WILSON – On Tuesday, Governor Roy Cooper announced Johnson & Johnson (J&J), a world-leading healthcare company, will create 420 jobs in Wilson County. The company says it will invest more than $2 billion in a new pharmaceutical manufacturing campus for innovative biologics in the City of Wilson.
“We welcome this tremendous investment by Johnson & Johnson as they expand their global manufacturing footprint,” said Governor Cooper. “Life sciences leaders continue to select North Carolina because our world-class workforce will help the company successfully produce innovative medicines that will make a profound impact on our state and patients around the world.”
With expertise in Innovative Medicine and MedTech, Johnson & Johnson is uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity.
“A strong, global supply chain is crucial, and we purposefully invest to ensure our transformational medicines reliably and efficiently reach patients around the world,” said Dapo Ajayi, Vice President, Innovative Medicine Supply Chain, Johnson & Johnson. “We are investing in capacity and new technologies to enhance our industry leading capabilities and ensure a resilient supply chain for the future. North Carolina is an important hub for biopharmaceutical manufacturing and talent, and we are pleased to join this thriving life sciences ecosystem and become part of the Wilson community.”
“North Carolina has one of the largest biologics manufacturing workforce in the nation,” said N.C. Commerce Secretary Machelle Baker Sanders. “Economic and workforce development collaboration is critical to ensuring we have the foundation and business climate for innovators like Johnson & Johnson to succeed, and we are grateful for the partners that are helping us strengthen our life sciences reputation.”
New positions for the project will include analysts, engineers, microbiologists, scientists, specialists, managers and senior leaders. Although salaries will vary by position, the average annual wage is $108,823, which exceeds the Wilson County average of $52,619. These new jobs could create a potential payroll impact of more than $45.7 million for the region each year.
J&J’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) awarded to Janssen Biotech, Inc. (a subsidiary of J&J), which was approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $2.3 billion. Using a formula that takes into account $1 billion of the company’s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $13,666,000, 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.
The project’s projected return on investment of public dollars is 262 percent, meaning for every dollar of potential cost to the state, the state receives $3.62 in state revenue. 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.
A performance-based grant of $1,500,000 from the One North Carolina Fund will also help facilitate J&J’s new operation in North Carolina. The One NC Fund provides financial assistance to local governments to help attract economic investment and create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require matching participation from local governments and any award is contingent upon that condition being met.
“The state’s investment to build a biologics training center in Wilson has made the city the perfect location for Johnson & Johnson’s new facility,” said N.C. Senator Buck Newton. “The biologics training center, along with our strong local workforce and North Carolina’s low-tax business climate, will help Johnson & Johnson achieve success for many years to come. Wilson is a top location for the life sciences sector and I can’t wait to see the benefits of the high-paying jobs coming to the area.”
“These new, high-paying jobs will significantly improve the livelihood and economic prosperity of our residents,” said N.C. Representative Ken Fontenot. “We are grateful for the state, regional and local partnerships and economic development professionals that made this announcement possible, cementing the City of Wilson as another biotech hub.”
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, North Carolina Department of Environmental Quality, North Carolina Biotechnology Center, North Carolina Community College System, Wilson Community College, BioPharma Crescent, Wilson County, Wilson Economic Development Council, and the City of Wilson.
More corporate welfare. The middle class will now have to pay more in taxes to make up for the corporate welfare program. The rosey government numbers used to justify the corporate welfare never materialize.
Here’s an idea … get involved in your local government so as to better understand how the system works instead of throwing out words like “welfare program” and “rosey government numbers”. Just a thought.
Sounds like I might offended you. All. My words are justified if you take the time to look into the corporate welfare and rosey outlook of the Carolina Hurricanes Arena you might understand.