JetZero to bring $4.7 billion manufacturing facility to Greensboro

Jet Zero Inc. will invest $4.7 billion to launch its first manufacturing plant at Piedmont Triad International Airport in Greensboro, a project expected to generate over 14,000 jobs by 2036, Gov. Josh Stein announced Thursday.

“I am thrilled to welcome JetZero and its 14,000 good-paying jobs and unprecedented innovation to Guilford County,” said Stein in a press release. “From first in flight to now the future of flight, North Carolina and our skilled workforce is soaring.”

JetZero Inc. is an aerospace start-up pioneering the development of the Z4, a revolutionary blended-wing body jet. The design integrates the wings and fuselage into a unified structure, allowing the entire wingspan to generate lift and improve aerodynamic efficiency.

Founded in 2020, JetZero has established key partnerships with NASA, Siemens, United Airlines, Alaska Airlines, and leading suppliers such as RTX Corporation and BAE Systems. The company plans to construct a next-generation manufacturing facility to produce the world’s first commercial all-wing jet. In addition, JetZero will develop a state-of-the-art research and development center focused on composite structures. By harnessing advanced aerospace technologies, JetZero’s distinctive aircraft design aims to significantly reduce carbon emissions, improve fuel efficiency, and elevate the overall passenger experience.

“North Carolina offers the ideal combination of talent, infrastructure, and forward-thinking leadership to support our mission to reshape aviation,” Tom O’Leary, CEO and co-founder of JetZero, said in a press release. “This facility is a critical milestone in bringing our all-wing Z4 to market. I applaud the leadership of Governor Josh Stein and his team as well as the leadership of the North Carolina General Assembly, and whole host of local leaders and organizations for working with us to bring JetZero to North Carolina, the birthplace of aviation.”

The company is expected to bring in new jobs, including engineers, technicians, and manufacturing specialists. Salaries will vary based on position, but the average salary is expected to be $89,340, surpassing the Guilford County average of $60,195 by almost $30,000. These new positions are projected to contribute over $1.3 billion in annual payroll to the regional economy.

The project was awarded a Job Development Investment Grant (JDIG) by the NC Department of Commerce’s Economic Investment Committee. JDIG is a taxpayer-funded incentive program that has drawn criticism for allowing the state to pick winners and losers in the marketplace. Several past recipients have either failed to deliver on promised jobs or withdrawn from the program entirely, raising questions about return on investment.

Still, the state projects that over the grant’s 37-year term, the project will add approximately $259.4 billion to NC’s economy. In return, the company may receive up to one billion dollars in taxpayer-funded reimbursements, based on a formula tied to projected job creation — 14,564 positions — and capital investment.

“This latest announcement puts the hypocrisy of Gov. Josh Stein on full display,” Brian Balfour, VP of research at the John Locke Foundation, told the Carolina Journal. “Like his predecessor, Stein loudly opposes ‘tax giveaways to corporations’ out of one side of his mouth when it comes to reducing corporate tax rates across the board, then approves of a billion-dollar taxpayer handout to a major corporation out of the other side. Roy Cooper put North Carolina on the hook for three decades with handouts to the failing VinFast and nearly four decades to the world’s third-largest corporation, Apple.”

Vinfast was first announced in 2022, and while the Chatham County plant broke ground in August of 2023, it has since faced repeated delays. The site remains unfinished with no active operations, and the company has recently shifted focus to Asia, launching a new plant in Indonesia nearly a year after construction began in NC.

“Now taxpayers will be on the hook for 37 years with this latest deal with a California company,” continued Balfour. “These corporate welfare deals are nothing more than political favoritism and cronyism that invite political corruption and compel small businesses to help finance the bottom line of major corporations.”

Wolfspeed, an EV battery component manufacturer, is another JDIG project with a troubled track record. It was reported in May that Wolfspeed is expected to file for Chapter 11 bankruptcy. This follows internal shakeups the company underwent last November, including laying off 20% of its workforce. Gregg Lowe, president and CEO of Wolfspeed since 2017, also stepped down in November. Most recently, Wolfspeed announced that it will be laying off 73 employees from its Siler City facility in Chatham County. 

The company is only eligible for state grant payments if it passes annual verifications by the NC Departments of Commerce and Revenue and meets job creation and investment targets. If JetZero creates and sustains at least 10,000 jobs, it will meet the threshold for JDIG’s transformative designation, making the company eligible to receive grant payments for up to 29 years, provided it continues to meet performance targets.

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