Economic development Progress Energy has a long history of collaborating with communities in the Carolinas and Florida to support economic growth. Our efforts to encourage job creation and industrial growth not only improve the quality of life throughout our service areas, but they serve as a direct and real investment in our own company’s future prosperity. For that reason, our experienced professionals help to advance business growth in Progress Energy’s service territory by providing energy and marketing expertise to local and state partners, existing businesses and prospective customers.
Success in economic development is the direct result of partnerships and teamwork, particularly since the recruitment of new and expanding industrial customers occurs in a globally competitive marketplace. In 2008 when Spirit AeroSystems, an aerospace manufacturing company, selected the Global TransPark in Kinston, N.C., for its new facility, the company had the option to choose between two electric providers in the park. Ultimately, our energy experts’ collaboration with Spirit helped us to win the aerospace company’s business. Spirit’s plans include a $570.5 million investment in its new facility and the creation of 1,031 jobs in Kinston over the next six years.
Progress Energy continued efforts to promote economic development in South Carolina in 2008 by directing $300,000 to local counties as part of the state’s license fee credit program supporting infrastructure improvements. The program allows a credit against a utility’s state business license fees when it invests funds to support job-creating economic development projects. Seven counties benefited, including Florence County, where funds will support infrastructure and site-certification expenses associated with the development of the Britton-Bostic-Winona industrial site.
Additionally, Progress Energy partnered with Pasco County, Fla., to develop a 50,000-square-foot shell building as part of our Industrial Building Program, a rotating fund that supports the construction of speculative buildings to attract new industries and strengthen the economies in our service areas. Our company’s loan represents an investment in the future and advances the timing for a new business to begin operations and create jobs. The new shell building, located in the Zephyrhills Airport Industrial Park, will offer state-of-the-art warehouse space suitable for a variety of industries.
In these tough economic times, Progress Energy has reaffirmed its long-standing commitment to economic development. In fact, in 2008 Progress Energy’s economic development team helped to attract more than 11,000 jobs and more than $2.5 billion in investments to the company’s service areas in the Carolinas and Florida.
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Economic development