North Carolina Construction News staff writer
Benson will become home to what is expected to be the largest rare earth magnet factory in the world outside China as Vulcan Elements Inc. builds a $918.1 million expansion that will add 1,000 jobs in Johnston County.
The company, which produces neodymium iron boron rare earth magnets, will build a 1 million-square-foot production facility to meet rising demand from sectors that rely on high-performance motors and advanced electronics. Rare earth magnets are essential components in technologies ranging from robotics and electric vehicles to satellites, defense systems, data-center hardware and industrial automation.
Vulcan Elements already operates a commercial manufacturing site in Research Triangle Park. The Benson expansion will increase the company’s production capacity to 10,000 metric tons a year, a scale the company says is needed to support domestic supply-chain security and reduce reliance on foreign magnet production.
The new facility is expected to draw on a wide range of skilled workers, including engineering, administrative and production roles, with an estimated annual payroll impact of more than $81.9 million.
To support the project, the state approved a Job Development Investment Grant that could reimburse the company up to $17.6 million over 12 years if hiring and investment targets are met. The project is projected to add $2.6 billion to North Carolina’s economy during the grant period. Because the site is in a Tier 3 county, as much as $5.86 million from the award will also be directed to the state’s Industrial Development Fund–Utility Account to help finance infrastructure improvements in rural communities.
Additional state support could include up to $250,000 for road improvements tied to the new facility.
Construction of the magnet plant positions North Carolina as a growing hub for advanced manufacturing, adding rare earth magnets to a cluster of semiconductor and battery production facilities announced across the state in recent years.