State offering $388M in incentives for Centene's $1bn investmentAll Articles
Centene Corporation, a Fortune 50 provider of managed care services for public and private health plans, will create an East Coast regional headquarters and technology hub in Charlotte.
The company will invest $1.03bn to develop a corporate campus that will also feature an on-site daycare center and corporate university for professional development. The campus will be developed in four phases and include two office buildings, a data center, and the corporate university center. The project will bring 3237 new jobs in North Caorlina by 2032. The company will retain its existing 501 employees at various offices in the state. Its expanded workforce will include allied health professionals, data analysts, information-technology specialists, administrators and others. The new positions will offer salaries that average $100,089 annually, creating a regional payroll impact of nearly $324m per year.
Centene Corporation has been authorized an incentive of $387.89m through the Job Development Investment Grant (JDIG) program. JDIG is a performance-based, discretionary incentive program that provides cash grants to a company, when the company creates jobs and invests in the state. This potential payment would also be spread over 39 years. The JDIG incentive hinges on the company meeting investment and job targets over a specified period. The firm's JDIG incentive package agreement also calls for moving as much as $50.7m into the state’s Industrial Development Fund – Utility Account.
"We chose Charlotte as the home to our East Coast headquarters because we believe it will enable us to continue our strong growth and our mission to serve the most vulnerable populations," said Michael F. Neidorff, Chairman, President and CEO of Centene.
"Centene’s investment here is great for the Charlotte area and our whole state. Centene knows that North Carolina has a resilient economy, ready workforce, livable communities and a host of other assets that make our state a leading destination for forward-thinking businesses," said Governor Roy Cooper.
State officials said Centene chose Charlotte over sites in York County, South Carolina and Tampa, Florida.
Centene Corporation provides high-quality health and wellness services for individuals covered by private health insurers, Medicare, Medicaid and government-sponsored plans for military personnel, veterans and correctional facilities. The company also operates overseas, with patient-centered services offered through programs in Spain, the United Kingdom and Slovakia.
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