Anderson Marks Big Year For New Investment

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NTK Precision Axle Corp. announced plans for a new facility in March. (rendering courtesy NTK) NTK Precision Axle Corp. announced plans for a new facility in March. (rendering courtesy NTK)
ANDERSON -

The city of Anderson is touting a strong year for investment and new job commitments in 2017. Our partners at The Herald Bulletin report businesses invested nearly $250 million with plans to add 679 jobs over the next few years, compared to $68.8 million and 262 jobs promised in 2016.

Mayor Thomas Broderick tells the publication new companies are choosing to locate in Anderson because of its location, rather than the city providing 100 percent tax abatements.

"The reality is that the foundation we put in place is proving to be attractive," said Broderick. "I believe we reached that point where we don’t have to offer a 100 percent tax abatement. I understand what we did in previous years to attract investment. Now we’re at the place, unless it’s something extraordinary, we don’t have to offer the same level of incentives. We have to expand the tax base, maxed out through the tax caps."

Some of the notable investment plans include NTK Precision Axle Corp., which announced a commitment to invest more than $100 million to build a new manufacturing facility in Anderson and add nearly 200 jobs by 2021. Broderick says the company initially wanted a 100 percent tax abatement, but agreed to a 10-year, 70 percent incentive.

Last month, Nestlé USA announced plans to invest $80 million into its Anderson facility, creating 30 jobs. The company was offered a 65 percent tax abatement for the project, which Broderick says saved the city $1 million.

Broderick says the new year should be another good one for Anderson. "The existing businesses and newer businesses are looking to expand. These companies have to be satisfied because they are looking to grow in Anderson. I knew things were going well, lots of leads that are coming in. I have high hopes that (2018) will look as good."

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