Ernst & Young, one of the largest professional services organizations in the world, will invest $8.2 million to expand its operations center in Charlotte, North Carolina. The company plans 375 jobs in Mecklenburg County over the next five years.
The expansion includes development of an EY wavespace innovation center. The center will be part of the EY wavespace global network of growth and innovation centers bringing together multi-disciplinary teams to focus on disruptive growth, improvement strategies and technologies.
EY will add a variety of job titles and functions with this project, including positions in areas such as forensic investigation, dispute data analytics, digital development, data analytics and robotics.
EY’s expansion in Mecklenburg County will be facilitated, in part, by a Job Development Investment Grant approved by the state’s Economic Investment Committee.
Over the course of the 12-year term of this grant, the project will help the state’s economy grow by an estimated $596 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,216,750 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 EY chose to locate in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $1,072,250 into the state’s Industrial Development Fund – Utility Account.
The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. When new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“This is an exciting time for EY and the state of North Carolina. We are seeing new and diverse skills bringing creative ideas and innovation to business leaders across the State. It’s our hope that EY wavespace will build on this momentum, providing a physical location where innovative talents come together to collaborate and navigate this transformative age,” said Malcomb Coley, EY Charlotte Office Managing Partner and Carolinas Market Leader.
“North Carolina is a powerhouse for financial and professional services because of the ambitious, talented people who live and work here and the educational and training resources at their fingertips,” said Governor Roy Cooper. “The EY wavespace innovation center in Charlotte will create even more opportunities for North Carolinians to develop new ideas and creative solutions.”
Secretary of Commerce Anthony M. Copeland said, “Global leaders like EY continue to pick North Carolina because of our business climate, infrastructure and superior talent.”