobs bringing total employment at the PTIA hub to more than 800 employees. This facility features the latest in automated handling technology. In nearby Kernersville, the $110 million, 415,000 square-foot FedEx Ground “super hub” sorting and distribution center opened in 2011 and has a workforce of 550 full and part-time employees and about 200 independent contractor opportunities. At full capacity, the ground hub is capable of sorting 45,000 packages per hour serving the Southeast Region. The extensive FedEx air and ground distribution centers in the Greensboro area are part of an ongoing nationwide network expansion and transit time acceleration plan to boost daily package volume capacity and further enhance the speed and service capabilities of its network. In February 2020, FedEx Corp. announced plans to team up with FedEx Ground to transport and deliver select, last-mile residential shipments in an effort to increase efficiency and lower cost of e-commerce deliveries. FedEx Corp. selected Greensboro as the launch location and the first market for its new last-mile delivery program. In addition, FedEx Ground is hiring 1,900 seasonal workers at its Triad facilities to service an anticipated record holiday season. To further augment this growing logistics network, United Parcel Service (UPS) , one of the region’s largest employers with more than 3,200 employees including UPS Ground and Freight, continues to grow. In October 2020, UPS announced two major projects in the area; a $54 million equipment expansion at its distribution facility in Greensboro and plans to construct a $262 million, 510,000-square-foot distribution center 16 miles east of Greensboro. In June 2020, Greensboro City Council approved a $314,717 incentive package to create an additional 141 jobs paying an average annual salary of $65,147. In addition, in October 2020, the North Carolina Economic Investment Committee approved incentives for UPS valued at more than $10 million. Currently, the Triad is in the top five in terms of size of sorting and distribution facilities in the country. UPS’s expansion plans will further strengthen the area’s global logistics presence.

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