Home builder will create 263 jobs at new Stanly County facility
Published 1:51 pm Tuesday, August 22, 2023
Clayton Supply, part of Clayton Home Building Group, will create 263 jobs as it locates a new facility in Stanly County, Gov. Roy Cooper announced Tuesday. The company’s project will locate in New London.
“Manufacturers trust North Carolina because they know we’ve earned our reputation for having the best advanced manufacturing workforce in the nation,” said Cooper. “From our central, east coast location that makes it easy to reach customers, to our world-class transportation infrastructure and workforce training systems, North Carolina offers everything these companies need to succeed.”
Clayton Home Building Group’s portfolio includes a comprehensive range of off-site and site-built housing. The project in Stanly will expand Clayton Supply’s capabilities to support the growing market demand the company is seeing in the housing industry.
“North Carolina is the number one manufacturing state in the Southeast United States,” said Commerce Secretary Machelle Baker Sanders. “This leadership depends on a strong, well-trained workforce. As our First in Talent strategic plan makes clear, investing in our people and educational systems creates economic opportunities for everyone.”
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
Although wages will vary depending on the position, the average salary for the new positions will be $59,388. The current average wage in Stanly is $41,612.
Clayton Supply’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 Tuesday. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $649 million. Using a formula that takes into account the new tax revenues generated by the new jobs and a capital investment of $46.6 million, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,063,700, 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.
Because Clayton Supply chose a site in Stanly, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving just over $229,300 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Stanly, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“A quality company like Clayton Supply is a welcome addition to Stanly County,” said N.C. Sen. Carl Ford. “We’re the perfect location for leading-industries and I’m confident the company will find the people and the support they need to thrive and grow in our community.”
“It’s great to see Clayton Supply choose Stanly County for the next phase of their company’s growth,” added N.C. Rep. Wayne Sasser. “We welcome these new jobs and this significant investment, which will lift our region to a welcome new level of prosperity.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Revenue, Stanly County, the Town of New London and the Stanly County Economic Development Commission.