4 companies look to bring manufacturing jobs to Colorado
Colorado Approves $22.9 Million in Tax Credits for Five Companies Bringing 2,148 New Jobs to the State
Five companies have recently received approval for a total of $22.9 million in Job Growth Incentive Tax Credits, as they consider bringing 2,148 new jobs to Colorado. The companies span across various industries including rare-earth magnets, semiconductor production tools, large-scale batteries, consumable goods, and construction. The companies are looking to make significant investments in the state, with the promise of job creation and economic growth.
The largest award, worth $7.6 million, went to Project Solitaire, a semiconductor fabrication tool manufacturer that is looking to bring 631 jobs to the Denver metro area. These positions include managers, technicians, engineers, R&D professionals, and sales associates, with an average annual wage of $123,018.
Another company, Project Treadstone, a construction company based in Greeley, received approval for nearly $4.9 million in incentives in return for creating 589 new jobs with an average annual wage of $80,051.
The state continues to see strong interest from battery manufacturers, with Project Hawk, a company looking to build a facility to make lithium iron phosphate batteries for energy storage systems and electric vehicles in North America, receiving approval for just under $2 million in incentives. They expect to create 178 new jobs at an average annual wage of $75,938.
In addition to the recent approvals, historic developments such as the federal CHIPS Act, which has set aside $200 billion for semiconductor research and development, have driven a wave of semiconductor investments in Colorado and other states. The Inflation Reduction Act has also incentivized battery manufacturers to locate plants domestically, generating significant investment in the U.S. battery supply chain.
Colorado’s success in attracting these companies demonstrates its competitiveness in the manufacturing and clean energy sectors, as well as its ability to create new jobs and drive economic growth.
In conclusion, the incentives provided by the state offer a significant benefit to these companies as they plan to make substantial investments in Colorado, helping to drive job creation and economic development in the state.