Economic development roundup: North Carolina lands Credit Karma expansion with grant up to $20M
(The Center Square) – Personal finance technology company Credit Karma will invest $13 million to expand in Charlotte with a new high-tech engineering hub, North Carolina Gov. Roy Cooper’s office announced Tuesday.
The investment is expected to create 600 jobs in Mecklenburg County with an average annual salary of $156,605. The high-paying jobs are expected to create a payroll impact of more than $93.9 million per year. Mecklenburg County’s overall average annual wage is $71,689, Cooper’s office said.
“Credit Karma has been in Charlotte for four years and with the significant incentives provided by the state of North Carolina and from the city of Charlotte, we are doubling down on the market and making this our East Coast headquarters,” Credit Karma Founder and CEO Kenneth Lin said in a statement. “The intersection of technical talent and having so many financial companies concentrated in one market makes Charlotte’s talent pool unrivaled for the roles Credit Karma is recruiting for as we accelerate on building products to deliver on our mission of championing financial progress for all.”
Credit Karma will receive a Job Development Investment Grant (JDIG) over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Credit Karma up to $20.3 million.
White River Marine Group: The recreational boat manufacturer will open a manufacturing facility in New Bern after acquiring Hatteras. The expansion will shift the company’s saltwater manufacturing from the Midwest closer to the saltwater market. White River said it will continue to support and grow Hatteras and relocate production of saltwater boat brands MAKO and Ranger Saltwater to New Bern. White River will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to White River up to $5.4 million.
CARsgen Therapeutics Corporation: The biotech company will invest $157 million to establish its first North American biomanufacturing site in Durham. The investment is expected to create 200 jobs in Durham County. CARsgen Therapeutics will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to CARsgen Therapeutics up to $1.6 million.
Fidelity Investments: The personal investing business will create a new regional center at its existing campus in Research Triangle Park. The center is expected to create 500 jobs in Durham County. Fidelity already employs 4,300 people in North Carolina.
Ardagh Group: The aluminum can manufacturer will invest at least $195 million to expand its facility in Winston-Salem. The investment is expected to create 94 jobs in Forsyth County. Ardagh Group will receive a performance-based One North Carolina Fund grant of $250,000 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.
Invitae Corporation: The medical genetics company will invest $114.6 million in Morrisville to build a testing and laboratory facility. The investment is expected to create 374 jobs in Wake County. Invitae will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to Invitae up to $6.8 million.
JELD-WEN Holding: The windows and doors manufacturer will invest $7.9 million to establish a new production facility for VPI Quality Windows in Statesville. The investment is expected to create 235 jobs in Iredell County. JELD-WEN Holding will receive a JDIG over a 12-year term. Based on new tax revenues generated by new jobs, the JDIG agreement authorizes reimbursement to JELD-WEN up to $2.2 million.
Carolina Coops: The custom chicken coop manufacturer will invest $2.1 million to open a production facility in Butner. The investment is expected to create 147 jobs over three years in Granville County, and up to 500 jobs by 2026. Carolina Coops will receive a performance-based One NC Fund grant of $400,000 to help with the relocation if it meets job creation and capital investment targets. All One NC grants require a matching grant from local governments.
eGourmet Solutions Inc.: The food distribution company will invest $500,000 to expand its distribution center in Wallace. The investment is expected to add 40 jobs in Duplin County. eGourmet Solutions will receive a performance-based One NC Fund grant of $120,000 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.
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