A Fortune 500 Insurance Company is establishing itself in Charlotte, and creating 301 jobs with a $12.3 million investment.
Democratic Gov. Josh Stein announced Tuesday Pacific Life is strategically expanding its business operations in Mecklenburg County.
“Companies like Pacific Life know they can find the deep pool of specialized talent they need in North Carolina,” Stein said in a press release. “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.”
Headquartered in Newport Beach, California, Pacific Life Insurance Company has been in operation for nearly 160 years, providing a wide range of insurance and investment products and services to individuals, businesses, and pension plans.
The new Charlotte location will be in the central business district in a 68,000-square-foot space and is expected to be fully occupied by 2028.
Pacific Life President and CEO Darryl Button said attracting and developing leading talent is central to the company’s growth strategy, and Charlotte’s thriving workforce will help achieve 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,” Button said.
While wages can vary by position, the expected compensation for the new positions will be around $176,250.
“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.”
Over the next 12 years, the investment is expected to grow North Carolina’s economy by $2.1 billion, thanks in part to a Job Development Investment Grant approved by the North Carolina Economic Investment Committee. The grant is expected to have a positive net return, with a projected return on investment of public dollars being around 335%.
