Navy Federal Credit Union will invest more than $200 million to expand its corporate operations campus in Pensacola, Florida, bringing new building construction and creating 1,500 jobs in the Sunshine State.

NFCU recently acquired 240 acres adjacent to its existing campus. The next phase in its expansion involves the construction of two new buildings, totaling 342,300 square feet at its Greater Pensacola Operations campus. Capital investments also include constructing a central energy plant, auditorium, parking structure and recreation area.

"Providing the best possible service to our members is our first priority. Our Pensacola expansion is key to supporting the credit union's strong growth and an important way for us to continue delivering outstanding service," said Cutler Dawson, president and CEO of the NFCU. "We're proud to be a part of the economic growth for the area."

“This is an historic day for Pensacola families. Today’s news that Navy Federal will create 1,500 jobs for families is a huge win for the Sunshine State, and builds on the 640 jobs that were announced last year. With our efforts to cut taxes, pay down debt and keep the cost of living low, Florida’s job climate is improving each and every day. With more than 290,000 private-sector jobs created in the past two years, we’re creating a Florida that’s the number one place in the world to find a job and run a successful business, providing families with more opportunities to pursue the American Dream,” Governor Rick Scott said.

Navy Federal’s project is the first economic development project to receive funding from the Industry Recruitment, Retention and Expansion Fund Grant Program, which is administered by the University of West Florida Office of Economic Development and Engagement. This program is available to eight coastal counties of Northwest Florida that were most affected by the 2010 Deepwater Horizon oil spill.

“The credit union will be creating more than 2,000 jobs over the next five years. That sort of growth says a lot about the success and leadership of the institution,” said Gray Swoope, Secretary of Commerce and president and CEO of Enterprise Florida. “This announcement also demonstrates the confidence they have in our workforce and the strength of Florida’s business climate.”