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Subsidy Tracker Individual Entry

Company: Wolfspeed
Parent Company: Wolfspeed Inc.
Subsidy Source: multiple
Location: North Carolina
City: Siler City
County: Chatham
Project Description: chips/semiconductor manufacturing facility
Year: 2022
Major Industry of Parent: miscellaneous manufacturing
Specific Industry of Parent: lighting equipment
Subsidy Value: $772,000,000
Subsidy Value in 2023 Dollars: $803,846,118
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 1,802
Wage Data: $77,753
Wage Data Type: average annual salary
Capital Investment: $5,000,000,000
Source of Data: Subsidy, jobs, and wages are taken from: Lauren Ohnesorge, "Behind the deal: How North Carolina made math work for Wolfspeed mega factory," Triangle Business Journal, February 13, 2023. And from a September 9, 2022 press release "Governor Cooper Announces Wolfspeed Selects North Carolina for 445 Acre Manufacturing Campus": (click here). The contract between the company and the county is at (click here) (see 2022 Contract and Agreements, under Bord of Commissioners on the county website). Article 3J and 3F tax credit info is in the NC DOR 2023 Incentive Reports: (click here)
Notes: Wolfspeed will invest $5 billion to build a chip/semiconductor manufacturing facility in North Carolina. The company promised 1,802 jobs but subsidy agreements require the company to create 1,532 jobs (80%) by 2030 to access subsidies. The state provided the company with $76.1 million via a Job Development Investment Grant (an additional $10 million will be contributed to the Utility Fund), $57.5 million in budget appropriations for the site preparation, $10 million from the Department of Transportation for roads, $9.7 million via Golden Leaf Foundation, and 3.6 million for workforce training via community college systems. In addition Wolfspeed has been benefiting from Article 3F Research and Development Credits and Article 3J Tax Credits for Growing Businesses. The company will also get $2.5 million in CDBG grants not included in the total. From the city and the county: the company was approved for an estimated $615 million over 30 years via Business Investment Grant and Land Acquisition Business Investment Grant, both rebates of property taxes. The company might also benefit from federal CHIPs tax subsidies. Overlaps: a $86 million JDIG award in 2022.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.