Another high-tech company is putting down roots in North Carolina’s Research Triangle region.
Today Infosys, a global business consulting and information technology company, announced its plans to locate a brand new technology and innovation hub in Wake County, investing $8.73 million and creating 2,000 jobs.
Earlier this year, Infosys announced its intent to open four of these hubs across the country, each focusing on artificial intelligence, machine learning, user experience, emerging digital technologies, cloud, and big data. This is the second hub identified by the company, following the selection of Indiana in May.
“Together, we will develop the next generation of North Carolina innovators through world-class education and training in the critical skills of the future, including Artificial Intelligence, data analytics, cloud and more, and bring scale to North Carolina’s already-thriving ecosystem of innovation to help our clients create their digital futures,” said Dr. Vishal Sikka, Infosys’ chief executive officer. “North Carolina is well-known for innovation — with a talented technology workforce focused on progressive fields like advanced manufacturing and clean technology; a diverse economy from financial services and life sciences; a vibrant startup community across Wake County and Research Triangle; and top-tier universities and community colleges. Together, we can now accelerate and expand, to drive the digital transformation of vital U.S. industries including aerospace, banking, biotech, and energy.”
With this announcement comes the promise of many different jobs for North Carolinians, including software developers, analysts, digital architects and other technology professionals. Salaries for the new positions will vary, but will deliver a total payroll impact of more than $130 million each year to the community once all positions are filled. The project is estimated to contribute $2.9 billion to North Carolina’s economy.
Infosys’ expansion in Wake County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. 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 $22.4 million, spread over 12 years. State payments are performance-based, meaning they only happen after verification that the company has met its incremental job creation and investment targets.
Because Infosys chose to locate in Wake County, the company’s JDIG agreement also calls for moving as much as $7.5 million into North Carolina’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
This project was led by the Economic Development Partnership of North Carolina and the North Carolina Department of Commerce. As always, bringing it across the finish line was truly a team effort. A big thanks to our investors and partners at the North Carolina General Assembly, the North Carolina Community College System, North Carolina State University, Wake Technical Community College, Capital Area Workforce Development Board, Wake County, the City of Raleigh, the Town of Cary, the Town of Morrisville, and Wake County Economic Development.