Governor Cooper Announces 200 New Jobs as Jewelers Mutual® Group Expands in Wake County

Jewelers Mutual^® Group, a leading insurer dedicated to protecting jewelry and jewelry businesses, will establish a new office in Wake County focused on creating data-driven solutions for its customers, creating 200 jobs, Governor Roy Cooper announced today. The company will invest $5.8 million in Raleigh.

"North Carolina is a hotbed of technology innovation, and I'm pleased to see a well-respected company like Jewelers Mutual recognize our strengths and decide to grow their business in our state," said Governor Cooper. "Our existing pool of talented workers combined with North Carolina's specialized worker training systems will help this company take their business to the next level."

Jewelers Mutual, founded in 1913 and headquartered in Neenah, Wisconsin, is trusted by over 1 million customers, nationwide and in Canada. The company is committed to protecting jewelry businesses and helping them run secure and successful operations while transforming customer experiences through insurance and technology

"It's great to once again see the power of North Carolina's leadership in the information technology sector attract another well-respected company like Jewelers Mutual," said North Carolina Commerce Secretary Machelle Baker Sanders. "Our long-term investments in education and workforce development make all the difference and lead to great days like today."

The North Carolina Department of Commerce led the state's support for the company during its site evaluation and decision-making process.

Although wages will vary depending on the position, the average salary for the new positions will be $169,592, which is significantly higher than the current average wage in Wake County of $74,866. The new positions will bring an annual payroll impact to the community of more than $33 million per year.

Jewelers Mutual's project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,406,750, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project's projected return on investment of public dollars is 156 per cent, meaning for every dollar of potential cost, the state receives $2.56 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant's reimbursement payments to a given company.

Because Jewelers Mutual chose a site in Wake County, classified by the state's economic tier system as Tier 3, the company's JDIG agreement also calls for moving $802,250 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.

"We're excited to welcome a company with such a rich history as Jewelers Mutual to Raleigh and Wake County," said N.C. Senator Lisa Grafstein. "The Research Triangle's reputation for IT leadership is second to none and we're the perfect location for any company seeking excellence in a technical endeavor."

"Many local, regional, and state partners have worked hard to bring this prestigious business to Wake County," said N.C. Representative Tim Longest. "We look forward to supporting Jewelers Mutual as they establish operations in North Carolina and bring good-paying jobs to our state."

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, N.C. Commerce's Division of Workforce Solutions, Wake County, the City of Raleigh, Wake Technical Community College, North Carolina State University, Capital Area Workforce Development and Raleigh Economic Development and Wake County Economic Development, programs of the Raleigh Chamber.

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