The American Institute of Certified Public Accountants (AICPA) is transferring some 400 jobs to Durham, away from the Northeast.

“The relocation will position us for the next century of service to CPAs of this country,” said Barry Melancon, AICPA president and chief executive officer.

The jobs were based in Jersey City and New York City.

The Institute, which has 35,000 members, cited increasing labor costs in the New York area as a reason for the move, which is expected to save between $10-11 million a year over 15 years.

The jobs will be moved starting next August.

“We believe this is the right long-term decision for AICPA,” Melancon said. “The Raleigh-Durham area offers a premier labor market and significantly lower operating costs, as well as an exceptional quality of life for our staff.”