Governor Stein Announces JetZero Selects North Carolina for $4 Billion Airplane Manufacturing Hub, Creating 14,500 Jobs in Guilford County in Largest Job Commitment in State History

Today Governor Josh Stein announced JetZero, Inc., a breakthrough aviation company, will invest more than $4.7 billion in Greensboro to build its first commercial airplane manufacturing facility at the Piedmont Triad International Airport. The project will create more than 14,560 jobs for Guilford County by 2063, the largest economic development project in North Carolina history based on job commitment.

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

JetZero is a start-up airplane designer and manufacturer of the Z4, a blended-wing body jet, which blends the wings and fuselage, enabling the entire wingspan to produce lift. Founded in 2020, the California-based company has partnerships with NASA, Siemens, United Airlines, Alaska Airlines, and suppliers including RTX and BAE Systems. JetZero will build an advanced manufacturing facility for a first-of-its-kind commercial all-wing jet, as well as a state-of-the-art research and development center for composite structures. Its unique design uses technological advancements to help lower carbon emissions, burn less fuel, and enhance the experience of its travelers.

“North Carolina offers the ideal combination of talent, infrastructure, and forward-thinking leadership to support our mission to reshape aviation,” said Tom O’Leary, CEO and co-Founder of JetZero. “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.”

“With an internationally recognized aerospace cluster of more than 400 companies and major aviation hubs across the state, North Carolina is a top choice for manufacturers and suppliers,” said N.C. Commerce Secretary Lee Lilley. “JetZero will benefit from our Tier 1 research institutions and community colleges, ecosystem of industry partnerships, and strong infrastructure, helping them soar in North Carolina and beyond.”

New jobs for the company include engineers, manufacturing specialists, and technicians. While salaries for the positions will vary, the average annual salary is expected to be $89,340, which exceeds the Guilford County average of $60,195. These new jobs could create a potential annual payroll impact of more than $1.3 billion for the region.

JetZero’s operation in North Carolina will be facilitated, in part, by a Transformative-class Job Development Investment Grant (JDIG) awarded to JetZero, Inc., which was approved by the state’s Economic Investment Committee earlier today. Over the course of the 37-year term of this grant, the project is estimated to grow the state’s economy by $259.4 billion. Using a formula that takes into account the new tax revenues generated by the 14,564 new jobs and capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,017,775,800, spread over 37 years.

Should JetZero create and maintain at least 10,000 jobs, the threshold for the JDIG’s transformative qualities will be reached, which allows for grant payments to be made for up to 29 years as long as performance targets are maintained. 
Like all grants from the JDIG program, any state payments only occur following performance verification each year 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 274 percent, meaning for every dollar of potential cost to the state, the state receives $3.74 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.

Because JetZero chose a site in Guilford County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $113 million into the state’s Industrial Development Fund – Utility Account.  The Utility Account helps rural communities anywhere in the state finance necessary infrastructure upgrades to attract future business.

The state also anticipates providing additional support of publicly owned infrastructure to the project by means of a state appropriation of as much as $450 million, to cover site preparations; road, water, and wastewater improvements, as well as the construction of the manufacturing and research and development facility. The funding will be administered by the N.C. Department of Commerce and provided to Piedmont Triad International Airport, the N.C. Department of Transportation, and the City of Greensboro.

“JetZero’s decision to come to the Triad solidifies North Carolina’s status as a leader in aerospace innovation,” said Senator Phil Berger, President Pro Tempore of the North Carolina Senate. “Our state’s high-tech manufacturing renaissance wouldn’t be possible without the General Assembly’s commitment to creating a business-friendly environment by lowering taxes, cutting red tape, and supporting world-class educational opportunities.”

“With 14,000 new jobs and nearly $5 billion dollars in investment, this project represents a transformational step forward for Guilford County and North Carolina,” said Senator Sydney Batch, Senate Democratic Leader. “Projects like this create a ripple effect that strengthens our entire state by supporting families, growing local economies, and creating more promising futures for everyone. I’m so grateful for the hard work Governor Stein, Secretary Lilley, and the Commerce Department put in to bring this across the finish line.”

“Today’s announcement is a huge win for Greensboro, Guilford County, and our entire state,” said Speaker of the House Destin Hall. “JetZero’s decision to build its cutting-edge aerospace facility here proves what we’ve long known — North Carolina’s strong business environment makes our state ripe for innovation. This $4.7 billion investment and the creation of over 14,000 high-paying jobs will be a generational boost for our workforce and our future.”

I am proud to see JetZero choose the Triad as the site of their new facility,” said Representative Robert Reives, House Democratic Leader. “Our state has some of the brightest talent in the world who are up to this challenge. We will continue to attract these investments and cement our state’s status as the place for aerospace manufacturing in the nation and world.”

“This announcement is a transformative win for Guilford County and the entire state of North Carolina,” said Senator Michael Garrett. “The magnitude of this investment is a vote of confidence in our world-class workforce to fill these great-paying jobs, and proof that our community is an ideal place for new companies and ideas to launch into a bright future.”

“Today is a celebration of the intentional efforts that we’re making to transition the Triad to an innovation economy,” said Representative John Blust. “This is an historic day for all of us, and we applaud the collaboration of elected officials, economic developers, and workforce professionals throughout the state that helped JetZero make their decision to call Greensboro and PTI home.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, the North Carolina Department of Transportation, the North Carolina Community College System, Guilford Tech Community College, Forsyth Tech Community College, the University of North Carolina System, North Carolina A&T State University, North Carolina State University, University of North Carolina at Charlotte, Golden LEAF Foundation, Duke Energy, Piedmont Natural Gas, Piedmont Triad Airport Authority, Piedmont Triad Partnership, Guilford County Economic Development Alliance, Guilford County, GuilfordWorks, Forsyth County, the Greensboro Chamber, High Point Economic Development Corporation, Greater Winston-Salem, Inc., City of Greensboro, City of High Point, and City of Winston-Salem.

When career opportunities at JetZero become available, they will be posted to NCworks.gov, the state’s leader in connecting employers with skilled talent.