Charlotte is charting a stronger financial future as Citigroup, Inc. lays plans for a significant expansion. Governor Josh Stein trumpeted the arrival of 510 new jobs in Mecklenburg County, a move that is poised to inject an estimated $16.1 million investment into the Charlotte office facility, primarily bolstering personal banking, finance, and marketing sectors, according to the Governor's Office.
"Citi’s decision makes clear once again that Charlotte is one of the nation’s top financial centers," said Governor Stein. With an environment ripe for business, North Carolina bolsters specialized workforce and programs that draw companies to set roots. The global banking heavyweight is slated to offer positions well above the county's average wage, a robust average salary of $131,832 promises a significant boost for the local economy, directives that Edward Skyler, Citi’s Head of Enterprise Services & Public Affairs, attributed to Charlotte's rich talent pool and accommodating public officials in a statement released by the Governor's Office.
Charlotte's financial industry has seen a dynamic 30% growth since 2018; an expansion attributable, in part, to the concentration of finance-focused workers and IT professionals populating the region. New roles at Citi echo a trend of attraction to North Carolina's specialized skills, Commerce Secretary Lee Lilley noted, emphasizing an environment conducive to the financial sector’s continued growth. The anticipated annual payroll influence is expected to exceed $65 million annually, a figure that reflects the company's commitment to the region.
The investment from Citi will benefit from a Job Development Investment Grant (JDIG), approved by the state’s Economic Investment Committee. Over 10 years, the project could enrich the state's economy by more than $2.7 billion. The JDIG agreement could reimburse the company by up to $8,938,500 based on meeting job creation and investment targets, with the state still netting a projected 255 percent return on investment from tax revenues generated through the new jobs. Funds from the grant will also earmark $2,979,500 to the state’s Industrial Development Fund – Utility Account, to help rural communities enhance infrastructure, thus potentially attracting more business in the future.
Senator Woodson Bradley and Representative Laura Budd have expressed support for Citi’s expansion in Mecklenburg County. The project is the result of collaboration among the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, and other local, regional, and state agencies.
