NC Commerce cancels six JDIG projects

Six more Job Development Investment Grand (JDIG) projects were canceled by the NC Department of Commerce’s (NCDOC) Economic Investment Committee (EIC) late Tuesday, according to documentation from NCDOC provided to Carolina Journal. 

“Six more terminated incentive deals add to a troubling long-term pattern,” Joseph Harris, fiscal policy analyst for the John Locke Foundation, told the Carolina Journal. “During fiscal years 2003–25, almost half of all JDIG agreements ultimately failed to meet their job creation targets. A program with a 49.4% failure rate shouldn’t be considered a dependable economic development strategy. Rather than relying on selective incentives that frequently fall short, lawmakers should focus on broad-based tax and regulatory reforms that benefit all businesses.”  

EIC officials terminated state incentives for the following six companies.

CARsgen Therapeutics

In 2021, plans were announced to create 200 jobs in Durham and invest $157 million. The expansion would have been the Chinese companies’ first biomanufacturing site in North America. The project was expected to boost the state’s economy by $1.04 billion over the 12-year grant period. The company failed to meet hiring targets under the agreement, and it was also unable to file its’ 2024 grantee annual report to the state. The company has received no payments from the state under the agreement. 

Atom Power

In 2023, an investment of $4.2 million was announced to create 205 jobs in Huntersville. Atom Power requested termination due to its inability to meet its’ hiring targets. The project was expected to grow the state economy by $818 million over the 12-year grant. The company received no payments under the agreement.

Technimark

In 2022, the company announced plans to advance $62 million and create 220 jobs. According to state officials, the company failed to meet its hiring targets and file a 2024 annual performance report. The expansion was expected to grow the state economy by almost $400 million over the 12-year grant period. The company has received no payments under the agreement.

Relias Learning

An expansion was announced in 2016, promising to create 450 jobs in Cary and invest $4.5 million. The project was expected to boost the state’s economy by over $39 million. Relias did not meet its hiring targets in 2024, Nicole Matteson said in a Feb. 27 letter to the NC Department of Revenue. 

“As we move into 2025 with a revised workforce plan for our organization, and as we work to rebuild our culture after multiple years of working from home offices, we are committed to closing the shortfall by targeting local hires for most of our newly created roles and any backfill positions,” reads the letter.

Advance Medicine Partners

On Oct. 26, 2021, Advance Medicine Partners (Jaguar Gene Therapy) was awarded a JDIG grant, as the company promised to invest $125 million and create 200 jobs in Durham County. Due to their failure to file a 2024 grantee annual report and to meet hiring targets, the incentives have been terminated. The project was projected to boost the state’s economy by $279 million over the 12-year grant. The company has not received any payouts under the agreement. 

JELD-WEN

The company was awarded a JDIG grant in 2021. Incentives were terminated due to its failure to file its 2024 grantee annual report and to meet hiring targets. Under the JDIG agreement, the company received $74,049. 

“NC Commerce cancels six JDIG projects” was originally published on www.carolinajournal.com.