NC's $700M Genentech Deal Offers a Blueprint for Fair, High-Wage Job Growth

Governor Josh Stein’s announcement of Genentech’s $700 million investment in Holly Springs carries a powerful message. This biotechnology giant, a pioneer since 1976, chose North Carolina for its first East Coast manufacturing plant, promising over 400 high-wage jobs. These positions, averaging $119,833 in salary, far surpass Wake County’s average of $76,643. For workers, this means more than a paycheck; it’s a chance to build a stable, thriving future.

North Carolina’s rise as a biotech hub didn’t happen by accident. Years of strategic public investment, led by Stein and partners like the North Carolina Biotechnology Center, have created an ecosystem where innovation flourishes. Genentech’s decision reflects trust in the state’s skilled workforce and robust infrastructure. What does this tell us? When leaders prioritize long-term growth over short-term gains, entire communities benefit.

This moment feels like a turning point. The new 700,000-square-foot facility will produce life-saving medicines, strengthening North Carolina’s role in global health. More importantly, it shows how targeted economic policies can create opportunities that reach beyond corporate boardrooms, lifting families and neighborhoods.

The Job Development Investment Grant (JDIG) underpins Genentech’s expansion, offering up to $9.85 million in reimbursements over 12 years. These funds are tied to strict benchmarks: Genentech must create 420 jobs and meet investment goals. This performance-based approach ensures accountability, maximizing the public’s return. Projections estimate the project will grow North Carolina’s economy by $3 billion, with every dollar of state investment generating $3.30 in revenue.

Beyond job creation, the JDIG directs $3.28 million to the state’s Industrial Development Fund, upgrading infrastructure in rural areas facing economic challenges. Research from the University of Michigan highlights how such targeted investments, paired with programs like the Earned Income Tax Credit, can shrink regional income gaps by 12 percent. North Carolina’s strategy uses private investment to drive broader equity, ensuring growth benefits more than just urban centers.

Some voices argue that incentives like the JDIG distort markets, citing failures like Wisconsin’s Foxconn deal, where promised jobs fell short. Yet North Carolina’s rigorous, transparent framework sets it apart. The state’s focus on high-wage, sustainable jobs counters the risks of poorly designed subsidies. Dismissing these efforts ignores their proven impact: strategic public investment fuels prosperity that markets alone can’t deliver.

Genentech’s arrival bolsters North Carolina’s biotechnology sector, part of a global industry projected to reach $546 billion by 2025. Meeting this demand requires a skilled workforce, and North Carolina is ready. Partnerships with Wake Tech, the National Institute for Innovation in Manufacturing Biopharmaceuticals, and others are training workers, including those from underrepresented groups, for high-demand roles. These programs create pathways to economic mobility, not just jobs.

This commitment to workforce development builds on decades of public investment, from New Deal-era job programs to recent federal initiatives like the CHIPS and Science Act. These efforts prioritize workers, driving equitable growth. Why accept an economy that leaves people behind when we can create one that empowers everyone?

Opponents claim broad tax cuts would better stimulate growth, arguing government intervention skews competition. But evidence from states like California, with its inclusive High Road Transition Collaboratives, shows targeted investments yield stronger, fairer economies. North Carolina’s success with Genentech proves that public-private collaboration can create lasting opportunity.

Genentech’s investment offers a roadmap for equitable economic progress. The 400 jobs, $50 million annual payroll, and rural infrastructure funds are concrete wins for North Carolinians. They reflect a vision where growth serves everyone, not just a select few. Leaders like Governor Stein and Senator Lisa Grafstein have embraced this approach, rejecting skepticism that undervalues public investment.

As biotechnology advances with AI and personalized medicine, North Carolina is poised to lead. Its leaders understand that progress demands bold, inclusive policies. The state’s model shows what’s possible when government, industry, and communities work together. Can we afford to ignore this example? The answer is no—policies that create good jobs, reduce inequality, and drive innovation are the path forward.

North Carolina’s story is a call to action. By investing in people, we build a future where prosperity is shared, not hoarded. This is the kind of progress worth fighting for, and it starts here.