by Jordan Green

Monitoring the economic pulse of the Triad

Furniture company receives state incentives for locating in Davie

Gov. Bev Perdue announced on April 20 that Ashley Furniture will locate a new manufacturing and distribution facility in Davie County. The company is expected to create 550 new jobs over the next five years and invest $80 million in land, buildings, machinery and equipment.

A global corporation with operations in 123 countries, Ashley began manufacturing furniture in Wisconsin in 1970, according to a press release from the governor’s office, and now operates factories in Wisconsin, Mississippi, Pennsylvania and California.

The company is receiving $825,000 in financial incentives from the One North Carolina fund, and is also eligible for up to $3.2 million in Job Development Investment Grant funds, which are derived from 60 percent of the state personal income withholding taxes from the creation of new jobs if the company meets performance targets over the next 10 years.