Wake County has a strong history of using economic development incentives to help attract major new investments, including projects from Novartis, Genentech, Apple, Bandwidth, Amgen, and other industry leaders. As competition for business investment continues to evolve, the County has updated its Business Development Grant program to better align with current market conditions and economic development priorities. 

The changes focus on three key areas:  

• Adjustments to project wage requirements 

• Creation of a transformational project tier 

• A new incentive option for headquarters projects 

A key component of the update is a change to qualifying wage requirements. The county lowered the wage threshold from 110% to 100% of the county average wage and removed the living wage floor for most grant tiers.  

At the heart of this update is Wake County’s continued commitment to economic mobility. The change is intended for companies that have entry level positions to potentially qualify for the business development grants while also recognizing that many existing industry companies are paying market wages reflected in these entry level positions. This approach allows the County to equally support both new and expanding businesses while continuing to prioritize companies that demonstrate and promote economic mobility through career pathways.  

The policy also establishes a new transformational project tier for large investments that can have a significant long-term impact on the local economy. Larger projects often have more complex requirements; the new tier provides more flexibility in grant terms. This allows the County to be more competitive in attracting larger projects. Companies must generate more than $500 million in assessed tax value to qualify for this tier.  

A final key addition is the grant-per-job incentive option for headquarters operations. Corporate Headquarters bring benefits such as higher-paying jobs, philanthropy and sponsorship opportunities, and greater visibility for the community.  The new incentive structure is designed to help Wake County compete more effectively for these projects.

Together, these updates are intended to strengthen Wake County’s ability to support expanding businesses, drive economic mobility, and compete for projects that bring long-term value to the community. By refining the incentive program, the County aims to remain responsive to changing market conditions while continuing to attract investment and job opportunities across Wake County. 

Read more about the incentive policy.