The multiplier representing the increased capacity of the new Wolfspeed silicon carbide facility coming to Chatham County. The new facility will produce 10 times more silicon carbide chips than Wolfspeed’s campus in Durham, currently the largest producer in the U.S.
Industry analysts estimate these chips will make up more than 20% of the power semiconductor market by 2027, up from 5% today. The factory, due for completion in 2030, is slated to be the largest silicon carbide materials facility in the world.
The new campus in Siler City is expected to produce 200-millimeter silicon carbide wafers, which can be used to provide power and radio frequency semiconductors. Its chips are used in electric vehicles, 4G and 5G mobile development, and other emerging industries.
The chip manufacturing facility is expected to bring 1,800 jobs directly at its facility in Siler City over the next five years.
The amount of land the new Wolfspeed facility will occupy at the Chatham Advanced Manufacturing site in Siler City. The total size of the CAM site is 1,802 acres, but even after the Wolfspeed announcement, there will be 1,450 acres still available to develop — almost three square miles, and large enough to fit another VinFast-sized facility.
The total amount of jobs promised to Chatham County so far in 2022 with the announcements of VinFast and Wolfspeed. The jobs will come in a steady flow as production of both facilities ramps up over the next five to 10 years. Job growth will likely be coupled with a population boom in the county that is anticipated to result in new schools and housing projects coming to the community.
The projected average salary employees at Wolfspeed’s new silicon carbide facility will earn. The wages are 87% higher than the current average salary of Siler City, which is $41,638. The project could increase regional payroll by more than $140 million per year, according to an analysis by N.C. Dept. of Commerce.
The amount of money the state offered Wolfspeed in tax incentives, including a Job Development Investment Grant (JDIG) worth more than $86 million. The company also has performance-based incentives with up to $775 million if Wolfspeed meets hiring and investment goals.
The amount of money in local government subsidies Wolfspeed is eligible for from Chatham County and Siler City governments if it meets its hiring and investment goals. These incentives are not paid by the local governments but rather reduced from Wolfspeed’s tax burden over the next 30 years.
The amount of economic investment in Wolfspeed’s first phase of development, which is expected to begin in 2024.
Wolfspeed is bringing the largest economic development deal in state history to Chatham County with $5 billion in total investment over the next five years.
The total amount of economic development investment pledged to Chatham County so far in 2022 through the VinFast and Wolfspeed projects alone. More is likely on the way soon: a large portion of the CAM site still up for grabs, plus additional space at Triangle Innovation Point, where VinFast is preparing to build.
The calculated return on investment from the Wolfspeed project over the next 20 years, according to analysts at N.C. State University. This includes $615 million from Chatham County and Siler City, $76 million in payroll tax rebates from Job Development Investment Grant (JDIG), $3.6 million in community college training with Central Carolina Community College, $57.5 million in state appropriation for site development, $9.7 million from the Golden LEAF Foundation, $10 million from the N.C. Dept. of Transportation, and $2.5 million through the Community Development Block Grant program.
The amount of money made available through federal funds in the CHIPS and Science Act, which is aimed at bolstering U.S. competitiveness and avoiding another chip shortage. The legislation would spend $52.7 billion on direct financial assistance for the construction and expansion of semiconductor manufacturing facilities, like Wolfspeed. It adds $24 billion in federal tax incentives for chip manufacturing facilities nationwide.
Reporter Ben Rappaport can be reached at brappaport@chathamnr.com or on Twitter @b_rappaport.