2023 Annual Comprehensive Report

Advanced Manufacturing megasite (CAM). A fourth megasite, Triangle Innovation Point, is located approximately 30 miles southeast of the CAM megasite. During 2022, significant advanced manufacturing projects were announced at each of the four megasite locations. The Carolina Core provides growing economic synergy among aerospace, vehicle electrification, renewable energy and semiconductor manufacturing industries. With these projects comes extensive economic growth for builders, suppliers, service providers, workers and government entities. The Carolina Core, rich in strong infrastructure, skilled workforce, educated talent, economic incentives, affordability, entertainment and outdoor opportunities, is positioned for high impact growth. The PTI Aerospace megasite, just 10 miles west of downtown Greensboro, has significant opportunity for commercial and industrial development. In January 2022, Boom Technology, Inc. doing business as Boom Supersonic, announced plans to locate its first manufacturing plant at the PTI Aerospace megasite. Boom Supersonic is developing a sustainable, supersonic aircraft capable of speeds twice as fast as today’s commercial airliners. Designed for net-zero carbon flight, Overture will be 205 feet long, carry 65 to 88 passengers, cruise at an altitude of 60,000 feet and have a range of 4,888 miles. The company plans to have Overture ready to begin service in 2029. The initial phase of the project at PTIA will involve the development of a production hangar fronting the south side of Interstate Highway 73 which will serve as Boom’s manufacturing facility. In January 2023, Boom broke ground and in March 2023 received the building permit for its 179,583 square foot main assembly facility, valued at $60 million. The company plans to employ approximately 1,750 workers at an average annual salary above $60,000 and invest $500 million in the project by 2030. Orders for the new jets have already been received by the company from major airline carriers. With an additional 1,000 acres available at the megasite and nearly 200 aerospace companies nearby, this area is positioned for continued growth. As of June 2023, Boom has 130 aircrafts on order or pre-order from three major airlines. In June 2016, the Greensboro-Randolph megasite received industrial site certification, designating the site as construction ready for a large-scale industrial user. Golden Leaf, a nonprofit foundation, awarded $7 million for water and sewer line construction for the Greensboro-Randolph megasite. In December 2021, Toyota Battery Manufacturing, Inc. (“Toyota”) announced that it would develop a battery manufacturing facility at the Greensboro-Randolph megasite. The approximately 1,800-acre Greensboro-Randolph megasite property, located 20 miles southeast of downtown Greensboro, has been conveyed to Toyota, and site grading and infrastructure improvements are underway. Construction has begun for the two hybrid electric vehicle (HEV) battery productions buildings to support four HEV lines and one battery electric vehicle (BEV) production building to support two BEV lines. Plant production is expected to begin in 2025. The three building manufacturing campus covers 1,000 acres of the 1,800-acre property. The initial announcement made in December 2021 includes a $1.29 billion battery manufacturing plant which is expected to create 1,750 new jobs. In August 2022, a second announcement was made adding $2.5 billion and 350 jobs, bringing the total investment to $3.8 billion and approximately 2,100 jobs. In May 2023, Toyota announced an additional $2.1 billion investment in its battery manufacturing plant bringing its total investment to $5.9 billion, the largest single-site investment in state history. As of June 2023, Toyota has hired about 150 people and expects to have about 700 total new employees by the end of 2023. The City is currently working to provide needed water and sewer infrastructure to the Greensboro-Randolph megasite. Toyota’s new battery manufacturing facility adds to the growing synergy of regional entities involved with electric vehicles and power production, including Thomas Built Buses in High Point, Volvo Trucks North America’s headquarters in Guilford County, and Wolfspeed and VinFast, both in Chatham County. Toyota’s facility will not only significantly contribute to the growth of electric vehicle manufacturing and development, it will also have a tremendous impact on overall economic growth involving builders, suppliers, service providers, workers and governments in the Triad region and across North Carolina. The CAM megasite, within 25 miles of the City, offers 1,800 acres and received official state certification as a megasite in June 2014. The site was selected to participate in Duke Energy’s Site Readiness Program that helps officials recruit major industries. Golden Leaf, a nonprofit foundation, awarded $4 million for water and wastewater infrastructure at the CAM megasite. In September 2022, Wolfspeed, based in Durham, announced plans for a new semiconductor factory with 1,800 employees and a total $5 billion investment by the end of

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