Pamlico Yachtworks to create 207 jobs in Washington
From N.C. Governor Roy Cooper
Note: An updated and more detailed story on this announcement is now available here.
Pamlico Yachtworks, a boat manufacturer, will create 207 jobs in Beaufort County, Governor Roy Cooper announced today. The company will invest $12 million to operate a manufacturing facility in Washington.
“Pamlico Yachtworks is the newest addition to North Carolina’s manufacturing reputation and tradition,” said Governor Cooper. “I support the people of Beaufort County and I know they are prepared to enhance this growing business with their expertise and hard work.”
Pamlico Yachtworks is the new manufacturing division of MJM Yachts, a powerboat company that has been building yachts since 2002. The advanced design and engineering of MJM Yachts makes their market leading express yachts durable, easy to drive, and fuel efficient.
“North Carolina’s talented workforce will continue to attract growing companies,” said North Carolina Commerce Secretary Anthony M. Copeland. “With the largest manufacturing workforce in the Southeast and a great business climate, manufacturers know North Carolina is a great place to do business.”
The North Carolina Department of Commerce led the state’s support for the company’s decision.
Although wages will vary depending on the position, the average for all new positions could reach up to $45,637. The current average annual wage in Beaufort County is $37,611.
Pamlico Yachtworks’ project in Washington will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $432 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,712,000 spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“This is a great day for Beaufort County,” said N.C. Senator Erica D. Smith. “Our talented boat manufacturing workforce is ready to support their new operations for many years to come.”
“This is great news for Beaufort County and Eastern NC that Pamlico Yachtworks has elected to locate their boat building business in Beaufort County,” said N.C. Representative Keith Kidwell. “Beaufort County has many people and a long history of building quality boats and we welcome another partner in that market. They will be bringing 207 jobs that we certainly need and will be able to fill quickly.”
In addition to North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Beaufort County Commissioners, Beaufort County Economic Development, Washington Beaufort County Chamber of Commerce, Beaufort County Committee of 100, City of Washington and Stocks & Taylor Construction.