Business

NC lands 2,600 MetLife jobs

By Bill Moss, Published: March 7, 2013

MetLife Inc. intends to create 2,600 jobs in Charlotte and Cary by the end of 2015, Gov. Pat McCrory announced.
The company expects to make an investment of $125.5 million in its new Mecklenburg and Wake County campuses.

"We're proud that a strong corporate partner like MetLife has decided to invest in North Carolina,"  McCrory said in a news release. "These jobs will complement our financial services sector in Charlotte and our high-tech hub in Wake County, two distinct sectors we want to expand."

The announcement of more than 2,600 jobs by the Governor is the largest jobs announcement in recent North Carolina history.

"This administration is committed to working with companies like MetLife to spur job creation and growth," added Sharon Decker, North Carolina Commerce Secretary. "We congratulate MetLife for its success and for investing in North Carolina in this transformational way."

MetLife plans to establish hubs for its U.S. Retail Business in Charlotte and for its Global Technology & Operations organization in Cary. New positions would include product management, marketing, sales and customer support in Charlotte and information technology positions in Cary focused on delivering global solutions to support MetLife and the customers it serves.

"We would like to thank Governor McCrory, Commerce Secretary Decker, Mecklenburg County, the City of Charlotte, Wake County and the Town of Cary for their partnership through this process," said Marty Lippert, Executive Vice President, MetLife. "MetLife is pleased to be joining the other great companies that make up the North Carolina business community. We are confident that the wide array of resources that the state affords MetLife will contribute significantly to MetLife's continuing success."

"North Carolina has much to offer our employees and the company. The strong sense of community in Cary and Charlotte, as well as the region's robust infrastructure and sustainable talent pool were all compelling reasons for coming here," Eric Steigerwalt, Executive Vice President, MetLife, said in the news release.

The project was made possible in part by an award from the state Job Development Investment Grant (JDIG) program and a One North Carolina Fund Award. Receipt of the awards is based on proof of job creation and other performance requirements. The state Economic Investment Committee voted earlier today to award a Job Development Investment Grant (JDIG) to MetLife. JDIGs are awarded only to new and expanding businesses whose benefits exceed the costs to the state and would not be undertaken in North Carolina without the grant.

Under the terms of the company's JDIG award, MetLife is eligible to receive up to twelve annual grants equal to 75 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation and capital investment requirements. Over twelve years, the JDIG award could yield aggregate benefits to MetLife of up to $87.2 million.

As much as $29.09 million in additional funds from the company's JDIG award could be added to the state's Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state's more economically prosperous counties such as Mecklenburg and Wake, 25 percent of the company's grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit: http://www.nccommerce.com/research-publications/incentive-reports/county-tier-designations.

The project was also made possible in part by a performance-based grant from the One North Carolina Fund of up to $2 million. The grant is contingent upon proof of job creation and receipt of a local funding match. The One NC Fund provides financial assistance, through local governments, to attract business projects that will stimulate economic activity and create new jobs in the state. Companies receive no money up front and must meet job creation and investment performance standards to qualify for grant funds.