Caterpillar Pours $1 Billion into North Carolina Expansion
Caterpillar has announced plans to expand its Lee County manufacturing facility with a $1 billion tax base investment, the largest such investment in Lee County history.
The expansion comes after the Sanford City Council and the Lee County Board of Commissioners agreed to an economic incentive worth over $85 million. The county will give Caterpillar $46 million, while the city will provide $39.5 million over 12 years, contingent on payment of annual property taxes and the company maintaining at least 1,950 jobs at an average wage of over $65,000.
The investment supports Caterpillar's Cat Compact strategy, which aims to deliver a more streamlined and convenient experience for small contractors and growing businesses. As demand for compact equipment continues to increase, Caterpillar is investing in a new modern manufacturing facility in Sanford, designed to meet customer demand.