NC invests $12 million in 600 new Xerox jobs
August 14, 2019
North Carolina’s (NC) Governor Roy Cooper announced that 600 new jobs will be created as Xerox selects Wake County for a new Centre of Excellence and Xerox is in line to receive $12 million (€10.74 million) in state support.
Xerox will build a new Centre of Excellence in Cary, creating 600 jobs, Governor Roy Cooper announced, adding that for Xerox this means an investment of $18.4 million (€16.5 million) in Wake County.
“Xerox, which had many locations to choose from, selected North Carolina because they know we can offer the highly-skilled workers they need, both now and in the future,” said Governor Cooper.
The Cary Centre of Excellence will be the fourth of its kind for the company in North America, joining Xerox’s three other centres located in Palo Alto, California; Webster, New York; and Toronto, Canada.
“The opening of our fourth Centre of Excellence is an essential investment in Xerox’s long-term future. This is a new multifunctional centre that will be focused on accelerating our digital journey,” said Naresh Shanker, Chief Technology Officer of Xerox. “Being home to a host of tech companies and educational institutions, North Carolina was a logical choice for us.”
“North Carolina is a leading centre for innovation,” said North Carolina Commerce Secretary Anthony M. Copeland. “Our state’s commitment to education and to the idea we must provide life-long learning opportunities for our workers is something technology companies recognize and reward.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s decision.
Xerox’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1.7 billion (€1.5 billion).
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorises the potential reimbursement to the company of up to $12.32 million (€11.02 million) spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Xerox chose to locate in Wake County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $4.11 million (€3.67 million) into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
“Another world-class business has selected Cary for a project that’s of vital importance to their company,” said North Carolina Senator Wiley Nickel. “We’re very excited about Xerox’s decision to bring 600 jobs to Western Wake County. Cary is located in the heart of the Research Triangle and repeatedly ranks among the top places in the nation to begin or expand a business. This major expansion by Xerox solidifies Cary’s place as a national leader for good high paying technology jobs.”
“People from our region worked together to help make today’s announcement possible,” said North Carolina Representative Cynthia Ball. “This spirit of collaboration will continue as we work to help Xerox grow and succeed here.”
North Carolina Department of Commerce and the EDPNC partners on this project include: the North Carolina Community College System, Wake Tech Community College, the Capital Area Workforce Development Board, Wake County Board of Commissioners, the Town of Cary, the Cary Chamber of Commerce, and Wake County Economic Development.
Categories : World Focus
Tags : Jobs North Carolina Xerox
