NASCAR says it plans to invest $100 million over the next decade in its new Concord research and development center — welcome news for a sour local economy. “Having the NASCAR research and development facility here is like having a Johns Hopkins or Mayo Clinic. That’s the kind of impact it’ll have,” said John Cox, chief executive officer of the Cabarrus Regional Chamber of Commerce. Chief among the problems the local economy has experienced lately are the financial hard times hitting several major companies, including Kannapolis textile giant Pillowtex Corp., which is for sale, and Corning Inc., which mothballed its Midland optical fiber plant this year. Cox said the $100 million investment will ripple through the local economy many times over, from the jobs NASCAR adds, to the homes its employees buy, to the spending by people working for or coming to the center. The NASCAR complex on West Winds Boulevard (off Derita Road across from Concord Regional Airport) houses the racing organization’s research and development work, as well as accident investigators, racing series directors and other NASCAR workers. The 61,000-square-foot facility opened in December. The research work focuses on short- and long-term projects ranging from testing surfaces of race track walls to designing safer cars. NASCAR owns 16 acres across from the regional airport, where it has a hangar. Its corporate headquarters is in Florida. NASCAR itself is continuing to expand, and Nelson sees growth at the Concord center mirroring growth in the sport. NASCAR had offices in the Catawba County town of Conover for about two years before it moved to the larger Concord site. The initial investment in the Concord project was $8 million, according to the Cabarrus Economic Development Corp.( Charlotte Observer )(4-14-2003)
