"Xerox, which had many locations to choose from, selected North Carolina because they know we can offer the highly-skilled workers they need, both now and in the future," said Governor Cooper.
The Cary Center of Excellence will be the fourth of its kind for the company in North America, joining Xerox's three other centers located in Palo Alto, California; Webster, New York; and Toronto, Canada.
"The opening of our fourth Center of Excellence is an essential investment in Xerox's long-term future. This is a new multifunctional center that will be focused on accelerating our digital journey," said Naresh Shanker, chief technology officer, Xerox. "Being home to a host of tech companies and educational institutions, North Carolina was a logical choice for us."
"North Carolina is a leading center for innovation," said North Carolina Commerce Secretary Anthony M. Copeland. "Our state's commitment to education and to the idea we must provide life-long learning opportunities for our workers is something technology companies recognize and reward."
More on ncarol.com
- Industrial circular screen for processing ash
- Durante Rentals Makes the Inc. 5000 List for Seventh Straight Year
- Thiel College's safety program one of two Pennsylvania institutions recognized by top credentialing organizations
- The United States Legal 500 Name Recognizes Fennemore Craig's Real Estate Practice
- Asheville Tea Company Releases 2019 Fall Seasonals
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state's support for the company's decision.
Xerox's project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state's economy by $1.7 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 $12,324,750, 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 Xerox chose to locate in Wake County, classified by the state's economic tier system as Tier 3, the company's JDIG agreement also calls for moving as much as $4,108,250 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 Wake, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. More information on the state's economic tier designations is available here.
More on ncarol.com
- North Carolina: Record Visitor Spending Reflected in all NC Counties in 2018
- North Carolina: 38 Days
- America's Fastest-Growing Private Companies: Revealed
- Self cleaning strainer for chemical applications
- Threshold Named among the Nation's Top Companies on the 2019 Inc. 5000
"Another world-class business has selected Cary for a project that's of vital importance to their company," said N.C. Senator Wiley Nickel. "We're very excited about Xerox's decision to bring 600 jobs to Western Wake County. Cary is located in the heart of the Research Triangle and repeatedly ranks among the top places in the nation to begin or expand a business. This major expansion by Xerox solidifies Cary's place as a national leader for good high paying technology jobs."
"People from our region worked together to help make today's announcement possible," said N.C. Representative Cynthia Ball. "This spirit of collaboration will continue as we work to help Xerox grow and succeed here."
North Carolina Department of Commerce and the EDPNC partners on this project include: the North Carolina Community College System, Wake Tech Community College, the Capital Area Workforce Development Board, Wake County Board of Commissioners, the Town of Cary, the Cary Chamber of Commerce, and Wake County Economic Development.
Latest on ncarol.com
- North Carolina: 36 Days and Counting: "It is now time for the Republican leadership to come to the table with their counter-proposals"
- Wish You Could Give Back More? So Does Scottsdale Based Real Estate Management Company MC Residential LLC
- North Carolina: Gov. Cooper Appoints Two New District Court Judges
- Software Testing Innovator Elevon Announces Launch of the Spotter Platform
- Airlite Plastics Co. - Acquires KODIAKOOLER®
- MiaSolé Flexible and Lightweight Solar Module Demonstrates Superior Resilience to Penetrative Damage
- Lantek and Danobatgroup develop expert software for the automotive sector
- Book and Digital Show for Faces of Rap Mothers
- New Risk Assessment Tool from SiliconExpert and EMA Design Automation Prevents BOM Rejection
- North Carolina: Republican Leaders Double Down on Veto Override, No Counteroffer Shared After 35 Days
- World Of Speed Announces Racing Legend Mario Andretti And Carcast's Adam Carolla Live Onstage August 30
- North Carolina: Governor Cooper Signs Gun Safety Executive Directive
- North Carolina: House Democrats to GOP Leadership: You Don't Have Enough Votes to Override, It's Time to Negotiate
- BEC Technologies Expands LTE Portfolio with the new MX-221p Triple SIM Router
- The Eternal Love & Appeal of Hair Accessories
- Go-Forth Pest Control becomes headline sponsor of NC Fusion
- Who's going to help Toronto's realtors manage record-breaking rental new-builds?
- New Black Audience SVOD Service, Majestica Global Debuts With Provocative Web Series "Immoral Dilemma"
- .law Continues To Build Momentum In The First Half Of 2019