GoldenHome International Inc. will invest $86 million to establish its North American headquarters in Concord, NC. The manufacturer of customized residential cabinet systems will create 257 jobs in Cabarrus County over five years.
“Though our priorities right now involve protecting public health and minimizing the adverse economic consequences of the COVID-19 crisis, the strategic focus of the Commerce Department and our partners continues as we welcome another global manufacturer to North Carolina,” said North Carolina Commerce Secretary Anthony M. Copeland. “The arrival of GoldenHome is further evidence that our state’s economy – especially our infrastructure and workforce – remains highly attractive to success-minded companies planning confidently for the future.”
GoldenHome International Inc. is the U.S. subsidiary of Xiamen, China-based Xiamen GoldenHome Co., Ltd. The publicly-held company provides high-end integrated kitchen cabinets and customized furnishings including closet systems, vanity suites and interior doors. Employing a total workforce of more than 4,000 worldwide, GoldenHome products are distributed and sold through 2,000 franchise stores around the world. The company plans to base production, business operations, R&D, distribution, marketing and training at its new North American outpost in Concord.
“As the leading brand of customized home furnishing in China, GoldenHome continues to set its foot in the North American market,” said Jianhuai Wen, chairman of Xiamen GoldenHome Co Ltd. “During the COVID-19 epidemic, our company is firmly committed to its investment in North Carolina as a way expressing our confidence in U.S. markets, as well as in North Carolina, Cabarrus County and the City of Concord. I hope our products and services can better serve customers in the United States, making us into a recognized brand. Finally, thanks to the support of various levels of government for our project. We look forward to a fruitful cooperation with all our partners.”
The North Carolina Department of Commerce led the state’s efforts to secure the arrival of GoldenHome, which also considered other U.S. destinations. The company’s new jobs will offer salaries averaging $42,593 per year, creating a nearly $11 million annual payroll impact in North Carolina after the project is complete in 2025.
GoldenHome’s new presence in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by nearly $526 million. Using a formula that takes into account the new tax revenues generated by the 257 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,117,500 over 12 years. State payments occur only after verification by the departments of Commerce and Revenue that the company has met incremental job creation and investment targets.
Projects supported by JDIG must result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company. The provision ensures all North Carolina communities benefit from the JDIG program. Moreover, GoldenHome’s selection of Cabarrus County, classified under the state’s economic tier system as Tier 3, means the company’s JDIG agreement will result in as much as $372,500 in new funding for state’s Industrial Development Fund – Utility Account. The Utility Account helps rural and economically distressed communities finance infrastructure upgrades necessary in attracting job creation and investment.
“While this is a challenging time for residents of Cabarrus County, today’s news regarding GoldenHome is encouraging evidence that global investors are confident in our region’s economy,” said Senator Paul Newton. “We appreciate what this high-quality company’s plans mean for the future of our community.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, the North Carolina Community College System, Rowan-Cabarrus Community College, Cabarrus County, Cabarrus Economic Development, the City of Concord, the Charlotte Regional Business Alliance and the Cabarrus County Convention and Visitors Bureau.
“The Concord City Council and I are extremely pleased with the decision of GoldenHome in selecting The Grounds at Concord for their new North America Head Quarters, intelligent manufacturing facility, R&D facility and showroom,” said Concord Mayor Bill Dusch. “Last year, I along with other leaders in our community were able to spend several days learning about GoldenHome with their owners, managers and coworkers. We were impressed not only by their innovative, high-tech kitchen, customized closet systems and their methods of operation but just as importantly, their desire to be actively involved as a member of our community. We welcome GoldenHome and look forward having them call Concord, Cabarrus County and North Carolina home.”
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