Caterpillar plans to invest approximately $1 billion in North Carolina to expand production of compact track loaders and telehandlers through a new Sanford facility. The project is part of the company's Cat Compact strategy, which targets small contractors and growing businesses, with applications spanning construction, landscaping, agriculture and material handling. The facility is expected to use automation, robotics, digital production systems and integrated logistics, but Caterpillar does not plan to increase headcount there. Instead, the company plans to prepare its existing workforce for more technologically advanced production roles. Caterpillar employs about 2,000 people at its current Sanford operation and is considering acquiring the roughly 500-acre Regional Crossroads Park property. Local officials approved incentives of up to $85.5 million, contingent on a $1 billion investment and maintaining at least 1,950 full-time positions with average annual pay of about $65,500. Caterpillar reported 2025 sales and revenues of $67.6 billion.