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Fidelity Plans $100 Million Facility in North Carolina

Fidelity Investments will spend $100 million to build a facility in Wake County, North Carolina, Governor Mike Easley announced last week.

Fidelity already employs 1,000 at the Research Triangle Park campus, who will be moved to join the new workers. They will range from entry-level positions to senior management, Fidelity said, with an average annual compensation of $58,400, plus benefits.

"We have had a tremendously positive experience in North Carolina sine we first began doing business here in 2002," said Don Haile, senior vice president and site manager for Fidelity North Carolina.

To convince Fidelity to build the facility, North Carolina offered to cover 75% of the state personal income withholding taxes for new jobs created in the state. If Fidelity creates all 2,000 jobs and sustains them for 12 years, the benefits could total $54.6 million. In addition, North Carolina has awarded Fidelity a $2 million grant from its One North Carolina Fund, a group formed to attract businesses to the state, as well as an unspecified grant for developing new jobs.

North Carolina estimates that over the next 12 years, Fidelity's presence will contribute a gross $4.3 billion to the state's economy and net state revenue of $93.8 million,

in addition to a total of $18.2 million to the state's industrial development fund.

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