Allstate Insurance Company Expands in Mecklenburg County, North Carolina
08/09/2017
“We’re grateful for the support and partnership with the state and the local business community,” said Harriet Harty, Executive Vice President, Human Resources, Allstate Insurance Company. “We look forward to supporting the continued economic development in the Charlotte area as we take the operational steps needed to best serve our customers. We are deeply committed to the communities we serve and our employees across the country who are helping us build the Allstate of the future. We will continue our strong legacy of corporate citizenship as we expand our footprint in Charlotte.”
“Charlotte’s role as a leader in the financial services sector makes our state an excellent fit for Allstate,” said Governor Roy Cooper. “North Carolina has so much to offer growing companies, including our celebrated universities and community colleges, highly skilled workforce, competitive business climate and outstanding quality of life.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion. According to state officials, Allstate already employs more than 1,400 people in the area.
Allstate’s expansion in Mecklenburg County will be facilitated in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Allstate will add a variety of job functions in North Carolina, delivering a yearly payroll impact of more than $105.3 million, once all positions are filled. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $3.9 billion.
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 $17.8 million, spread over 12 years. State payments only occur following performance verification by N.C. Commerce and N.C. 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 Allstate chose to locate in Mecklenburg County, the company’s JDIG agreement also calls for moving as much as $5.95 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 Mecklenburg, the new tax revenue generated through JDIG grants helps communities across the state.
Project Announcements
Southeastern Timber Products Expands Ackerman, Mississippi Sawmill, Operations
02/07/2025
HII Plans Berkeley County, South Carolina, Operations
02/05/2025
South Korea-Based SPC Group Plans Burleson, Texas, Production Operations
02/05/2025
Diageo North America Plans Montgomery, Alabama, Manufacturing-Warehouse Operations
02/05/2025
Octillion Power Systems Establishes Reno, Nevada, Battery Manufacturing Operations
02/05/2025
Letica Expands Fulton County, Kentucky, Operations
02/05/2025
Most Read
-
2024's Leading Metro Locations: U.S. Cities on the Rise Amid an Economic Reshuffling
Q4 2024
-
The Workforce Factor: How States Are Competing to Build Tomorrow's Talent
Q4 2024
-
Best Practices in Incentives Procurement
Q4 2024
-
NEW NIMBYism: A Threat to The U.S. Economy
Q4 2024
-
Five Strategies to Tackle the Data Center Talent Shortage
Q4 2024
-
Microsoft-Three Mile Island Deal Could Signal Path for Nuclear Power to Strengthen Partnerships with Big Tech
Q4 2024
-
Industries Look for Employees in Nontraditional Spaces Amid Labor Shortage
Q4 2024