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MegadealsSubsidy Tracker Individual Entry
Company: Boom Technology, Inc.
Parent Company:
Subsidy Source: multiple
Location: North Carolina
City: Greensboro
County: Guilford
Address: Piedmont Triad International Airport
Project Description: supersonic plane assembly line
Year: 2022
Subsidy Value: $198,639,700
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy:
MEGADEAL
Number of Jobs or Training Slots: 1,761
Wage Data: $68,792
Wage Data Type: Target average annual wage
Capital Investment: $500,000,000
Source of Data: State subsidy, jobs, wages, investments are taken from the North Carolina Department of Commerce's Job Development Investment Grant, 2022 Annual Report:
(click here). The state budget set aside was taken from: Gov. Cooper's press release from January 26, 2022, "Governor Cooper Announces Boom Will Manufacture Supersonic Aircraft in North Carolina Creating More Than 1,750 Jobs by 2030,"
(click here). The County subsidies are described in documents attached to minutes of the county Board of Commissioners meeting from December 16, 2021; item 2021-478, Public Hearing on Economic Development Incentive Grant To Piedmont Triad Airport Authority:
(click here). The Greensboro City Council approved the grant during a January 26, 2022 special meeting:
(click here)
Notes: Boom Technologies, also doing business as Boom Supersonic, wants to build a supersonic airplane assembly plant, a testing facility, and a customer service facility at the Piedmont Triad Airport. The state of North Carolina approved the company for a $87.3 million Job Development Grant over 20 years; the grant equals 75% of workers' withholding taxes (additional $9.7 million, not included in the total, of collected Boom workers withholding taxes will go to "Utility" Fund which supports economic development projects in less developed areas of the state). In addition, the state set aside in the state budget (via HB 334) $106.7 million for the site and roads improvement and for constructing hangers at the project site. The Guilford County Board of Commissioners approved a $2 million grant that will go directly to the Airport Authority to pay for infrastructure development related to this project. Greensborough City Council approved a $2,641,500 grant which equals $1,500 for each 1,761 jobs. Overlaps with main data: a 2022 entry under Job Development Grant for $96,998,000, which includes both direct subsidies to Boom Technologies and funds that will go to the Utility Fund.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.