Retailer, Ross Stores, Inc. will create 852 jobs in Randolph County North Carolina, Governor Roy Cooper announced. The company will invest $450 million to build a southeastern region distribution center in the City of Randleman.
“We are delighted to welcome Ross Stores to Randolph County,” said Gov. Cooper. “Nationally recognized brands like Ross will appreciate the quality of life in North Carolina as well as the capability of our world-class workforce to help them grow and succeed.”
Ross Stores is a $20 billion, Fortune 500 company that operates two off-price chains including Ross Dress for Less, the largest off-price apparel and home fashion chain in the U.S. The company will build its ninth distribution center in a 1.7 million square-foot facility on 330 acres for warehousing, fulfillment, and packing operations.
“We are excited about the opportunity to build out a new distribution facility in North Carolina to support our growth initiatives over the long term,” said Rob Kummerer, Executive Vice President of Supply Chain, Ross Stores, Inc. “We value the collaboration of the many state and local leaders, including the Economic Development Partnership of North Carolina, Department of Commerce, and the officials in the city of Randleman and Randolph County who have been instrumental in bringing these plans to fruition.”
These new jobs could create a potential payroll impact of more than $39 million for the region each year.
Ross’ project in North Carolina will be facilitated, in part, by a Job Development Investment Grant awarded to Ross Dress For Less, Inc., which was approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1.4 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $7,611,300, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
The project’s projected return on investment of public dollars is 61 percent, meaning for every dollar of potential cost to the state, the state receives $1.61 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Ross’ JDIG agreement could also move as much as $845,700 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 2 county such as Randolph, their JDIG agreements move some of the new tax revenue into the state’s Industrial Development Fund – Utility Account. Local communities in more economically challenged areas of the state use grants from the Utility Account to build public infrastructure projects, which can improve a community’s ability to attract companies to their regions.
