Magellan Health Expands Rhode Island, Operations Hub
09/06/2017
“Magellan Health is excited to expand our existing operations in Rhode Island. Magellan has offices in 26 states and Washington, DC, but we chose to expand this area of our business in Rhode Island based on the access to talent, our existing footprint in the state, as well as the incentives offered by the Rhode Island Commerce Corporation,” said Barry M. Smith, Chairman & CEO of Magellan Health. “We thank the Rhode Island Commerce Corporation and Governor Raimondo for this opportunity and look forward to increasing our presence here.”
The company will expand their Rhode Island presence later this year utilizing an award of $2.1 million under the Qualified Jobs Incentive Act, over a term of 10 years and with a requirement of the company to maintain the new jobs in Rhode Island for at least 12 years. No tax credits are disbursed until after the jobs are filled and paying taxes for one year.
As a result, Magellan will create 75 new full-time jobs for which it will receive tax credits, as well as an estimated 25 additional full-time jobs. The new jobs are projected to be filled over the next 3 years by a range of healthcare, finance, data science, and administrative professionals, including pharmacists, pharmacy technicians, data analysts, and project managers, with an anticipated median salary of $100,000. In addition, the company will retain its approximately 86 current Rhode Island-based jobs.
“Magellan Health is a company that has options across the country. We're pleased that Magellan's leaders have chosen to invest in Rhode Island, aiming to more than double their workforce here," said Rhode Island Secretary of Commerce Stefan Pryor. “Magellan is not alone. This is the 18th company expanding or landing in Rhode Island with support from our Qualified Jobs program. Third-party economic analysis shows that this will be a revenue positive transaction for our state.”
“I am excited to see Magellan expand their Rhode Island presence with these high-quality, high-paying jobs,” said Governor Gina Raimondo. “There are more jobs in Rhode Island now than in any other time in our state’s history, and it is my goal to have Rhode Islanders first in line for these jobs. This is why we have invested in job training and in the Rhode Island Promise scholarship, to ensure Rhode Islanders have the skills they need for jobs that pay.”
Project Announcements
Kikkoman Foods Plans Jefferson, Wisconsin, Operations
04/26/2024
BWX Technologies Expands Cambridge, Ontario, Nuclear Production Operations
04/26/2024
Greenheck Group Plans Knoxville, Tennessee, Operations
04/26/2024
Local Bounti Plans Pasco, Washington, Indoor Agricultural Operations
04/26/2024
Innovative Construction Group Plans Siler City, North Carolina, Production Operations
04/26/2024
Crystal Window and Door Systems Plans Mansfield, Texas, Headquarters-Production Operations
04/25/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024