Global business consulting and information technology company Infosys has selected North Carolina’s Research Triangle region as the location for a new technology hub where it will create 2,000 jobs over five years, Governor Roy Cooper announced.
The company plans to invest $8.73 million in Wake County as part of a project estimated to contribute $2.9 billion to North Carolina’s economy.
“North Carolina’s central role in technology innovation makes our state a perfect fit for Infosys,” said Governor Cooper. “Our world-class universities and our high-tech workers drive growth and attract companies from around the world that are looking to innovate."
Infosys recently, announced it would open four new Technology and Innovation Hubs across the country with a focus on artificial intelligence, machine learning, user experience, emerging digital technologies, cloud, and big data. The North Carolina facility is the second hub identified by the company, following the selection of Indianapolis in May.
“North Carolina has a long history of investing in our people and their future,” said North Carolina Commerce Secretary Anthony M. Copeland. “The state’s commitment to worker training is part of that legacy, and it’s a pleasure to partner with a company like Infosys that also sees the value of worker training and education.”
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.
Infosys will bring a variety of jobs to North Carolina, including software developers, analysts, digital architects and other technology professionals. Salaries for the new positions will vary, delivering a total payroll impact of more than $130 million each year to the community, once all positions are filled.
“We are proud to partner with North Carolina and Governor Roy Cooper in delivering one of the largest jobs commitment in North Carolina state history. Together, we will develop the next generation of North Carolina innovators through world-class education and training in the critical skills of the future, including Artificial Intelligence, data analytics, cloud and more, and bring scale to North Carolina’s already-thriving ecosystem of innovation to help our clients create their digital futures,” said Dr. Vishal Sikka, Chief Executive Officer, Infosys. “North Carolina is well-known for innovation — with a talented technology workforce focused on progressive fields like advanced manufacturing and clean technology; a diverse economy from financial services and life sciences; a vibrant startup community across Wake County and Research Triangle; and top-tier universities and community colleges. Together, we can now accelerate and expand, to drive the digital transformation of vital U.S. industries including aerospace, banking, biotech, and energy.”
Infosys’ expansion in Wake 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 grow the state’s economy by an estimated $2.9 billion. 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 $22.4 million, spread over 12 years. State payments only occur following performance verification by the N.C. 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 Infosys chose to locate in Wake County, the company’s JDIG agreement also calls for moving as much as $7.5 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. New tax revenue generated through JDIG grants helps communities across the state, not only in the county where the jobs are created. More information on the state’s economic tier designations is available here.
“Infosys’ commitment to harnessing talent and strengthening the economic prosperity of all citizens within the Research Triangle Park community and Wake County is a great validation of the work we’ve done to strengthen our region,” said N.C. Senator Jay Chaudhuri. “We are attractive to such a multinational information technology company because we have a history of bringing together universities, businesses and government to grow opportunities for our workforce. Tar Heels are ready for high-tech jobs today, and I am excited that Infosys is committed to the retraining and reskilling needed to keep North Carolinians working for decades to come.”
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, North Carolina State University, Wake Technical Community College, Capital Area Workforce Development Board, Wake County, the City of Raleigh, the Town of Cary, the Town of Morrisville, and Wake County Economic Development/Greater Raleigh Chamber of Commerce.