Amgen announces $1 billion expansion in North Carolina

Amgen, a biotechnology company, announced last week that it will invest $1 billion in expanding its manufacturing facility in Wake County’s Holly Springs. This project is a recipient of taxpayer-funded county incentives and a state Job Development Investment Grant (JDIG).

“North Carolina’s reputation as one of the world’s leading centers for biotechnology soars even higher with today’s decision by Amgen,” Gov. Roy Cooper said in a press release. “North Carolina offers everything an innovative biotech company needs to succeed, especially our highly trained, dedicated, and diverse workforce, which is fine-tuned to the needs of this critical industry.” 

Amgen company utilizes innovative technology and sustainable practices that align with Amgen’s commitment to manufacturing excellence and environmental stewardship, respectively. The investment and the existing facility promise to create a biomanufacturing hub. 

“This expansion reflects Amgen’s ongoing commitment to innovation and the people who make it possible,” Robert A. Bradway, chairman and chief executive officer at Amgen, said in a press release. “North Carolina has been a strong partner, offering the skilled workforce and forward-looking business climate we need to bring vital medicines to patients around the world.” 

The salary will vary based on position, but the average will be $91,527, more than $16 thousand, above Wake County’s average salary of $74,866.

This $1 billion expansion is in addition to the $550 million announced in 2022, which promised to create more than 350 jobs. Wake County has also promised to invest $9 million in Amgen, contingent upon the company meeting a community investment of more than $380 million. 

This expansion is partly facilitated by a Job Development Investment Grant (JDIG). Amgen, a biotechnology company, announced last week that it will invest $1 billion in expanding its manufacturing facility in Holly Springs. This project is a recipient of taxpayer-funded county incentives and a state Job Development Investment Grant (JDIG) which authorizes the potential reimbursement to the company of up to $4,893,750 over 12 years. 

However, the projects selected for JDIG grants have a mixed track record in recent years. Vinfast EV car manufacturer and  Wolfspeed are both recent JDIG investments on behalf of taxpayers. 

“Governor Cooper’s administration continues to demonstrate its inconsistent stance on corporate taxes,” Joe Harris, fiscal policy analyst for the John Locke Foundation, told the Carolina Journal.  “The administration frowns upon across-the-board tax cuts for all corporations while promoting handouts to politically selected corporations. The JDIG is praised as a driver of job creation; however, after the announcements, these agreements are frequently canceled. In 2022 and 2023 alone, 36 JDIG agreements were terminated or withdrawn before reaching their hiring goals.”

The post Amgen announces $1 billion expansion in North Carolina first appeared on Carolina Journal.