JoCo Commissioners Approve Support for Novo Nordisk 12-year Growth Track
The Johnston County Board of Commissioners voted Tuesday evening to approve performance-based economic development incentives in support of anticipated new investments during the coming 12 years by global biomanufacturing giant Novo Nordisk [NYSE: NVO], which has been among the county’s largest private employers since arriving here nearly three decades ago.
The vote capped a banner day for county leaders, who earlier joined officials from international medical device maker BD in announcing plans for a new $25 million manufacturing facility in Four Oaks.
“Novo Nordisk has been an economic driver in this region for close to 30 years,” County Commission Chairman Butch Lawter told the board. “Because of companies like this, with high-wage jobs and a focus on workforce education, we are now the fastest-growing county in North Carolina. We are excited to approve this County incentive support for Novo Nordisk’s commitment to invest millions of dollars and add hundreds of new jobs through a series of expansions that will happen over the next 12 years. The County is proud to stand with Novo Nordisk to celebrate this growth within our community,” Lawter said.
“These new expansions will happen in phases over the next 12 years and will invest millions in the Johnston County economy and create hundreds of new jobs for our residents,” said Chris Johnson, director of the Johnston County Office of Economic Development.
The initial phase of expansion development has just begun at Novo Nordisk’s existing Injectable Finished Products facility in Clayton to make facility and equipment upgrades. Based on an economic impact analysis by Michael Walden, Ph.D., the construction alone of the facility upgrades will spark millions of dollars in increases to the gross domestic product (GDP). Overall, the state, county and municipal governments will also see millions in new tax revenues annually from the expansion, according to Walden, a consultant and professor emeritus of economics at North Carolina State University.
“The company’s success here has been a win-win across the board, and we’re proud to support its latest wave of growth,” added Lawter. “We look forward to sharing the exciting news of each phase as they unfold.”