Wolfspeed is building what is being called the world’s largest silicon carbide semiconductors in Siler City, which the Burlington Economic Development Department expects to be a substantial boost to local employment.
Durham-based Wolfspeed, formerly known as Cree, announced it would invest $5 billion over eight years in the plant and hire more than 1,800 making it the largest economic development project ever in North Carolina, according to the department.
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Those jobs will offer average annual pay of more than $77,000, according to the Governor’s Office.
Silicon carbide semiconductors use energy more efficiently than traditional semiconductors and are used in electric cars – letting them charge faster, 5G networks and renewable energy storage among other things, according to the Governor’s Office.
The company says about $1 billion in incentives helped it choose the Piedmont, according to WRAL. That includes $76 million over 20 years from the state Job Development Investment Grant, up to $10 million in state funds to upgrade rural infrastructure for major industrial development, $57.5 million in the state budget to prepare the Chatham-Siler City Advanced Manufacturing Site according to the Governor’s Office, $9.7 million from the Golden Leaf Foundation to extend sewer service to the site, according to the foundation, on top of $3.6 million it put up in 2016 to help start the advanced manufacturing site, and $615 million in Chatham County incentives, according to WRAL, plus support for employee training programs.
Wolfspeed has to meet investment and hiring targets to collect much of that, according to the Governor's Office.
Wolfspeed also intends to go after funding from the CHIPS and Science Act, according to WRAL. Congress recently approved the law to increase domestic production of semiconductor manufacturing after a pandemic-induced shortage of foreign-made computer chips.
Including the impact of taxes on employee pay, the plant could add $17.5 billion to the state economy over 20 years, according to the Governor’s Office.
The initial stage of construction should be done by 2024, according to WRAL, and grow to more than 1 million square feet on 445 acres by the end of the decade, according to WRAL.
