With 200,000 people employed in the financial sector, North Carolina is one of the nation’s foremost states in banking. (In fact, it is second only to New York in this sector.) And North Carolina is set to become even more prominent in finance now that Fidelity Investments is building a new facility in Research Triangle Park.
The new facility represents an investment of $100 million. It is expected to bring 2,000 jobs to Wake County. Because Fidelity has about 1,000 employees based in North Carolina, the new facility will effectively triple Fidelity’s workforce in the state.
The company has been awarded a $2 million grant from the state’s One North Carolina Fund, as well as a Job Development Investment Grant (JDIG), which extends over a 12-year period. For each year the company meets required performance targets, the state will provide a grant equivalent to 75 percent of the state personal income withholding taxes derived from the creation of new jobs. If the organization creates all of the jobs called for under the agreement and sustains them for 12 years, Fidelity Investments could receive a maximum benefit of $54.6 million.
Fidelity is also eligible for sales tax refunds of up to $3.88 million and a Community College Training Grant of $4.6 million. Local incentives, which are being provided by Wake County, amount to $4.2 million from Wake County. Altogether, the Fidelity incentives may eventually exceed $69 million.
“Today's announcement offers proof that our innovative incentives programs combined with our skilled workforce and number-one-ranked business climate provide the right mix for companies looking to locate and expand in the state,” Governor Mike Easley said. “We will continue to make the necessary investments in education, infrastructure and workforce development to support North Carolina's financial industry.”