Updates from North Carolina’s bustling aviation industry
July 24, 2024
Home to more than 280 aerospace companies, North Carolina is well poised to benefit from this year’s Farnborough International Airshow, seeking new and continued partnerships.
Most notably, North Carolina headquarters the Honda Aircraft Company, with a HondaJet assembly plant at the Piedmont Triad International Airport in Greensboro. The airport is also home to the Boom Supersonic Superfactory and Marshall Aerospace’s new MRO facility for US-based fleets of the Lockheed C-130 Hercules.
The state’s list of aerospace companies also includes Spirit AeroSystems, who recently entered a binding term sheet agreement with Airbus in relation to a potential acquisition of activities, including the production of A350 fuselage sections, which takes place in Kinston. “Fresh off this news, we’re excited to connect here at Farnborough and see how we can support their plans and continued growth,” said Christopher Chung, Chief Executive Officer at Economic Development Partnership of North Carolina. Additionally, 2023 saw the opening of Pratt & Whitney’s new turbine airfoil production facility in Asheville, pushing 800 employees and $600 million in investments. “We’re seeing very much the effects of commercial aerospace rebound faster than everyone thought a few years ago,” Chung added.
Aviation is not the only industry to do well in North Carolina, which was ranked in 2022-2023 as the top state for business by CNBC. “We’re very fortunate that North Carolina is regarded well domestically and by companies overseas, so now it’s our job is to find them good locations within the state to help them be successful,” said Chung.
North Carolina is the U.S.’s ninth largest state and the third fastest growing in recent years, with 10.8 billion residents. They have the lowest corporate tax rate in the nation and energy rates are competitive, attracting multiple industries beyond aviation, including life sciences, pharmaceuticals, and electric vehicles. The latter, Chung hoped, could lend potential to the establishment of hybrid and electric aerospace activity within the state.
Looking forward to the airshow this week, Chung added, “This is the best place right now to connect with a very important industry for our state. We hope to support existing partnerships and employers and potentially identify future ones.”
