In one North Carolina county, it’s ‘growth, growth, growth.’ But will Biden reap the benefit?
In the tranquility of Siler City, North Carolina, where the pace of life can be measured by the slow-moving tractors on the roads, a revolution is underway. This rural corner of Chatham County, with its 81,000 inhabitants and over a thousand farms, is an unexpected focal point in President Joe Biden’s promise of an economic renaissance.
The skyline is changing, with the new Wolfspeed factory, a sprawling six-football-fields-long facility, preparing to churn out advanced wafers for computer chips. Not far behind in development is Automaker Vinfast, scheduled to open its gates soon. These ventures are buoyed largely by the incentives enacted by Biden. Further growth is anticipated, with Disney among the developers set to erect several thousand homes.
“When the right opportunity came along, we were there and we were ready,” boasts Greg Lewis, a local steakhouse owner who is witnessing the economic uplift first-hand. “It is growth, growth, growth.”
This narrative isn’t singular to Chatham County but is echoed across pivotal battleground states like Arizona and Georgia. However, despite the booming infrastructure and job opportunities, political polling reveals a disconnect, showing little of this economic buoyancy translating into political support for Biden, as inflation rates hover around 3.4% annually.
Trump and Biden’s Economic Strategies Diverge
Chatham County, which leaned towards Biden in the 2020 elections, presents a battleground of competing economic ideologies. Trump champions tax cuts favoring the business and wealthy sectors as a route to prosperity, whereas Biden pushes for targeted government investments, potentially funded by increased taxes, to fortify the middle class.
Despite the federal and private sector infusion championed by Biden, which aims at reviving sectors like semiconductor manufacturing and pioneering in fields such as electric vehicles and solar technology, public sentiment remains unswayed. Trump contends that Biden’s policies would derail the economy, espousing a continued reliance on gasoline over electric vehicles and touting corporate tax cuts as the real engine of growth.
Manufacturing On the Rise
At the heart of this development is the Wolfspeed factory, gearing up with industrial furnaces that herald the start of production by year’s end. The potential benefits from Biden’s policies, including significant tax credits and funding from the Inflation Reduction Act and the 2022 CHIPS and Science Act, underscore the factory’s importance to both the local economy and the broader technological landscape.
Wolfspeed CEO Gregg Lowe emphasizes the transformative capability of silicon carbide in enhancing the efficiency of computer chips, a boon for the electric vehicle market, solar panels, and beyond. This innovation is set against a backdrop of political debate, with local officials pointing to years of groundwork now being leveraged through federal initiatives.
Risks Amidst the Boom
Even with visible progress and investment, there are uncertainties. Vinfast’s reduction in the planned footprint of its EV plant highlights the fluid nature of such ambitious projects. Meanwhile, Republicans argue that North Carolina’s growth is more attributable to state-level policies than federal incentives, emphasizing inflation’s impact on voter sentiment.
However, the bipartisan support for measures like the CHIPS and Science Act illustrates the potential for a mixed approach combining tax incentives with targeted government investments. Senator Thom Tillis of North Carolina, a Republican, acknowledges the role of this blend in drawing new manufacturing to the state.
As these developments unfold, the economic landscape of places like Chatham County serves as a microcosm of the broader national debate over America’s industrial future. With manufacturing spending having more than doubled under Biden, the stakes for the upcoming presidential election are high, with economic policies central to the discourse.
In Chatham County, as across the nation, the path to sustained economic growth remains a contentious issue, with the impacts of Biden’s policies yet to fully resonate with the electorate. Regardless, the transformation underway signifies a pivotal moment in American economic policy, with long-term implications for the nation’s workforce, technological innovation, and competition on the global stage.
