Labor & Employment (Economic Development)

SB 530 creates the Agricultural Manufacturing Investment Grant Account (AMIG) within North Carolina's One North Carolina Fund to provide competitive grants to agricultural manufacturers. The bill authorizes grants of up to $500,000 total per company, requiring recipients to invest at least $5 million in private funds within two years, maintain 25+ full-time employees with wages at 110% of the county average, and meet performance targets. Grants prioritize projects in designated development areas, those using advanced technologies like AI or biotech, or those with significant R&D spending. Recipients must repay grants if they fail to meet employment, investment, or wage requirements over the grant term.

SB 473 creates the Capital for Communities Special Fund, a dedicated state fund that will receive 3.5% of certain investment earnings (when quarterly returns exceed 7%) from state funds managed by the Treasurer. The fund will provide grants for economic development projects in North Carolina, specifically targeting affordable housing, childcare centers, healthcare facilities addressing shortages, medical research, workforce development, living-wage jobs, and nonprofit education facilities. These grants must directly support community-based initiatives meeting the specified criteria. The bill establishes clear eligibility rules for fund usage but does not detail application processes or allocation priorities.

SB 732 requires North Carolina's Department of Commerce to measure economic well-being using specific, publicly reported metrics like poverty rates, living wage job access, housing/childcare costs relative to income, and concentrated poverty areas. The bill appropriates $200,000 annually (2025-2027) to conduct bi-annual analyses and submit reports to the General Assembly by January 31 each odd-numbered year. These reports must include data on hardship, cost burdens, education costs, and neighborhood conditions across all counties. The law directly affects how state policymakers assess economic progress, shifting focus from market metrics alone to people's lived experiences. It does not change existing laws but establishes a framework for measuring policy impacts on residents' economic security.