Ernst & Young (EY), one of the largest professional services organizations in the world, will expand in Mecklenburg County, creating 375 jobs and investing $8.2 million in Charlotte over the next five years.
The expansion includes development of an EY wavespace innovation center in Charlotte. The center will be part of the firm’s global network of growth and innovation centers bringing together multidisciplinary teams to focus on disruptive growth, improvement strategies and technologies.
“North Carolina is a powerhouse for financial and professional services because of the ambitious, talented people who live and work here and the educational and training resources at their fingertips,” said Gov. Roy Cooper. “The EY wavespace innovation center in Charlotte will create even more opportunities for North Carolinians to develop new ideas and creative solutions.”
EY provides assurance, auditing, tax, transaction and other advisory services. Its wavespace in Charlotte will help clients face the challenges and opportunities of continuous change, digitization and disruption in their industries, with a focus on specific industry disruptors that impact clients’ growth strategies in financial services and energy. EY wavepsace locations feature a shared methodology and platform that combines EY’s deep industry domain and regulatory experience with EY’s experience in disruptive technologies – such as artificial intelligence, robotic process automation, blockchain, the Internet of Things, data analytics, digital, customer experience and cyber security.
“This is an exciting time for EY and the state of North Carolina. We are seeing new and diverse skills bringing creative ideas and innovation to business leaders across the state,” said Malcomb Coley, EY Charlotte office managing partner and Carolinas market leader. “It’s our hope that EY wavespace will build on this momentum, providing a physical location where innovative talents come together to collaborate and navigate this transformative age.”
EY will add positions in areas such as forensic investigation, dispute data analytics, digital development, data analytics and robotics. Salaries for the new positions will vary by position with a minimum average salary of $74,926. The Mecklenburg County average wage is $65,285.
“With this announcement, EY is committing to adding 375 new jobs and keeping many of the jobs they already support in North Carolina,” said Secretary of Commerce Anthony M. Copeland. “Global leaders like EY continue to pick North Carolina because of our business climate, infrastructure and superior talent.”
The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina led the state’s support for the company’s expansion.
EY’s expansion in Mecklenburg County will be supported by a state Job Development Investment Grant (JDIG). Over the the 12-year grant term, the project will help the state’s economy grow by an estimated $596 million. Factoring in the tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,216,750 spread over 12 years. State payments only occur after the company has met its incremental job creation and investment targets.
Because EY chose to locate in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $1,072,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
Partnering with Commerce and the EDPNC on this project are the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County and the city of Charlotte.