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Longer-range HondaJet will boost Greensboro investment
Thursday, 13 July 2023
North Carolina provides a rich talent pool, says Honda, and facilities located right next to the Piedmont Triad International Airport provide an ideal location to develop and produce its new light jet.

Honda Aircraft Company will create 280 new jobs as it develops and produces a longer-range version of the HondaJet at its Greensboro headquarter facilities. It will invest $55.7 million in Guilford County for production of the new 2600 model, bringing its total investment in the state to over $335 million.

Honda Aircraft's project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today, and is contingent upon local participation from the City of Greensboro and Guilford County. Over the course of the 12-year term of this grant, the project is estimated to grow the state's economy by $2.37 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,434,400, spread over 12 years. State payments 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. The average salary for the new positions will be $88,761, significantly higher than the current average wage in Guilford County of $57,190.

Because Honda Aircraft is in Guilford County, classified by the state's economic tier system as Tier 2, the company's JDIG agreement also calls for moving $381,600 into the state's Industrial Development Fund Utility Account. This helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Guilford, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“We are thrilled that North Carolina will be home to the new Honda light jet that represents the next chapter of our skyward mobility,” says Hideto Yamasaki, President and CEO of Honda Aircraft Company. “The state of North Carolina provides a rich talent pool and tremendous support from our local community and having our facilities located right next to the Piedmont Triad International Airport is an ideal location to develop and produce our new light jet.”

“Talent comes first when companies consider a business location,” says North Carolina Commerce Secretary Machelle Baker Sanders. “Locations that can offer a talented and well-trained workforce, tailored to the needs of a particular industry, succeed in today's business environment. North Carolina's First in Talent strategic plan helps our state deliver the world-class workforce that makes us the best place to do business in the world.”

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