The North Carolina job market is off to a good start this year, with the governor announcing five employment opportunities that are estimated to create 875 new jobs.

What You Need To Know

  • All five developments are centered on manufacturing, a sector that is expected to see strong growth rates in 2024

  • Companies chose Mecklenburg, Iredell, Gaston and Bladen counties as the sites for new developments

  • An economic forecast for 2024 estimates the state will add a total of 53,500 new jobs this year

  • In total, the companies will invest $211.25 million into their developments and bring 875 new jobs to North Carolina, according to state officials

Five companies have announced new developments in the state this year, the most notable is Siemens Energy. 

Siemens is a multi-billion dollar company based in Germany that operates in both the conventional and renewable energy fields. 

The company is already established in North Carolina and employs over 3,500 people across the state. 

Charlotte was selected for the company's first transformer manufacturing facility in the U.S., Gov. Roy Cooper announced earlier this month. 

Siemens will invest almost $150 million into the facility and estimates bringing 559 new jobs to North Carolina. Over the next 12 years, the project is expected to grow the state's economy by over $1.5 billion, according to the governor's office. 

In North Carolina, the manufacturing sector is projected to have strong growth this year, coming out to around 2%, according to an economic forecast published by UNC Charlotte’s Belk College of Business. 

All five companies that chose to expand in North Carolina are building manufacturing facilities. 

Other industries that are expected to grow are educational and health services; mining; business and professional services; transportation, warehousing and utilities; and information.

Another German company, DEHN Inc., also selected North Carolina as the site for its U.S. hub. 

The electrical engineering company plans to invest $38.6 million to build its headquarters and a manufacturing facility in Iredell County, bringing 195 jobs and adding an estimated $523 million to the economy. 

According to the 2024 economic forecast, North Carolina’s Gross Domestic Product is expected to increase by 1.9% from last year, bringing the total to more than $806 billion. 

A new manufacturing facility is also coming to Gaston County, brought by HEYCO-Werk USA Inc.

HEYCO-Werk manufactures plastic parts used in the automotive industry. Specifically, the company makes parts for all SUV models of BMW across the world. 

The project will bring 34 jobs with an average salary of $63,382, which is 36% higher than the current average in Gaston County. 

Gaston County was also chosen by Lynddahl Telecom America Inc., a Danish telecommunications company that makes materials for fiber optic cable installation. 

The 55,000-square-foot manufacturing facility will be the company’s first U.S. production site and will cost $5.6 million to build. 

A fifth manufacturing facility plans to make its home in North Carolina this year. Sovereign Aerospace is coming to Bladen County and anticipates 33 jobs for its first U.S. manufacturing plant. 

The veteran-owned company launched in North Carolina in 2021, providing aviation repair and maintenance, pilot training and consulting. 

Sovereign Aerospace is now making the transition into manufacturing and will be the first full-service maintenance and production center for the Vulcanair V1.0, a popular personal aircraft, in the U.S. 

According to the state's economic forecast, a total of 53,500 new jobs will come to North Carolina this year, a 0.9% increase from December 2023.

The information and wholesale trade sectors are expected to have the highest employment increases, growing by 5.6 and 2.8%, respectively. 

The unemployment rate is also expected to slowly increase, rising from 3.5% last year to 4% by December of this year.