Microsoft Corp. will create 500 new jobs in Wake County, Governor Roy Cooper announced on December 17, 2019. The company will invest $47.5 million to expand their operations in Morrisville, North Carolina.
Microsoft is a technology company that enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more. In October 2-19, Microsoft announced an expansion in Charlotte that will create 430 jobs with a $23 million investment.
The North Carolina Department of Commerce led the state’s support for the company’s decision.
Although wages will vary depending on the position, the average for all new positions could reach up to $125,354. The current average annual wage in Wake County is $58,138.
Microsoft’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by nearly $2.1 billion. Using a formula that takes into account the new tax revenues generated by the 500 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $12,118,500, 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 Microsoft chose to expand in Wake County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $4 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Wake, 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.
In addition to NC Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include:
- North Carolina General Assembly
- North Carolina Community College System
- Wake Technical Community College
- Wake County Board of Commissioners
- Wake County Economic Development
- Capital Area Workforce Development Board
- Morrisville Chamber of Commerce
- Town of Morrisville
- Duke Energy
See full announcement here.
Source: Ford Porter, NC Office of the Governor