NC: Ernst & Young to Invest $8.2M, Expand in Mecklenburg County, Hire 375
1 Mar, 2018
Ernst & Young LLP (EY), one of the largest professional services organizations in the world, will expand in Mecklenburg County creating 375 jobs and investing $8.2 million in Charlotte over the next five years, Governor Roy Cooper announced.
The expansion includes development of an EY wavespace™ innovation center. The center will be part of the EY wavespace global network of growth and innovation centers bringing together multi-disciplinary teams to focus on disruptive growth, improvement strategies and technologies.
“North Carolina is a powerhouse for financial and professional services because of the ambitious, talented people who live and work here and the educational and training resources at their fingertips,” said Governor Roy Cooper. “The EY wavespace innovation center in Charlotte will create even more opportunities for North Carolinians to develop new ideas and creative solutions.”
The EY wavespace in Charlotte will help clients face the challenges and opportunities of continuous change, digitization and disruption in their industries, with a focus on specific industry disruptors that impact clients' growth strategies in financial services and energy. EY wavepsace locations feature a shared methodology and platform that combines EY’s deep industry domain and regulatory experience with EY’s experience in disruptive technologies – such as artificial intelligence, robotic process automation (RPA), blockchain, the Internet of Things (IoT), data analytics, digital, customer experience and cyber security.
“This is an exciting time for EY and the state of North Carolina. We are seeing new and diverse skills bringing creative ideas and innovation to business leaders across the State. It’s our hope that EY wavespace will build on this momentum, providing a physical location where innovative talents come together to collaborate and navigate this transformative age,” said Malcomb Coley, EY Charlotte Office Managing Partner and Carolinas Market Leader.
EY will add a variety of job titles and functions with this project, including positions in areas such as forensic investigation, dispute data analytics, digital development, data analytics and robotics. Salaries for the new positions will vary by position with a minimum average salary of $74,926. The Mecklenburg County average wage is $65,285.
“With this announcement, EY is committing to adding 375 new jobs and keeping many of the jobs they already support in North Carolina,” said Secretary of Commerce Anthony M. Copeland. “Global leaders like EY continue to pick North Carolina because of our business climate, infrastructure and superior talent.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s expansion.
EY’s expansion in Mecklenburg County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project will help the state’s economy grow by an estimated $596 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,216,750 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 EY chose to locate in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $1,072,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. When new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state’s economic tier designations is available here.
“I am proud of our continued partnership with EY, a global leader in the financial services industry, in Mecklenburg County,” said N.C. Senator Joel Ford. “Together we are making Mecklenburg a better place to live, work, and raise a family, and this new innovation and growth hub will bring new opportunities through hundreds of good paying careers.”
“Charlotte and Mecklenburg County are a global hot spot for the professional and financial services industry because of the talent that calls this area home,” said N.C. Representative Becky Carney. “I know EY’s new project will add to our reputation as an industry leader.”
Partnering with N.C. Commerce and the EDPNC on this project are the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, and the City of Charlotte.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.