Welland’s recovering manufacturing sector is getting a big boost with the announcement of General Electric Co.'s development project, bringing a new 450,000-square-foot facility to the Rose City. Rather than the usual story of a manufacturer shutting down shop and relocating to the United States, GE is relocating its plant from Wisconsin after the U.S. Congress cut off funding for the Export-Import Bank.
The Welland GE Plant is slated to open in early 2018, with an upwards of 150 jobs guaranteed in the first phase. The factory will be built on 75 acres of land in the city’s Harry Diffin Industrial Park, located on the west side of Highway 140 to the north of Netherby Road.
Steps in the right direction for Welland and the region
The widening of Highway 406 is just an example of the many practical investments that Welland along with the rest of the Niagara Region has committed to with the goal of making Niagara more attractive to huge companies. Developing transportation systems and post-secondary institutions, having incentive programs, a labour-ready workforce, and waiving development project charges all contributes to Niagara becoming a place that you want to be and large companies are starting to realize this.
Heiner Markhoff, president and CEO of GE Power’s water and distributed power business, said Welland provides a “collaborative community environment that will attract talented employees.” Being located in the city’s Gateway Economic Zone, possible incentives for the development in partnership with the Niagara Region are created. Currently, GE is pursuing a $2-3 million incentive through development project charge grants.
What General Electric Co. brings to the region
With GE’s move to Welland, it’s suggested that many of the companies that are integral to the supply chain may also be looking to move closer to the facility. GE continually lives in the top 10 of the Fortune 500 rankings and is a great addition to the local manufacturing industry supply chain of Niagara. The plant is planned to produce large reciprocating gas engines and other power-generation equipment for the oil-and-gas industry.
The initial cost of the plant was estimated by GE to be around $265-million (U.S.), although the final cost estimates won’t be verified for several months. Some are saying this is “the biggest project in Ontario in 50 years,” as this “Brilliant Factory” will be the most high-tech facility GE owns. The exporting from Canada to the world will help grow the Canadian economy, and will put Niagara on the radar of large multi-national corporate interests.
Find out how in recent years a number of municipalities across the Niagara Region have refocused their economic development strategies by establishing new industrial development lands and industrial parks. Connect with your Niagara real estate appraiser to learn why developers are looking to invest Niagara and how you can become a part of it.
