Vulcan Elements, a Pentagon-backed startup based in North Carolina’s Research Triangle Park, has chosen the town of Benson in Johnston County for a $918 million rare earth magnet plant that state officials say will be the largest facility of its kind outside China. The project is expected to create 1,000 manufacturing jobs with average wages of around $82,000. North Carolina’s governor called the investment a major win for the state’s advanced manufacturing ambitions.
The new plant will span roughly 1 million square feet and produce up to 10,000 metric tons of neodymium-iron-boron magnets each year, a key component in electric motors, robotics, defense systems, data centers, and EV drivetrains. State economic development officials say the facility will be the largest magnet factory anywhere outside China, which currently dominates global production. Vulcan already operates a smaller magnet facility in RTP and will dramatically scale capacity with the Benson site. Company statements stress that its magnet supply chain is designed to be fully decoupled from China.
A Strategic Break From China’s Magnet Monopoly
China controls more than 90 percent of global rare earth magnet production and processes the vast majority of rare earth elements, giving Beijing significant leverage over U.S. manufacturers that depend on these inputs for clean energy and defense technology. Recent analysis and policy research warn that export restrictions and geopolitical tensions can choke off supply. That risk became real this year when China halted exports of several heavy rare earth metals and magnets, disrupting the U.S. industry that leans heavily on Chinese shipments. Reporting on the suspension underscored just how exposed American manufacturers have become.
Washington has been pouring money into critical mineral and magnet projects to reduce that dependence. The previous Biden administration launched a multi-agency push following Executive Order 14017 on America’s supply chains, directing billions toward domestic mining, processing, and manufacturing. A White House fact sheet highlights magnets as a priority (and it remains a priority in the current Trump administration), and the Department of Energy recently outlined nearly $1 billion in new funding for critical minerals and materials projects. DOE’s announcement aims to shore up the whole supply chain, from mining through manufacturing.
What It Means For American Manufacturing
For American manufacturers (and for communities that still remember factory closures), Vulcan’s Benson project is more than another ribbon-cutting. It brings high-wage industrial jobs back onto U.S. soil and directly supports domestic production of components used in EVs, wind turbines, advanced electronics, and defense platforms. The World Resources Institute notes that rare earth elements and other critical minerals are foundational to clean energy technologies, while the Congressional Research Service points out that Congress is increasingly focused on reshoring production of these materials and components. CRS research frames magnets as a key link between critical minerals policy and real-world manufacturing.
North Carolina has been landing a series of large advanced manufacturing projects, from EV batteries to electronics, that are reshaping its industrial base. Recent job announcements across the state signal an ongoing shift toward higher-skill production. With Vulcan Elements committing nearly $1 billion to a magnet plant built around an American-controlled supply chain, the U.S. takes a tangible step toward rebuilding a strategic manufacturing capability that should never have been outsourced in the first place.
Image credit: Vulcan Elements
