Cisco Expanding in Research Triangle Park
Raleigh, N.C. (June 6, 2014) – Governor Pat McCrory and North Carolina Commerce Secretary Sharon Decker announced today that Cisco will expand its workforce in Research Triangle Park. The company plans to create 550 new jobs in North Carolina by the end of 2017.
“Cisco has long been a strategic and valued partner of our great state,” said Governor McCrory. “With more than 4,600 full time employees already spread throughout North Carolina, we are proud to have Cisco expand its presence. These new jobs will support innovation, add to a strong base of tech-savvy workers and strengthen the Triangle’s economy.”
Cisco is the worldwide leader in networking that transforms how people connect, communicate, and collaborate. Founded in San Jose, California in 1984, today Cisco does business in more than 165 countries and employs more than 74,000 individuals.
“North Carolina, Wake County and RTP have proven to be an exceptional source of talent for our state,” said Secretary Decker. “Cisco continues to push innovation and add to our workforce, and we welcome this expansion.”
Cisco pioneered the Internet Protocol (IP)-based networking technology and this rich history of innovation continues with the development of routing, switching, and other networking-based technologies for the Internet of Everything. Cisco ranks 55th on the 2014 Fortune 500 companies list with a market capitalization of more than $115 billion.
“For more than twenty years we have been dedicated to contributing to North Carolina’s economy and investing in the local community,” said Gary Moore, Cisco president and chief operating officer. “By expanding our presence and hiring the best talent, we will continue developing technology solutions that will enable the Internet of Everything and fuel innovation here in RTP.”
These new jobs will support innovation. Cisco plans to hire a mix of finance, operations and advanced network services personnel over the next four years. Compensation for the new positions will vary by job function, but the average annual salary will be at least $72,700 plus benefits in each year of the grant. The average annual wage in Wake County is $49,410.
“Cisco.is a premier, Fortune 500 employer that sees the value in what RTP and North Carolina have to offer,” said Senator Tamara Barringer. “Its expansion is proof that the Triangle’s technology hub continues to grow. We’ve got the attractive quality of life, skilled talent, and solid business climate that Cisco and its employees need to succeed.”
“This defining expansion of Cisco in RTP is proof that the ‘Carolina Comeback’ is reaching companies on a global scale,” said Representative Tom Murry. “As Chair of the House Commerce and Job Development Committee, I commend Governor McCrory and Secretary Decker for their commitment to creating new jobs throughout North Carolina and I am proud to have been a part of this announcement.”
The project was made possible in part by an award to Cisco from the state Job Development Investment Grant (JDIG) program, as voted by the state Economic Investment Committee. Receipt of the award is based on proof of job creation and other performance requirements. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state, and which would not be undertaken in North Carolina without the grant.
Under the terms of the company’s JDIG award, Cisco is eligible to receive up to twelve annual grants based on 75 percent of the state personal income tax withholdings from the eligible new jobs created since the date of the initial award. Receipt of each annual grant is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over twelve years, the JDIG award could yield aggregate benefits to Cisco of $12.9 million.
Other partners who assisted with this announcement include: The N.C. Department of Commerce, NC Community College system, Wake Technical Community College, Capital Area Workforce Development Board, Wake County Economic Development and Greater Raleigh Chamber of Commerce.
For more information about Cisco including job opportunities, visit http://www.cisco.com/web/about/ac40/about_cisco_careers_home.html