Strong pipeline of military talent draws Booz Allen Hamilton to invest more than $5 million in Fayetteville
Booz Allen Hamilton (boozallen.com), a management and technology consulting firm, will expand its current operations in Cumberland County, creating 208 new jobs over five years, Governor Roy Cooper announced today. The company expects to invest more than $5 million in the project by the end of 2020.
“Booz Allen Hamilton is expanding here thanks to Cumberland County’s workforce, which is strengthened by the military spouses and veterans who live and work around Fort Bragg and surrounding bases,” said Governor Cooper. “The majority of these new jobs will be IT focused, and Booz Allen knows we have the IT talent and training resources to deliver so they can continue tackling the complex military, business and government challenges of today and the future.”
The project includes two phases. In the first phase, Booz Allen plans to expand its footprint in Fayetteville. In phase two, Booz Allen will look to expand or relocate within Cumberland County to accommodate the continued growth in the area.
“We look forward to supporting our clients with the diverse and talented workforce in and around Cumberland County,” said Joseph Dodd, Vice President at Booz Allen. “In addition to a strong business community, Fayetteville’s proximity to Fort Bragg and Camp Lejeune provides an important access point to an exciting talent pipeline of military spouses with diverse skillsets, as well as veterans who are transitioning from the military and seeking high-impact, mission-focused careers.”
Booz Allen will add a variety of job functions with this project, the majority focused on technology, including data scientists, information security experts, machine learning specialists, software developers, software testers, IT engineers and architects, systems engineers and training designers. Salaries for the new employees will vary by position and experience. Once all positions are filled, the annual payroll impact will be $12.7 million.
“The jobs Booz Allen is creating in Cumberland County support our military, business and government agencies and offer opportunities in technology fields to local talent, including veterans,” said North Carolina Commerce Secretary Anthony M. Copeland. “North Carolina’s strong military presence and available skilled talent were the key considerations for Booz Allen’s choice to expand here.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s selection in cooperation with the Fayetteville Cumberland County Economic Development Corporation.
Booz Allen’s growth in Cumberland County 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 will grow the state’s economy by an estimated $213 million. Using a formula that accounts for the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,803,600 spread over 12 years. State payments only occur following performance verification by the Departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. 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.
Because Booz Allen chose to locate in Cumberland County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving as much as $200,400 in new tax revenue generated through the grant into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Cumberland, the new tax revenue generated through JDIG grants helps more economically challenged communities throughout the state. More information on the state’s economic tier designations is available here.
“The creation of these high-quality jobs confirms our status as a defense and innovation hub and brings important new career opportunities to our community,” said Fayetteville Mayor Mitch Colvin.
“We’re excited to have Booz Allen expanding in Cumberland County,” said Cumberland County Commissioner Chairman Larry Lancaster. “This is a great example of how supporting our local businesses leads to new jobs for our citizens. We look forward to building on this momentum.”
“Booz Allen’s decision to bring these jobs to Cumberland County strengthens the partnership we’ve had with the company and sets us both up for success for many years to come,” said N.C. Senator Wesley Meredith.
“Cumberland County is home to some of the finest talent, with veterans and military spouses who bring diverse skillsets and want to do work that matters,” said N.C. Senator Ben Clark. “The jobs Booz Allen is creating will offer our citizens opportunities for fulfilling, rewarding careers.”
“I am proud to welcome the new jobs Booz Allen will bring to Cumberland County,” said N.C. Representative John Szoka. “Our strong business community and pipeline of veterans and military spouses will support Booz Allen’s continued success here.”
“Fayetteville has a well-earned reputation as a leader in defense and innovation,” said N.C. Representative William O. Richardson. “Booz Allen’s expansion here confirms and strengthens that reputation, and we look forward to building on this success.”
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Cumberland County, the City of Fayetteville and the Fayetteville Cumberland County Economic Development Corporation. The City of Fayetteville and Cumberland County supported the project with local grants totaling $178,000.
Tags: economic development NC