Business Advantages


Incentives

Wake County wants to support your success. We understand that a major barrier for companies looking to expand or relocate is cost; the cost of space, the cost of equipment, the cost of training employees. There are a number of ways organizations in our area can help your bottom line. We always have tools to support a growing business. 

WAKE COUNTY BUSINESS DEVELOPMENT GRANT
Wake County’s Business Development Grant offers a series of five tiers with investment and job thresholds. Special consideration may be provided for corporate, regional, or Fortune 500 companies’ divisional headquarters projects and large international companies.

Highlights of the Grant include:

  • Wake County will provide a local match for projects receiving state incentives.
  • A company may be eligible for a Business Investment Grant if they meet both an investment threshold and new jobs threshold.
  • New or existing companies may be eligible for a Business Development Grant when the state incentives require local government participation.
  • Thresholds for the state matching tier are at least $5 million on new taxable investment and 25 jobs with an average of at least 100% of the county average wage.

BUSINESS DEVELOPMENT GRANT  & JOB CREATION THRESHOLDS

  Investment Minimum Jobs Minimum  Avg. Salary Minimum Incentive Percentage Max Years
Tier 1  $50 million 250 200% 50% new tax growth 8 years
Tier 2 $100 million 50 120% 50% new tax growth 8 years
Tier 3 $75 million 50 120% 42.5% new tax growth 5 years
Tier 4 $50 million 50 120% 35% new tax growth 5 years
Tier 5 $25 million 50 120% 30% new tax growth 5 years
  Investment Minimum Jobs Minimum Avg. Salary Minimum Incentive Percentage Max Years
State Match $5 million 25 100% 35% new tax growth 5 years

TARGETED GROWTH AREA COMMUNITIES
New or existing companies may be eligible for a Business Development Grant when locating or expanding in a designated Targeted Growth Area/Vulnerable Community when investment and job creation thresholds exceed the minimum outlined below.

  Investment Minimum Jobs Minimum Avg. Salary Minimum Incentive Percentage Max Years
Targeted Growth Area/Vulnerable Communities $2 million  20  Wake County Living Wage  35% new tax growth  5 years

UPWARD MOBILITY BONUS
After qualifying for a Business Development Grant under Wake County policy, new or existing companies may be eligible for a Business Development Grant Bonus when locating or expanding in Wake County and meeting the following conditions:

  • Employees receive a minimum salary of Wake County Living Wage
  • Health insurance offered to employees and dependents
  • Prohibits discrimination against applicants and employees in hiring, promotion, discharge, pay, fringe benefits, jobs training, classification, referral, and other aspects of employment on basis of race, color, religion, sex (including pregnancy and wages), national origin, age, disability, genetics, veteran status, sexual orientation, gender identity or expression, family status, or political affiliation
  • Demonstrate second change hiring practices, including removal of prior conviction checkoffs
  • Provide a minimum of forty hours of bereavement leave for employees
  • Provide a minimum of eight weeks of parental leave for employees
  • Provide a minimum of sixteen hours of volunteer leave annual for employees
  • Provide opportunities for improvement of health and wellness of employees
  Investment Minimum Jobs Minimum Avg. Salary Minimum Incentive Percentage Max Years
Upward Mobility Bonus $2 million  20  Wake County Living Wage 5% additional new tax growth in addition to qualifying grant  8 years

MUNICIPAL INCENTIVES
Wake County has 12 municipalities. Each of these municipalities has their own incentive policy that can be used in conjunction with other county, workforce development, or state incentives. To learn more about these incentives, please contact us.

STATE OF NORTH CAROLINA DISCRETIONARY INCENTIVES
The State of North Carolina also offers discretionary incentive programs. The two programs are the Job Development Investment Grant and the One North Carolina Fund.

WATER AND SEWER INSTALLATION REIMBURSEMENT
For projects locating in the Research Triangle Park (RTP), Wake County allows for a reimbursement of the cost of the extension of water and sewer lines to within 5 feet of a building. The company or its contractors are eligible for the reimbursement.  

IN-KIND RESOURCES
Wake County Economic Development can assist companies and their team members in a variety of ways. Contact us to learn more about these resources.

WORKFORCE DEVELOPMENT & TRAINING INCENTIVES
Here in Wake County, we believe in collaborative partnerships between the education system, workforce boards and ourselves to help support the entire workforce pipeline.

 

 

Thanks to our Edge investors, who fund our economic development program 

View all Edge Investors >