In a significant boost to the local economy, Fit Precast has announced plans to establish its headquarters and a new concrete pipe manufacturing facility in Gastonia, North Carolina. This development is set to create 125 jobs and represents an investment of $102 million.
Governor Josh Stein emphasized the state’s strength in advanced manufacturing, stating, “North Carolina continues to lead the way in advanced manufacturing, and this announcement for Gaston County is a testament to our skilled workforce and business-friendly climate.”
Fit Precast is set to produce essential precast concrete and piping products, vital for infrastructure projects such as stormwater management, transportation, and utilities. The new 154,000-square-foot facility will cater to both regional and national markets.
Matt Goreski, President of FIT Precast, remarked, “The demand for resilient, American-made infrastructure has never been greater, and North Carolina is the ideal place to meet that challenge.” He added that the new site is “the most advanced precast concrete manufacturing site in the country,” focusing on top-tier technology and offering high-paying jobs.
N.C. Commerce Secretary Lee Lilley highlighted the collaboration involved, noting, “Fit Precast’s project reflects the power of collaboration and the confidence businesses have in North Carolina’s economic future.”
Salaries for the new roles will vary, but on average, they are expected to be $102,168, significantly higher than the current Gaston County average of $52,180. This influx of jobs could potentially boost the local economy by over $12.7 million annually.
This expansion is supported by a Job Development Investment Grant (JDIG) from the state’s Economic Investment Committee. Over a 12-year period, the project is projected to bolster the state’s economy by $530 million. As part of this grant, Fit Precast may receive up to $2,303,100 in reimbursements, contingent upon meeting job creation and investment objectives.
Remarkably, the project’s return on investment is anticipated to be 170 percent, meaning every dollar spent by the state is expected to generate $2.70 in state revenue.
Due to its location in Gaston County, classified as Tier 2 by the state’s economic tier system, Fit Precast’s JDIG agreement will also allocate up to $255,900 to the state’s Industrial Development Fund – Utility Account. This fund aids rural communities across North Carolina with essential infrastructure improvements.
N.C. Representative Donnie Loftis expressed enthusiasm for the project, noting, “Fit Precast’s commitment to Gaston County is a powerful vote of confidence in the hard-working people of the region.” He welcomed the stability and opportunity these new jobs would bring.
The initiative has been supported by numerous partners, including the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, and others such as Duke Energy and the North Carolina Community College System.
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