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Invitae Corporation, a leading medical genetics company, plans to build a major testing and laboratory facility in Wake County, creating 374 jobs and investing $114.6 million in Morrisville over the next decade, Governor Roy Cooper announced today.
"Biotechnology companies continue to choose North Carolina as a trusted and reliable location to grow their companies," said Governor Roy Cooper. "From specialized workforce training programs to world-class research infrastructure, companies like Invitae appreciate the advantages our state delivers."
San Francisco-based Invitae follows a mission to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices. The company's project in Wake County will establish an advanced genetics testing laboratory on the east coast of the United States, to support Invitae's fast growing business. The Morrisville lab is expected to initially ramp up capacity to volume levels similar to Invitae's flagship San Francisco laboratory facility, with additional growth projected in future years.
"As we continue to expand to support our rapid growth in the U.S., we were eager to identify a location on the East Coast that would improve our ability to serve our customers, improve our operational leverage, and build a talented team with connections to a vibrant life sciences community. We have found the ideal location in North Carolina," said Ken Knight, chief operating officer of Invitae. "Our mission is to make genetic information affordable and accessible for billions of people. Our new location near the Research Triangle Park will help us bring that mission to reality."
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"North Carolina made a commitment many years ago to build a vibrant life science industry in our state," said North Carolina Commerce Secretary Machelle Baker Sanders. "Today, we're seeing that vision and early hard work pay off as companies like Invitae bring new jobs and new investment to our state."
The average salary of the specialized new positions will reach $91,176, although specific wages will vary depending on job role. The regional economy is expected to eventually benefit from more than $34.1 million in total payroll impact each and every year, and salaries for technical and specialized jobs at the facility are expected to be significantly above the average wage in Wake County which currently stands at $63,966.
Invitae's project in North Carolina will be facilitated 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 $1.07 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 $6,767,250, spread over 12 years. Over those 12 years, new state tax revenues generated by the new jobs will exceed $20 million.
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.
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Invitae's JDIG agreement could also move as much as $2,255,750 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 3 county such as Wake, their JDIG agreements move some of the new tax revenue into the state's Industrial Development Fund – Utility Account. Local communities in more economically challenged areas of the state use grants from the Utility Account to build public infrastructure projects, which can improve a community's ability to attract companies to their regions.
"Innovative companies like Invitae are a great addition to our region's life science industry cluster," said N.C. Representative Joe John. "We're excited to see so many companies recognize the appeal of both our state and local business climate."
"Thanks to the hard work of many economic development partners behind the scenes, we've been able to attract this investment to Wake County," said N.C. Senator Wiley Nickel. "We will continue to support Invitae and its new employees as they begin operations in our area."
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, Research Triangle Foundation, North Carolina Central University, North Carolina State University, Wake Tech, the Capital Area Workforce Development Board, the Town of Morrisville, Wake County, the Morrisville Chamber of Commerce, and Wake County Economic Development and Triangle Diversity Equity and Inclusion Alliance, programs of the Raleigh Chamber.
"Biotechnology companies continue to choose North Carolina as a trusted and reliable location to grow their companies," said Governor Roy Cooper. "From specialized workforce training programs to world-class research infrastructure, companies like Invitae appreciate the advantages our state delivers."
San Francisco-based Invitae follows a mission to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices. The company's project in Wake County will establish an advanced genetics testing laboratory on the east coast of the United States, to support Invitae's fast growing business. The Morrisville lab is expected to initially ramp up capacity to volume levels similar to Invitae's flagship San Francisco laboratory facility, with additional growth projected in future years.
"As we continue to expand to support our rapid growth in the U.S., we were eager to identify a location on the East Coast that would improve our ability to serve our customers, improve our operational leverage, and build a talented team with connections to a vibrant life sciences community. We have found the ideal location in North Carolina," said Ken Knight, chief operating officer of Invitae. "Our mission is to make genetic information affordable and accessible for billions of people. Our new location near the Research Triangle Park will help us bring that mission to reality."
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"North Carolina made a commitment many years ago to build a vibrant life science industry in our state," said North Carolina Commerce Secretary Machelle Baker Sanders. "Today, we're seeing that vision and early hard work pay off as companies like Invitae bring new jobs and new investment to our state."
The average salary of the specialized new positions will reach $91,176, although specific wages will vary depending on job role. The regional economy is expected to eventually benefit from more than $34.1 million in total payroll impact each and every year, and salaries for technical and specialized jobs at the facility are expected to be significantly above the average wage in Wake County which currently stands at $63,966.
Invitae's project in North Carolina will be facilitated 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 $1.07 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 $6,767,250, spread over 12 years. Over those 12 years, new state tax revenues generated by the new jobs will exceed $20 million.
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.
More on ncarol.com
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Invitae's JDIG agreement could also move as much as $2,255,750 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 3 county such as Wake, their JDIG agreements move some of the new tax revenue into the state's Industrial Development Fund – Utility Account. Local communities in more economically challenged areas of the state use grants from the Utility Account to build public infrastructure projects, which can improve a community's ability to attract companies to their regions.
"Innovative companies like Invitae are a great addition to our region's life science industry cluster," said N.C. Representative Joe John. "We're excited to see so many companies recognize the appeal of both our state and local business climate."
"Thanks to the hard work of many economic development partners behind the scenes, we've been able to attract this investment to Wake County," said N.C. Senator Wiley Nickel. "We will continue to support Invitae and its new employees as they begin operations in our area."
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, Research Triangle Foundation, North Carolina Central University, North Carolina State University, Wake Tech, the Capital Area Workforce Development Board, the Town of Morrisville, Wake County, the Morrisville Chamber of Commerce, and Wake County Economic Development and Triangle Diversity Equity and Inclusion Alliance, programs of the Raleigh Chamber.
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