Economic development roundup: Mortgage company’s $4.3M investment to create more than 300 new jobs in North Carolina

(The Center Square) – National mortgage company PennyMac Financial Services plans to invest $4.3 million to establish a PennyMac Loan Services mortgage fulfillment production center in Cary, North Carolina Gov. Roy Cooper said.

The new production center is expected to create more than 300 jobs. California-based PennyMac focuses on producing and servicing mortgage loans and managing U.S. mortgage market investments. The expansion into Cary will span 35,000 square feet of production, business technology and IT support, Cooper said.

“What initially attracted PennyMac to this region was the diversity and talent that the city has to offer,” Doug Jones, president of PennyMac, said in a statement. “We look forward to establishing a workforce in North Carolina that broadens our national footprint, brings new jobs to the community and helps us reach our goal of becoming the industry’s best in customer service.”

Taxpayer funding up to $1.9 million could be awarded to PennyMac through a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to PennyMac up to $1,914,750.

Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by $813 million, Cooper said.

Crown Equipment Corp.: The global lift truck manufacturer will invest up to $13 million to expand its manufacturing operations in Kinston. The expansion will add more than 130 jobs in Lenoir County. Crown Equipment Corp. will receive a performance-based One North Carolina Fund grant of $400,000 to help with the expansion if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.

Cardinal Foods: The Burgaw-based agribusiness company will invest $15.5 million to expand its operations in Pender County. The expansion will create 48 jobs, doubling the company’s workforce. Cardinal Foods will receive a performance-based One North Carolina Fund grant of $50,000 to help with the expansion if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.

Gilead Sciences: The biopharmaceutical company will invest $5 million to open a major business services and information technology hub in the Research Triangle Region. The investment will create 275 jobs in Wake County. Nearly $10 million in taxpayer dollars could be used to support the project. Gilead Sciences will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Gilead up to $9,997,500. The project is estimated to grow the state’s economy by $1.1 billion, Cooper said.

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