Fortune 50 Healthcare Enterprise Announces Major Headquarters Move to Charlotte. Centene Corporation to Invest More Than $1 Billion and Create More than 3,000 Jobs
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. This move will bring 3,237 new jobs to North Carolina and an investment of $1,034,900,790 by 2032.
Centene’s 3,237-job commitment makes the company’s new Mecklenburg County campus the largest job creation project in the 18-year history of the Job Development Investment Grant (JDIG) program.
“Today’s announcement is a historic occasion for Charlotte and comes at a most opportune time,” said Mayor Vi Lyles. “We are excited to welcome Centene to the Queen City. Our entire region will benefit from the company’s community-driven mission and commitment to diversity and inclusion in the workplace.”
“We are excited to welcome Centene to Mecklenburg County," said George Dunlap, Chairman of the Mecklenburg Board of County Commissioners. "Their decision to locate their new expansion and regional headquarters in Mecklenburg County is a testament to the strength and continued advancement of our economy as well as the talent and skills of our workforce.”
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. Founded in 1984, the company currently serves more than 23 million Americans across all 50 states. Centene also operates overseas, with patient-centered services offered through programs in Spain, the United Kingdom and Slovakia. Headquartered in St. Louis, Mo., the company reported nearly $75 billion in revenue for 2019, a 24.2 percent increase from the prior year.
“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. “We look forward to our future in Charlotte and intend to be a strong part of the community, as we are in all of the places where we have business operations.”
“Centene’s investment here is great for the Charlotte area and our whole state,” Governor Roy Cooper said. “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.”
The North Carolina Department of Commerce led the state’s efforts to attract Centene’s regional headquarters and I/T center. The company will retain its existing nearly 600-person workforce at various offices in North Carolina. Its expanded workforce will include allied health professionals, data analysts, information-technology specialists, administrators and others. Centene’s new positions will offer salaries that average $100,089 annually, creating a regional payroll impact of nearly $324 million per year. Mecklenburg County’s overall average annual wage is currently $68,070.
“The choice of our state for this game-changing investment is evidence that companies view North Carolina not only as the ideal backdrop for their business plans, but a safe location for their employees,” said Commerce Secretary Anthony M. Copeland. “Today’s announcement adds Centene’s name to an elite list of visionary businesses that continue to make North Carolina their base for expansion strategies that span generations.”
The Charlotte Regional Business Alliance was engaged on the highly competitive project working closely with Alliance investor Womble Bond Dickinson, who served as Centene’s legal and site-selection advisor/consultant through the selection process. The CLT Alliance also provided support through research, consultation, and CEO/executive connectivity.
“Centene’s expansion into Charlotte is not only significant in terms of jobs and investment but also in the values the company places on diversity, its people and its customers,” said CLT Alliance CEO Janet LaBar. “Our region is benefitting from an increasing number of companies that prioritize inclusive economic growth, and Centene’s leadership on this will bolster existing efforts to make sure our community is one where everyone can thrive.”
Centene’s project in North Carolina will be facilitated, in part, by a transformative JDIG approved by the state’s Economic Investment Committee earlier today, the first JDIG of this classification ever awarded. The project is estimated to grow the state’s economy by $29.5 billion over 39 years, the time period the grant could be active. Using a formula that takes into account the new tax revenues generated by the 3,237 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $387,890,250. This potential payment would also be spread over 39 years.
The North Carolina General Assembly introduced the Transformative project classification to the JDIG program in 2017. Economic development projects from companies that invest more than $1 billion and create more than 3,000 jobs can qualify for the special grant classification, which alters certain parameters of the program such as the length of time the grant can be active and the percentage of state tax withholdings that can be used to fund the grant.
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, key partners in the project include the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, the City of Charlotte, the Charlotte Regional Business Alliance, University City Partners and Duke Energy.
To read the complete North Carolina Department of Commerce press release, click here.
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