North Carolina Invests $5.8 Million to Fuel Rural Economic Growth
North Carolina Governor Josh Stein recently announced the approval of 15 grant requests totaling over $5.8 million through the state’s Rural Infrastructure Authority (RIA). These grants are projected to catalyze more than $43 million in combined public and private investment, creating 277 jobs across the state. The initiative underscores a commitment to bolstering economic competitiveness in rural communities.
Building Reuse Program: Revitalizing Existing Structures
A significant portion of the funding – seven grants in total – comes from the state’s Building Reuse Program. This program focuses on two key areas: revitalizing vacant buildings and supporting expansions within existing businesses. The program aims to breathe new life into underutilized spaces and help established companies grow.
Vacant Building Category: New Opportunities Emerge
Several counties are set to benefit from grants allocated to vacant building reuse. Craven County will receive $360,000 to renovate a 100,000-square-foot building in New Bern, attracting Chatsworth Products, a manufacturer of hardware and equipment for the information and communications industries. This project is expected to create 45 jobs. Forsyth County secured $175,000 to support the reuse of a 144,000-square-foot building in Winston-Salem for GMAX Industries, a medical product manufacturer, resulting in 36 new jobs. Halifax County will receive $174,000 to renovate a 125,000-square-foot building in Weldon for East Coast Solutions, a protein mixing facility, creating 20 jobs. Fayetteville (Cumberland County) was awarded $80,000 to support Benjamin Stout Real Estate Services, creating 10 jobs.
Existing Business Building Category: Expansion and Job Creation
The Building Reuse Program also supports expansions of existing businesses. Surry County received a $500,000 grant to help Altec Industries expand its Mount Airy facility, creating 79 jobs. Buncombe County will benefit from a $100,000 grant for Southeastern Container, leading to the creation of 12 jobs. Edgecombe County’s Tarboro will see $500,000 invested in LS Cable and System USA, projected to create 85 jobs.
Infrastructure Development: Laying the Groundwork for Growth
Beyond building reuse, the RIA also approved grants focused on essential infrastructure improvements. Nash County will receive $236,453 to expand sewer infrastructure in its industrial corridor, supporting future growth. North Wilkesboro (Wilkes County) secured $1.201.400 to extend sewer lines to Wilkes Industrial Park, aiming for North Carolina Site Certification.
Did you know? The Building Reuse Program prioritizes projects in Tier 1 and Tier 2 counties, as well as rural census tracts within Tier 3 counties, ensuring resources are directed to areas with the greatest necessitate.
The Industrial Development Fund – Utility Account: Targeting Economically Distressed Areas
The Industrial Development Fund – Utility Account specifically targets the 80 most economically distressed counties in North Carolina. These grants support public infrastructure projects expected to generate new employment opportunities.
Future Trends in Rural Economic Development
These recent investments signal a broader trend toward strategic infrastructure development and targeted economic incentives in rural North Carolina. Several factors suggest this focus will continue and potentially expand.
Increased Focus on Workforce Development
Alongside infrastructure, there’s a growing recognition of the need for skilled workforce development programs. Future grants and initiatives are likely to include components focused on training and education to ensure local residents can fill the jobs being created. This could involve partnerships with community colleges and technical schools.
Sustainable and Resilient Infrastructure
As climate change impacts become more pronounced, future infrastructure projects will likely prioritize sustainability and resilience. This could include investments in renewable energy sources, flood mitigation measures, and more efficient water management systems.
Public-Private Partnerships
The success of the current grants, which leverage both public and private investment, suggests a growing role for public-private partnerships in rural economic development. Expect to see more collaborative projects where government funding is combined with private sector expertise and capital.
Expansion of Broadband Access
While not directly addressed in these grants, access to reliable broadband internet is crucial for rural economic growth. Continued investment in broadband infrastructure will be essential to attract businesses and support remote work opportunities.
Frequently Asked Questions
- What is the Rural Infrastructure Authority (RIA)? The RIA reviews and approves funding requests from local communities for economic development projects.
- What types of projects are eligible for funding? Eligible projects include infrastructure development, building renovation, expansion, and demolition.
- Which counties are eligible for funding through the Industrial Development Fund – Utility Account? The 80 most economically distressed counties in North Carolina are eligible.
- How much investment is expected from these grants? The grants are expected to leverage over $43 million in combined public and private investment.
Pro Tip: Local governments interested in applying for future grants should visit the North Carolina Department of Commerce website for detailed program guidelines and application information.
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