Corvid Technologies, which provides physics-based engineering solutions for the defense, automotive, aircraft, and biomedical industries, will build its new headquarters in Mooresville, North Carolina, creating 367 new jobs in Iredell County.
Corvid, which employs 145 engineers and scientists at its current headquarters at 145 Overhill Drive in Mooresville, will invest $28.9 million in its new main campus and headquarters. The project will include two, three-story buildings, a data center for high-performance computing, a mechanics lab and a prototyping lab.
“We’re excited to consolidate our headquarters in North Carolina and continue our rapid expansion in the area,” said Dr. David Robinson, CEO at Corvid, which was founded in 2004. “The business-friendly climate at the local, county, and state level combined with access to premier engineering talent coming out of the nearby university systems were all major factors in our decision to locate the company headquarters in the area.”
Corvid, which has offices across the U.S., provides technology-based solutions to a variety of customers in the Department of Defense, including the Missile Defense Agency, Navy, Army, Air Force, Marines, and Special Operations Command. In addition, Corvid supports ongoing projects and customers varying from motorsports to U.S. Olympic teams to the Defense Advanced Research Projects Agency.
“North Carolina is the perfect choice for Corvid, thanks to our world-class universities, major military installations, and highly skilled workers,” Gov. Roy Cooper said. “I’m pleased Corvid decided to keep growing right here by bringing more good-paying engineering jobs and its headquarters to Mooresville.”
As part of its expansion, Corvid will recruit best-in-class engineers and scientists from top universities including North Carolina State University, University of North Carolina at Chapel Hill, Duke University, Wake Forest University, Virginia Tech, Georgia Tech and Clemson University.
“It’s no coincidence that Corvid chose North Carolina, home to some of the nation’s largest military bases and leaders in aerospace and automotive industries,” said North Carolina Commerce Secretary Anthony M. Copeland. “Our state has the talent and business climate Corvid needs to succeed.”
Salaries for the new positions will vary. Once all positions are filled, the annual payroll impact will be approximately $40.5 million. The current Iredell County average wage is $47,842.
The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) led the state’s support for the company’s expansion.
Corvid’s location in Iredell County will be supported in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $764 million. 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 $9 million spread over 12 years. State payments only occur after the company has met its incremental job creation and investment targets.
Because Corvid chose to locate in Iredell County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $3,000,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. When new jobs are created in a Tier 3 county such as Iredell, the new tax revenue generated through JDIG grants helps more economically challenged communities anywhere in the state.
Partnering with state Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, Iredell County, city of Mooresville, the Mooresville South Iredell Economic Development Corporation and Duke Energy.