Hendrick Motorsports is expanding its existing manufacturing operations with the construction of a 155,000-square-foot facility on the company’s campus in Concord. The expansion is expected to be operational in June 2024.
The Cabarrus EDC says the expansion will add more than 50 new advanced manufacturing jobs over the course of the next three years. Hendrick Motorsports is investing a total of $14.9 million in the structure, machinery and equipment.
“The City of Concord is proud to be the home of Hendrick Motorsports,” Mayor Bill Dusch said. “We are thankful for their commitment to continue growing their roots here and providing more opportunity for our residents through this expansion.”
Over the course of a three-year period, Hendrick Motorsports will receive economic development grants from the city and county with a combined total of $449,540. Grants are paid after taxes have been collected, and the investment will net local government more than $1 million in additional tax revenue over the next 10 years.
“Hendrick Motorsports boasts a long, fruitful presence in our region, and this expansion is further proof of its investment in Cabarrus County,” Steve Morris, chair of the Cabarrus County Board of Commissioners, said. “The addition of 50-plus advanced manufacturing jobs will not only provide economic growth, but also a sense of opportunity for Cabarrus residents.”
Hendrick Motorsports has invested in specialized manufacturing programs outside of the racing industry since 2019 and continues to expand its capabilities and capacity. The organization’s manufacturing supports a variety of commercial and government programs.
“We’re proud to call Concord home,” Marshall Carlson, president of Hendrick Companies, said. “Over the past several years, Hendrick Motorsports’ commitment to advanced manufacturing has allowed us to diversify our business and retain quality jobs for our teammates. This new facility on our campus will allow us to further expand our manufacturing work and create additional career opportunities for people with specialized skills. We appreciate the warm response to the project and look forward to growing our investment here in Cabarrus County.”
Cabarrus Economic Development Corporation serves as the lead economic development agency for Cabarrus County, North Carolina. For more information, visit www.cabarrusedc.com.
Photo Courtesy of Cabarrus Economic Development Corporation
