Governor Stein Announces 301 New Jobs As Insurance Giant Pacific Life Selects Charlotte

Governor Josh Stein announced today that Pacific Life, the Fortune 500 insurance company, will open a new office and create 301 jobs in Charlotte. The company will invest $12.3 million in Mecklenburg County to strategically expand its business operations.

"Companies like Pacific Life know they can find the deep pool of specialized talent they need in North Carolina," said Governor Josh Stein. "Charlotte's national reputation as one of the nation's top financial services centers continues to attract great companies to our state. We're proud to welcome Pacific Life."

Pacific Life Insurance Company, with headquarters in Newport Beach, California, has for nearly 160 years delivered on its purpose to provide to its members, customers, and distribution partners what the company describes as "Confidence for Generations." Pacific Life offers a wide range of life insurance, annuity, and employee benefit products that support individuals' and families' financial needs, and the company provides a variety of investment products and services to individuals, businesses, and pension plans.

The company's project in Charlotte will make its home in a 68,000-square-foot office space encompassing three floors at the Queensbridge Collective in Charlotte's central business district. Full occupancy is expected in 2028. The site will offer employees access to a fitness and wellness center, a one-acre outdoor green space, a variety of retail and dining options, and a location just one block from a light rail station. In the interim, the company will lease temporary space nearby.

"Attracting and developing leading talent is central to Pacific Life's growth strategy," said Pacific Life President and CEO Darryl Button. "Charlotte is home to a thriving workforce, and we look forward to welcoming new talent to the Pacific Life team to help drive our long-term success. This expansion effort was a true partnership between many in North Carolina, and we want to thank Governor Stein, the North Carolina Department of Commerce, and the Economic Development Partnership of North Carolina for all their efforts and support in the decision-making process."

"Charlotte's firing on all cylinders these days, and it's a thrill to welcome another industry leader like Pacific Life to North Carolina," said North Carolina Commerce Secretary Lee Lilley. "Our ranking as CNBC's Top State for Business is validated once again with today's announcement."

Although wages will vary depending on each position, the total annual compensation for the new positions will be $176,250. The average wage in Mecklenburg County stands at $86,830. The new jobs will generate an annual payroll impact in the community of more than $53 million per year.

The project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state's economy by $2.1 billion. 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 $5,535,000 spread over 12 years. State payments occur only following verification by the departments of Commerce and Revenue that the company's performance has met incremental job creation and investment targets.

The project's projected return on investment of public dollars is 335 percent, meaning that for every dollar of potential cost, the state receives $4.35 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.

"When it comes to the financial services industry, Charlotte and Mecklenburg County come to mind first thanks to the hard, detailed work behind the scenes that makes our region the best choice for a company like Pacific Life," said N.C. Senator Caleb Theodros. "We look forward to seeing everything this great company will achieve in North Carolina."

"Once again, the close collaboration among our local, regional, and state economic development teams has made today's decision by Pacific Life possible," said N.C. Representative Becky Carney. "We welcome this new investment and these new jobs that will expand opportunities in our region."

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, the Commerce Department's Division of Workforce Solutions, Mecklenburg County, and the City of Charlotte.

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