North Carolina Remains Hopeful for Foxxcon Project

North Carolina officials remain hopeful that the state could lure Chinese smartphone assembler Foxxcon. The Apple supplier could be the first company to benefit from a proposed North Carolina incentive program for massive job creation.

The News Observer  reported yesterday that North Carolina Commerce Secretary Tony Copeland said that Foxxcon is still considering the state in a TV interview recorded last Thursday, July 20. Copeland, who’s been leading the state’s economic development efforts since January, told the UNC-TV program “Bottom Line”

Economic development officials believe the Foxxon investment will be over $10 billion and create over 8,000 jobs. Foxconn assembles smart phones for contract assembler of smartphones and other devices for Apple and other brands.

The proposed incentive is designed for a company that invests more than $4 billion and creates at least 5,000 jobs in the North Carolina. A qualifying company would receive a refund of its tax bill for up to 25 years. Current state law allows up to 20 years, however the most the state has awarded is 12 years. The USA Today reports massive incentives will be critical to landing the project.

In addition to North Carolina, Foxconn  is also considering Wisconsin, Ohio, Michigan and Pennsylvania. People familiar with the project have indicated Ernst & Young LLP (E&Y) is advising Foxconn. E&Y is advising the company on a range of factors including sites, infrastructure improvements, tax incentives and workforce development.

Based in Taiwan, Foxxcon executives have publicly stated the company is planning to build a factory in the United States and move entire supply chain here. Economic development officials believe a decision will be announce in the next few weeks.