RALEIGH, N.C. — Fidelity Investments, the largest mutual fund company in the U.S. with more than $1.28 trillion under management, is reportedly going to expand its presence in North Carolina.
Fidelity, which already employs some 1,000 people in the Triangle, is expected to announce that it will add jobs at a press conference Wednesday morning called by Governor Mike Easley, The News & Observer reported.
Fidelity has been negotiating with state and local officials for months about possibly building a campus.
The N&O said Wednesday that Fidelity is “expected” to say today that North Carolina has been picked for its latest expansion.
The Triangle Business Journal has reported recently that a Fidelity expansion could mean as many as 5,000 jobs for the area. The N&O said Wednesday that “as many as 2,000 jobs” could be created over three years.
The General Assembly has helped pave the way for Fidelity’s expansion with two recent bills designed to increase economic incentives.
The Job Development Investment Grant program received a one-time boost of $15 million to a total of $30 million in order to capitalize on the “extraordinary number of potential projects”, according to Easley’s office.
Another bill also enables certain companies to receive refunds for state sales and use taxes paid for building materials and other supplies.
The Fidelity announcement could be the biggest jobs related news since Dell announced in November of 2004 that it would build a huge computer manufacturing facility in Winston-Salem. Dell committed to creating 1,500 jobs over five years.
North Carolina announced nine job expansion deals in June alone, including the construction of a vaccine plant by Novartis in Holly Springs. That deal will generate 350 jobs.
The June economic recruitment deals produced a promise of 2,241 jobs across nine different counties.
In May, Easley announced seven job recruitment decisions that included commitments of 898 jobs.