Log in to WRAL.com with one click using your favorite social network:
OR
Log in using your WRAL.com account:



Wrong email/password combination.

Forgot password?

Register with WRAL.com using your favorite social network:
OR
Register for a WRAL.com account using our web form.

8:49 a.m. • 5-25-13

Weather Forecast for Raleigh

  • Today: Partly Cloudy.
    • Hi: 72° F
  • Sun: Partly Cloudy.
    • Hi: 75° F
  • Mon: Partly Cloudy.
    • Hi: 80° F

Other Locations

> 7 Day Forecast

Doppler Image

Published: 2013-03-07 12:26:00
Updated: 2013-03-07 23:41:27

MetLife to bring 2,600 jobs to Cary, Charlotte


MetLife news conference
MetLife news conference
print friendly

Financial services giant MetLife Group Inc. will bring more than 2,600 jobs to Cary and Charlotte over the next three years after receiving more than $90 million in state incentives.

MetLife plans to invest $125.5 million to consolidate its global technology campus in Cary and its U.S. retail business campus in Charlotte, officials said Thursday.

"This is a good day for North Carolina. This is a good day for jobs in North Carolina," Gov. Pat McCrory said. "It's fantastic news for people looking for work."

The jobs will be evenly split between the two campuses. They will include product management, marketing, sales and customer support in Charlotte and information technology positions in Cary to support MetLife and its customers.

An undisclosed number of those jobs are moving from MetLife operations in Lowell and Boston, Mass.; Somerset, N.J.; Bloomfield, Conn.; Johnstown, Pa.; Warwick, R.I.; and Aliso Viejo and Irvine, Calif., officials said.

Spokesman John Calagna said the company employs about 23,000 U.S. administrative staffers, and the consolidation will allow teams to work together in the same location while cutting MetLife's real estate presence.

Joe Bryan, chairman of the Wake County Board of Commissioners, and Cary Mayor Harold Weinbrecht were giddy over the prospect of about 1,300 new jobs in the area.

"This is a chamber of commerce day, wouldn't you say?" Bryan said. "As it's rolled out over this three-year period, it will have the potential to rival any investment that we've had here in Wake County."

"They could have gone anywhere, but they chose North Carolina and they chose Cary," Weinbrecht said. "For that, we're truly grateful."

The location of the Cary campus is still being negotiated, Weinbrecht said, noting local incentives for the project haven't yet been approved.

The average salary for the Cary jobs will top $100,000, plus benefits, officials said.

McCrory said the state also will benefit from MetLife's corporate culture of encouraging civic involvement by employees.

"It's not just getting people employed, it's getting them involved," he said.

About 150 MetLife employees already work in Charlotte, and company officials said they chose North Carolina for the consolidation after a nine-month search because of access to universities and a low cost of living.

The largest incentives package from the state in more than six years also likely played a role in luring the company to North Carolina.

The state Economic Investment Committee voted Thursday morning to approve a Job Development Investment Grant of up to $87.2 million for MetLife. Under the grant, the company is able to receive a rebate of 75 percent of the state withholding tax on its new jobs over a 12-year period if it meets set hiring and investment targets each year.

The company must have at least 1,474 jobs in North Carolina by the end of 2014 and at least 2,098 by the end of 2015 to qualify for the tax rebate. For every year after that through 2025, it must maintain at least 2,098 jobs in the state. The jobs, which don't include the MetLife employees already in Charlotte, also must have a minimum average salary of $65,513.

MetLife also qualified for up to $2 million from the One North Carolina Fund, which provides financial assistance to attract business projects to the state. Local governments must match the grant, and the company receives no upfront money and must meet hiring and investment targets to obtain the funds.

Wake Technical Community College and Central Piedmont Community College also chipped in an estimated $4 million in worker training classes.

Google won a $240 million package of state and local incentives in late 2006 to build a data center in Lenoir. Fidelity Investments received $70 million in incentives that same year for a 2,000-employee operation in Research Triangle Park.


213 Comments


WRAL.com welcomes your comments on this story. All comments are moderated prior to publication based on our posting guidelines. Please review them prior to posting and if your message is not approved.

View Comments VIEW ALL 213 COMMENTS

This story is closed for comments. Comments on WRAL.com news stories are accepted and moderated between the hours of 8 a.m. and 8 p.m. Monday through Friday.

Latest Comments
I wonder if MetLife will bail on the state once the tax break holiday and sweetheart deals end, just like Dell did a few years ago. Of course the company will claim low revenue as the reason, but it's clear these corporations are just going around leeching off of states eager to say they added jobs and not corporate tax revenue, and once the tax breaks are gone they'll close shop and move to another state they can get breaks in.

Triumph - How do you figure that? The withholding is the revenue stream. But that does not bother me, what really bothers me is the relationship McCrory has with the company that brokered the deal. His employer and his minions at the capitol are saying he had nothing to do with it.

It is incredible to read these comments and see how misinformed (stupid) the average WRAL web forum reader must be regarding state financial incentives and busienss recruitment. The primary state incentives is a reimbursement of a portion of the employee withholdiong taxes that Met Life will pay its own additional employees over many years. it costs the state NOTHING! And, Met Life must guaranteee it will preserve/maintain its existing workforce as well.

" Thank you Gov Pat!!!"-computer trainer

..for absolutely nothing! You had squat to do with it.

Where are the jobs that don't rob the state coffers and offer employment to actual North Carolinians, Mr. Tillis?

I'm starting a list of the Top Ten things about this deal that stink. Feel free to add to it.

Number 10: Take 90 million dollars of NC citizens' money from state agencies and employees who provide services to all of us (e.g. our teachers are paid at level 46th lowest in the nation) and give the money to a private for-profit company with headquarters in NY (and banks goodness-knows-where) so they can MOVE employees to NC - i.e., not CREATE more jobs here. What could 90 million have done to help real NORTH CAROLINA businesses expand (i.e., CREATE jobs)??

View Comments VIEW ALL 213 COMMENTS

Market Watch

Dow 15,303.10 +8.60 ( +0.06% )
S&P 500 1,649.60 -0.91 ( -0.06% )
Nasdaq 3,459.14 -0.27 ( -0.01% )
OPEC Oil 99.03 -1.33 ( -1.33% )
SPDR Gold Trust 133.76 -0.85 ( -0.63% )
Quotes delayed at least 20 mins.
Symbol Lookup