MOORESVILLE — Corvid Technologies plans to invest $95 million in a 400,000-square-foot expansion of its Mooresville campus and add 423 jobs, according to the North Carolina Department of Commerce.
The new positions are expected to generate nearly $34.5 million in annual payroll. The projected average salary is $81,550, above Iredell County’s average wage of $64,895. Planned roles include assemblers, electricians, engineers, production managers, technicians and testers.
The employee-owned defense contractor plans to add engineering and manufacturing of vehicle launch systems at the new facility. Corvid specializes in digital engineering, modeling and simulation, and precision manufacturing.
The state Economic Investment Committee approved a Job Development Investment Grant for the expansion. The agreement authorizes potential reimbursement of up to $4,449,750 over 12 years, but payments would occur only after state agencies verify that Corvid met annual job and investment targets.
North Carolina projects that the expansion will increase the state’s economy by $1.7 billion over the grant term. The state calculated a 93% return on public dollars, or $1.93 in state revenue for each dollar of potential cost. The agreement also calls for transferring as much as $1,483,250 to the state’s Utility Account because Iredell County is classified as a Tier 3 county.
The immediate business consequence is a planned high-wage manufacturing expansion in Mooresville with 423 jobs and a potential annual payroll impact of nearly $34.5 million. The available sources do not disclose a construction schedule or a deadline for creating all 423 jobs, so this report does not infer either.