Rare-Earth Magnet Factory Will Create 1,000 Jobs in Benson

Vulcan Elements Inc. will operate a $1 billion rare-earth magnet plant in Benson. The facility will generate 1,000 jobs over four years. State officials say it will be the largest rare-earth magnet manufacturer outside China.

Rare-earth magnets power motors, sensors, generators, and actuators. Defense systems depend on them. Company executives who met with county officials during site selection have military experience, said Chris Johnson, who directs economic development for Johnston County.

"North Carolina is a natural home for Vulcan Elements' next stage," said Vulcan Elements CEO John Maslin. "We need to draw on world-class talent, innovation, and infrastructure as we secure one of the 21st century's most important supply chains. As home to our current facility, North Carolina has proven that it has all three. And as we create 1,000 new American jobs, we will tap into the region's deep bench of experience across industries - from engineers and technicians who understand hardware and manufacturing to military veterans who have spent their careers managing complex supply chains, operating heavy machinery, and serving their country."

A 30 megawatt electric substation sits next to the site. Benson lies at the junction of Interstates 95 and 40. Five major military installations are within an hour's drive.

About 77% of county workers commute to jobs elsewhere. The plant could change that.

Workers will earn an average of $81,900. "When you're talking about salaries of $80,000 to $90,000 on average, that's almost double the county average," Johnson said. "It's nearly three times Benson's average. People who live in Johnston County, who live in Benson, won't have to drive 45 minutes anymore. They can drive five minutes instead."

Town Manager Dane Rideout said Benson is excited to join a manufacturing renaissance in the United States. "This is a game changer," he said.

East of I-95 remains agricultural. Farming is still the county's top industry. U.S. 70 is being converted into Interstate 42, which will give the area access to three interstates.