## Wake County’s Tech Landscape Just Got a Whole Lot Bigger: Global Giant Sets Up Shop, Injecting Millions
Forget Silicon Valley, the future of tech might just be brewing in Wake County. Today, Governor Stein made a major announcement that’s sure to shake things up: a globally renowned technology company is planting its flag right here, pouring $2.1 million into a brand new headquarters. This isn’t just another tech startup; this is a game-changer, a sign that Wake County is rapidly becoming a magnet for innovation and growth.
State Support: Facilitating Business Expansion and Job Creation
Ralliant’s decision to establish its headquarters in Raleigh reflects the city’s dynamic economy, highly skilled talent pool, and outstanding quality of life. The state’s Job Development Investment Grant (JDIG) played a significant role in supporting the company’s expansion plans.
Job Development Investment Grant (JDIG): Ralliant’s Approved Grant and Projected Return on Investment
The JDIG grant, approved by the state’s Economic Investment Committee, authorizes the potential reimbursement to Ralliant of up to $2,630,250 over 12 years. The grant is tied to the company’s incremental job creation and investment targets. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement projects a return on investment of 195 per cent.
For every dollar of potential cost, the state receives $2.95 in state revenue. The project’s projected return on investment of public dollars is 195 per cent, meaning the state will receive a significant return on its investment.
Industrial Development Fund – Utility Account: Supporting Rural Communities and Infrastructure Development
Ralliant’s JDIG agreement also calls for moving $876,750 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.
Ralliant’s New Headquarters and the Future of Wake County
Ralliant’s decision to establish its global headquarters in Wake County is a testament to the region’s competitiveness and attractiveness to businesses and talent. The company’s investment in the area will create 180 new jobs with an average salary of $189,479, bringing an annual payroll impact to the community of more than $30 million per year.
The state’s support through the Job Development Investment Grant and the Industrial Development Fund – Utility Account has played a significant role in facilitating Ralliant’s expansion plans. The company’s decision to locate in Raleigh is a vote of confidence in the region’s economy and quality of life.
Conclusion
Wake County Secures Major Economic Boost with Global Technology Company’s Investment
In a significant development for Wake County, Governor Roy Cooper announces that a global technology company will be investing $2.1 million in the area to establish a new headquarters. This monumental decision marks a major milestone for the county’s economic growth, creating new opportunities for local residents and businesses alike. The investment will not only drive innovation and job creation but also solidify Wake County’s position as a hub for technological advancements.
The implications of this investment are far-reaching, with the new headquarters expected to bring in top talent from around the world, foster cutting-edge research, and drive economic activity in the region. This move also underscores the county’s commitment to innovation, entrepreneurship, and business growth, making it an attractive destination for companies seeking to establish a presence in the United States. As Wake County continues to evolve as a hub for technological innovation, the county’s residents can look forward to a brighter economic future, filled with new opportunities and possibilities.
As we look to the future, it’s clear that this investment will have a lasting impact on Wake County’s economy and community. With the influx of new talent, resources, and ideas, the region is poised to become a leader in technological advancements, driving growth and innovation that will benefit generations to come. As we celebrate this major achievement, we are reminded that the true power of economic development lies not just in the numbers, but in the people, ideas, and communities that it touches. As Wake County continues to thrive, we can say with confidence that the future is bright, and the possibilities are endless.