Today, Governor Josh Stein announced that Citigroup, Inc. plans to create 510 new jobs in Charlotte. The financial services company will invest $16.1 million in a major office facility in Mecklenburg County, expanding its workforce in areas such as personal banking, finance, and marketing.
Governor Stein stated, “Citi’s decision makes clear once again that Charlotte is one of the nation’s top financial centers.” He emphasized North Carolina’s skilled workforce and business-friendly environment as key factors for attracting businesses like Citi.
Edward Skyler, Citi’s Head of Enterprise Services & Public Affairs, explained the company’s choice: “As we reviewed our real estate footprint in the United States, Charlotte stood out as a location where we had a unique opportunity to invest by establishing a formal presence.” He acknowledged the efforts of Governor Stein and other officials in making the area attractive to businesses.
Commerce Secretary Lee Lilley highlighted North Carolina’s growing financial services industry: “There’s a reason North Carolina’s financial services industry has grown an impressive 30 percent since 2018.” He noted that the state’s concentration of finance-focused workers and IT professionals attracts companies seeking specialized skills.
The average salary for these new positions will be $131,832 compared to Mecklenburg County’s average wage of $86,830. This will result in an annual payroll impact exceeding $65 million.
Citigroup Technology, Inc.’s project is supported by a Job Development Investment Grant (JDIG), approved by the state’s Economic Investment Committee. Over ten years, this grant is expected to boost North Carolina’s economy by more than $2.7 billion. The JDIG agreement allows potential reimbursement up to $8,938,500 over ten years based on performance verification.
The project’s return on investment for public dollars is projected at 255 percent. As part of this initiative, $2,979,500 will be allocated to the state’s Industrial Development Fund – Utility Account to aid rural infrastructure upgrades.
Senator Woodson Bradley commented on Citi’s expansion: “Citi’s expansion is a major win for Mecklenburg County and a vote of confidence in Charlotte’s place as a global financial hub.” N.C. Representative Laura Budd also expressed support: “We look forward to seeing this company grow its presence in Charlotte.”
The project involves collaboration with several entities including the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina.
