Hendrick Motorsports Manufacturing plans to build a 155,000-square-foot advanced manufacturing facility on its 14-acre property in Concord, N.C., set to open in 2024. The facility will allow for the expansion of existing manufacturing operations, specifically for the fabrication of metal structures, prototyping and assembly.
The total investment is estimated at $14.9 million. The project is expected to create 50 new full-time jobs and retain 75 existing jobs. The average wage is estimated at $62,000, which is above the current $46,768 county average. Hendrick has invested in specialized manufacturing programs since 2019.
This expansion project is said to support future growth in specialized manufacturing in Cabarrus County.
The three-year grant is based on the $14.9 million investment, and is equal to $176,868 depending on the actual investment. The city would still collect a three-year net revenue of $31,212 after the incentive.
“This is not race cars going around a track. This is manufacturing. This is technology. A lot of the safety features we have in our cars nowadays are because people like the Hendrick organization have found safer ways for us to operate those vehicles,” said Council Member John Sweat. “This isn’t about just racing, this is about the future, and the industry they bring to our community is huge.”