Gov. Easley Announces 1,093 Jobs in Wake County
Oct 10, 2007
INC Research To Invest More Than $19 Million To Expand in Raleigh
RALEIGH - Gov. Mike Easley today announced that INC Research Inc., a contract research organization that conducts global clinical development programs for pharmaceutical and biotechnology companies, will expand in Wake County. The company plans to add 1,093 jobs and make capital investments of $19.2 million in Raleigh during the next four years. The announcement was made possible in part, due to a Job Development Investment Grant (JDIG).
"This expansion by INC Research further strengthens our nationally-recognized leadership in the biotechnology, pharmaceutical and healthcare industries," Easley said. "The company joins a growing list of prominent research organizations finding the scientific industry base and skilled, experienced workers here in North Carolina that they need to succeed globally."
Incorporated in 1998, INC Research is a privately-held company with headquarters in Raleigh. It currently employs 362 workers in the state, all in Wake County. The company has a presence in 36 locations worldwide. It specializes in the development of drugs to treat central system disorders, cancer, infectious diseases and childhood illnesses.
The new jobs are expected to be a mix of management, research, data and information technology, and administrative support. While wages will vary by job function and responsibility, the average wage for these new positions will be $62,690 a year plus benefits, which is more than the Wake County average wage of $35,672, not including benefits.
Jim Ogle, CEO of INC Research, said North Carolina's proven track record was a key factor in the company's decision to expand in the state. "The wide variety of skilled and experienced drug development professionals in this area has contributed greatly to our company's success," he said. "Access and proximity to world-class academic and research facilities have fostered a culture of innovation in this region. This culture is highly valued at INC Research, and we are proud to grow our corporate headquarters in Raleigh."
Partners who helped make this announcement possible include: the N.C. Department of Commerce, N.C. Community College System, Capital Area Workforce Development Board and the Greater Raleigh Chamber of Commerce.
The state's Economic Investment Committee voted unanimously today to award a JDIG grant to the company to facilitate this project. This is the 66th JDIG award announced since Easley and the General Assembly started the program in 2002 and the 11th grant awarded this year.
Under the terms of the nine-year agreement, the N.C. Department of Commerce estimates the project will:
Generate a cumulative gross product value of about $724 million.
Produce a positive, cumulative net state revenue impact of almost $4.72 million.
Contribute up to $4.95 million to the state's Industrial Development Fund for infrastructure improvements in rural and economically distressed areas of North Carolina. This contribution is required of grant recipients that locate in Tier 3 urban or more prosperous counties.
For each year in which the company meets the required performance targets, the state will provide a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs. Should the company create the jobs called for under the agreement and sustain them for nine years, the agreement could yield as much as $14.85 million in maximum benefits for INC Research.
For more information about the company, including employment opportunities, visit www.incresearch.com