MI: Jackson National to Invest $100M to Add Capacity for 1,000 New Jobs
2 May, 2013
Gov. Rick Snyder praised Jackson National Life Insurance Co. for its decision to further invest in Michigan by expanding and adding the capacity for more than 1,000 jobs over the next 10 years at its Lansing campus.
"Jackson National has long been a good neighbor in mid-Michigan and a good partner with the entire state," Snyder said. "The company's continued commitment will strengthen these important relationships while also reinforcing Michigan's well-earned reputation as great place to do business and create jobs. We are the nation's comeback state thanks to success stories like those of Jackson National."
Jackson National Life, a leading provider of retirement solutions and educational resources for industry professionals and consumers, announced it will invest $100 million to expand its corporate headquarters in Lansing, subject to state and local approvals. The expansion will include a connector from the building to a new 260,000-square-foot office complex and a new 80,000-square-foot data imaging center and warehouse on an adjacent piece of land. Michigan was chosen over competing sites nationwide.
The investment will add the capacity for up to 1,019 new jobs over the next 10 years, with the potential to bring the overall number of employees at the Lansing location to more than 3,000.
"Jackson has called mid-Michigan home for the past 52 years and we owe much of our success to the support of the surrounding community and the people who have made Jackson what it is today," said Jackson President and Chief Executive Officer Michael Wells. "This expansion allows us to continue to invest in Lansing and Michigan, as well as in our dedicated, talented associates. Our associate base has doubled in size since we opened this building in 2000 and I am confident this project will enable us to continue to expand our footprint in the financial services industry nationally. Through this growth, Jackson and its employees will have the opportunity to make an even larger impact on local charitable organizations with corporate giving and volunteer time."
The city of Lansing is supporting the project through a 425 revenue sharing agreement between the city and Alaiedon Township, which made way for a personal property tax exemption to make the proposed headquarters expansion possible.
"Doubling the size of Jackson's national headquarters is an extraordinary example of regional cooperation. It is LEAP's privilege to finalize the incentive package necessary to grow Jackson here rather than out of our region and state," said Lansing Area Economic Partnership President Bob Trezise. "Jackson is an economic giant in our region, impacting thousands and thousands of families on a daily basis. We are proud that Jackson continues to call Lansing home."