New Hanover County approves $3 million incentive for Corning expansion

WILMINGTON, N.C. (WWAY) — New Hanover County commissioners have approved a $3 million economic development incentive for Corning as the optical fiber manufacturer plans a $585 million expansion expected to create more than 400 jobs in Wilmington.

The incentive is part of a joint effort between New Hanover County and the City of Wilmington to encourage the company’s investment in its local operations.

During Monday morning’s Wilmington City Council agenda meeting, Councilman David Joyner asked Chief of Staff Dennis Lacaria to explain how the incentive program, known as Project Pearl, would work.

Lacaria said the program provides a credit tied to tax revenues generated by a business expansion or relocation.

“In this case, it’s an expansion of an existing business, making an investment in their facility, hiring and jobs,” Lacaria said.

He added that the incentive package was developed in coordination with county partners to remain competitive.

The county approved a grant of up to $600,000 annually over five years, for a potential total of $3 million. Wilmington is considering an additional $2 million, with payments of up to $400,000 annually over the same period.

According to local government documents, the proposed expansion is expected to generate 414 new jobs and $585 million in investment over five years. The average annual wage for the new positions is projected to be $85,080.

The incentives would only be paid if Corning meets the required job creation and investment targets. The positions must be full-time, based at the Wilmington facility and maintained through 2031.

Lacaria said the city and county incentive structure also includes a set time period and a combined cap of $5 million.

Now that the county has approved its portion of the incentive package, Wilmington City Council is expected to consider the city’s contribution at its Tuesday evening meeting.

Corning has not publicly commented on the proposed local incentive agreement. In a statement to the Wilmington Business Journal, a company spokesperson said the company could not comment because the government matter was ongoing.

Corning’s Wilmington facility, located on North College Road, employs approximately 1,000 people, according to local officials.

The company has also announced major manufacturing agreements with technology companies, including Amazon, Meta and NVIDIA, as demand grows for optical fiber used in data centers and other technology infrastructure.