Charlotte, February 3, 2026
Charlotte emerges as a leader in North Carolina’s economic landscape, with local companies exceeding job creation and investment commitments. Firms like Dimensional Fund Advisors and Ernst & Young are setting performance benchmarks, showcasing the effectiveness of a supportive business environment. As a result, these companies drive substantial economic vitality and innovation, contributing significantly to the local job market and overall prosperity in the state.
Charlotte, NC
Charlotte Companies Lead the Way in North Carolina’s Economic Growth
The Queen City stands at the forefront of a statewide trend where businesses are not just pledging growth, but actively delivering on promises of job creation and significant investment, driving economic vitality across North Carolina.
North Carolina continues to demonstrate a robust economic landscape, marked by a surge in entrepreneurial spirit and strategic private sector investment. A recent review of company commitments reveals that many businesses, some with a significant presence in Charlotte, are not only meeting but often exceeding their initial job creation and investment goals. This success underscores the effectiveness of a supportive business environment that encourages innovation and enables companies to thrive, directly contributing to local economies and fostering personal achievement for thousands of North Carolinians. The state’s performance-based incentive programs play a crucial role, aligning company growth with public benefits and ensuring accountability in economic development initiatives.
Companies Across North Carolina Exceed Job Commitments
Several companies have recently demonstrated remarkable success in fulfilling their pledges to create jobs and invest in North Carolina communities. These achievements are regularly reviewed by the Economic Investment Committee (EIC), a part of the N.C. Department of Commerce, which monitors economic incentives tied to job creation and investment targets.
Charlotte’s Contribution to State-Level Job Creation
In Charlotte, Dimensional Fund Advisors, an investment solutions company, made a pledge in 2015 to establish an East Coast headquarters with an investment of $105 million and the creation of 316 jobs at an average annual salary of $147,025. The company has since created 286 jobs, meeting its job creation goal (within 90% of the target), and significantly exceeded its investment target by investing $157.3 million. The average annual salary for these jobs reached $214,338. For its performance, the EIC awarded Dimensional Fund Advisors $1 million for 2024, part of a state incentive package that could total $10.3 million.
Another professional services firm, London-based Ernst & Young (EY), committed in 2017 to add 375 jobs and make an $8.2 million investment in Charlotte. The company surpassed these goals by adding 469 positions with average salaries reaching $144,887, which is 174% of its target wage. EY also retained 1,484 positions and met its target investment. The state awarded EY $300,750 in 2025 as part of its $3.2 million, 12-year incentive deal.
Statewide Success Stories in Diverse Sectors
Beyond Charlotte, numerous companies have showcased strong performance. Red Hat, a North Carolina-based software developer, pledged in 2011 to create 300 jobs and invest $8 million in its Raleigh headquarters. The company exceeded these commitments, creating 356 jobs with an average annual wage of $379,651, which is 457% of the target. It also invested $14.1 million and retained 1,168 jobs. Red Hat received an EIC payment of $827,250 for 2024 as part of its $15 million state incentive package.
In Durham, Parexel, a contract research and services company, pledged in 2019 to create 264 jobs with an average annual salary of $110,511. Parexel created 312 jobs with an average annual wage of $187,008, surpassing both job creation and wage targets. The company also retained 632 workers in the state, receiving $376,500 for 2024 as part of a potential $4.2 million state grant.
The manufacturing sector also saw significant achievements. Japan-based packaging company American Fuji Seal, located in Hickory, pledged 46 jobs with an annual wage of $48,744 in 2020. The company created 91 jobs with an average annual wage of $51,716, exceeding its promises. Similarly, Design Foundry, also in Hickory, pledged 202 jobs and a $3.1 million investment for an upholstered furniture facility, ultimately delivering 233 jobs.
Egger Wood Products, an Austrian manufacturer in Davidson County, pledged 400 jobs and a $300 million investment in 2017. The company delivered 420 jobs, invested $415 million, and pays an average of $65,483. It received $468,000 from its $5.3 million incentive.
In the consumer goods sector, Pennsylvania-based convenience store chain Sheetz, which targeted 254 jobs and a $29.5 million investment in Burlington in 2012, created 255 jobs and invested $29.9 million. The average wage for these jobs was $65,195, more than double the target. Gildan Yarns, a Canadian company, pledged 501 jobs across Bladen, Rowan, and Davie counties in 2013. It added 504 jobs, invested $272 million, and retained 810 positions, with average wages reaching $47,036, which is 145% of the target. Cascades Holdings, a paper product manufacturer, promised 66 jobs and a $58 million investment in Scotland County in 2018, and created 67 jobs while investing $77.4 million. Chick-fil-A Supply pledged in 2020 to invest $52 million to create 140 jobs in Alamance County, and delivered 166 jobs with an investment of $55.9 million and average wages of $77,126.
Technology giant Cisco promised 550 jobs in Research Triangle Park in 2014, and delivered 549 jobs while significantly exceeding the target average wage, now paying $220,577 on average.
When Promises Fall Short: A Balanced Perspective
While many companies successfully deliver on their commitments, not all meet their targets. For instance, Credit Karma pledged 400 jobs in Charlotte in 2020 but created only 254. Despite investing $60.3 million, exceeding its initial investment pledge, the company’s job creation shortfall led to the state withholding a grant payment. Credit Karma attributed this to revenue growth not reaching anticipated levels, but expressed continued commitment to hiring in North Carolina. This highlights that performance-based incentive programs have built-in accountability, ensuring taxpayer dollars are disbursed only when specific, measurable outcomes are achieved.
Fostering Future Economic Prosperity
The consistent delivery on job promises by many companies underscores the positive impact of entrepreneurial innovation and strategic private sector investment in North Carolina. The state’s approach, which often involves performance-based economic incentive grants, allows companies the flexibility to grow while requiring accountability in job creation and capital investment. This framework fosters an environment where businesses can flourish, contributing to robust economic growth and demonstrating the significant returns achievable when private enterprise is encouraged through well-structured support. As Charlotte and North Carolina continue to attract and grow businesses, the emphasis remains on cultivating conditions where dedication and economic freedom lead to shared prosperity.
We encourage our readers to support local businesses and stay engaged in Charlotte’s ongoing economic development.
Frequently Asked Questions
What is the purpose of the Economic Investment Committee (EIC)?
The Economic Investment Committee (EIC), part of the N.C. Department of Commerce, tracks economic incentives pledged by the state based on a company’s promise to create jobs and invest dollars in North Carolina communities.
How long do companies typically have to fulfill their job creation promises?
Companies typically have up to 12 years to follow through on their job creation and investment commitments tied to state economic incentive grants.
Which Charlotte-based companies have successfully delivered on job promises?
In Charlotte, Dimensional Fund Advisors met its job creation goal and exceeded investment and wage targets. Ernst & Young (EY) also exceeded its job and wage targets and retained positions in Charlotte.
Have all companies met their job creation targets in North Carolina?
No, not all companies have met their job creation targets. For example, Credit Karma in Charlotte created fewer jobs than pledged, leading to the state withholding a grant payment.
What is the significance of performance-based incentive grants in North Carolina?
Performance-based incentive grants are paid out only if companies hit job creation and investment targets, ensuring accountability and aligning company growth with public benefits.
Which company in Raleigh notably exceeded its job and wage targets?
Red Hat, a North Carolina-based software developer in Raleigh, significantly exceeded its job and wage targets, creating 356 jobs with an average annual wage of $379,651, which was 457% of its target.
Key Features of Company Job Promise Delivery in North Carolina
| Company Name | Location | Pledged Jobs | Created Jobs | Pledged Investment | Actual Investment | Key Achievement |
|---|---|---|---|---|---|---|
| Dimensional Fund Advisors | Charlotte | 316 | 286 (met goal) | $105 million | $157.3 million | Exceeded investment and wage targets. |
| Ernst & Young (EY) | Charlotte | 375 | 469 | $8.2 million | Met target | Exceeded job and wage targets. |
| Red Hat | Raleigh | 300 | 356 | $8 million | $14.1 million | Significantly exceeded job, wage, and investment targets. |
| Parexel | Durham | 264 | 312 | Not specified | Not specified | Exceeded job and wage targets. |
| American Fuji Seal | Hickory | 46 | 91 | Not specified | Not specified | Exceeded job and wage targets. |
| Sheetz | Burlington | 254 | 255 | $29.5 million | $29.9 million | Exceeded job, investment, and wage targets. |
| Gildan Yarns | Bladen, Rowan, Davie counties | 501 | 504 | $258 million | $272 million | Exceeded job, investment, and wage targets. |
| Cisco | Research Triangle Park | 550 | 549 | Not specified | Not specified | Largely met job target and significantly exceeded wage target. |
| Credit Karma (Did not fully meet) | Charlotte | 400 | 254 | $13.2 million | $60.3 million | Invested more, but fell short on job creation target. |
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