After much speculation from the community, it has been confirmed that a new job-creating industrial company will be coming to Cumberland County.
American Titanium Metal, LLC, doing business as Project Aero, announced in late July that it would build an aerospace-grade titanium manufacturing facility in Fayetteville, North Carolina, for an investment of $867.8 million. Project Aero addresses a key manufacturing supply chain need for the U.S. aerospace industry – the availability of aerospace-grade titanium.
Titanium can be combined with many other metals, such as aluminum, vanadium and iron. Titanium alloys are valued by aircraft manufacturers as well as in many other industries due to their low density, high strength, corrosion resistance and ability to withstand extreme temperatures. The company’s Fayetteville project calls for the construction of a 500,000-square-foot facility and campus built specifically to melt, roll and refine titanium.
“After more than 20 years at U.S. Steel and 13 years at Nucor Corporation, where I developed five greenfield steel mill projects, I am proud to lead the construction of such a mission-critical project,” said LeRoy Prichard, President of Capital Projects at Project Aero.
In May 2024, the City of Fayetteville and Cumberland County approved incentive packages to support the project if the company meets required performance benchmarks.
“We are thrilled that Project Aero has chosen Cumberland County for its new state-of-the-art facility and look forward to welcoming them to our community,” said County Chairman Glenn Adams. “As a board, when we consider what projects to bring to our community, we are always mindful of the impact on our residents and the opportunities they provide. We want everyone to know that Cumberland County is open for business and hope this spurs continued economic growth.”
According to the Economic Development Partnership of North Carolina (EDPNC), American Titanium Metal is one of more than 450 aerospace suppliers with a presence in North Carolina. North Carolina is one of the most attractive states in the United States for the aerospace industry.
“It has been a pleasure working with the North Carolina Department of Commerce, Fayetteville Cumberland Economic Development Corporation, Cumberland County, City of Fayetteville, Fayetteville PWC and Piedmont Natural Gas,” said Teresa McBride, company board chair. “Aerospace has continually pushed the boundaries of human potential and plays a critical role in our nation’s economic growth by bridging distances, transforming economies and securing our future.”
The new location is expected to create 304 jobs. The average salary for the new positions at American Titanium Metal is $123,473, which is higher than the Cumberland County average wage of $45,951, although wages vary by position. According to the North Carolina Department of Commerce, Project Aero will have an annual labor cost impact in the community of over $37 million per year.
“This project highlights our potential in aerospace and advanced manufacturing and sets Fayetteville up for tremendous growth and increased prosperity,” said Mitch Colvin, Mayor of the City of Fayetteville. “This historic investment will create several hundred good-paying jobs with average salaries nearly double the national average and significantly higher than the average salary in North Carolina. We are pleased to welcome this transformative project to Fayetteville and are excited about the future opportunities it will bring.”
North Carolina’s Aero project is supported in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee on July 23. Over the 12-year life of that grant, the project is expected to add $1 billion to the state’s economy.
Based on a formula that takes into account the tax revenue generated by the new jobs and capital investment, the JDIG agreement authorizes a potential reimbursement to the company of up to $8,026,000 spread over 12 years. Government payments will be made only after a performance review by the Departments of Commerce and Treasury that determines that the company has met its goals for additional job creation and investment.
The project’s expected return on public money is 102 percent, meaning that for every dollar of potential cost, the state receives $2.02 in government revenue. JDIG projects result in positive net tax revenues for the state treasury, even when taking into account the grant’s reimbursement payments to a particular company.
“We are excited about these new jobs and this significant capital investment in Cumberland,” said Senator Tom McInnis of North Carolina. “Project Aero’s decision to locate its operations in our region shows people around the world that we are the perfect location for the global industries of tomorrow.”
Partners of the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project included the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, NC Commerce’s Divisions of Workforce Solutions and Rural Economic Development, Piedmont Natural Gas, the Fayetteville Public Works Commission (PWC), the City of Fayetteville, Cumberland County and the Fayetteville Cumberland County Economic Development Corporation.
