After decades of hard work, collaboration and initiative from local business and government leaders, a $4 billion business development project is finally coming to Chatham County.
VinFast, an electric vehicle and battery maker based in Vietnam, chose Triangle Innovation Point in Moncure for a new production facility. The site is expected to bring 7,500 local jobs to the area, boosting economic growth for the entire region.
This is big news for North Carolina—but especially for Chatham.
“The fact that Chatham County landed the largest economic development package in North Carolina’s history is no accident. The Chatham Economic Development Corporation (EDC) has been pitching the idea of an auto manufacturer in Chatham for more than 10 years,” said Chris Ehrenfeld, owner and CEO of BOLD and former chairman.
Often overlooked for RTP, Chatham County’s growing residential and commercial real estate markets have long signaled a bright and booming economic future. For example, Chatham Park, a mixed-use development, is set to open in 2045 with 60,000 residents and 22,000 homes—making it one of the biggest developments of its kind in the U.S.
The region covers 710 square miles in the heart of North Carolina with over 70,000 residents spanning the towns of Pittsboro, Siler City and Goldston, with a majority of the population living in rural areas.
The EDC has been working for decades to bring a manufacturing contract of this caliber to the County, removing barriers for doing business and rallying the support of the local government. In addition to bringing money and jobs to the area, VinFast also supports North Carolina’s goal of shifting to electric vehicles:
“This investment will benefit our community for decades to come by employing thousands of people in our region to build environmentally responsible vehicles that will reduce our carbon footprint,” Chatham County Manager Dan LaMontagne said in a press release.
Central Carolina Community College has educational pipelines in place to support the workforce needed for the EV industry.
As the quality of life in Chatham continues to improve, there will be even more incentive to invest in one of the fastest growing counties in NC. Watch for even more residential and commercial growth in the future as families and businesses choose Chatham.
“Between this project, Chatham Park, and the eventual development of the CAM site, the 64 corridor running east-west across Chatham is going to be home to an incredible amount of growth and job creation. Exciting times are ahead in Chatham County,” added Ehrenfeld.