Raleigh-based Bandwidth says it will create over 1,000 jobs in the coming years as part of a major expansion in the Triangle that includes a new headquarters and more than $100 million in capital investments.
The plans were announced Tuesday when the state’s Economic Investment Committee approved a Job Development Investment Act Grant that includes potential reimbursement to the company of up to $32.2 million over 12 years. Bandwidth (Nasdaq: BAND) says it plans to create 1,165 new jobs over eight years.
The jobs will have a minimum average wage of $96,000, according to N.C. Commerce. The new positions will be in R&D, operations, sales, marketing and administration. Over the course of the 12-year term of the grant, which begins in 2024, the project is estimated to grow the state’s economy by more than $2.7 billion, according to Commerce.
Bandwidth, a telecommunications technology firm, is currently headquartered at Centennial Campus. But the expansion includes a new, $70 million headquarters in Raleigh at the southwest corner of Reedy Creek and Edwards Mill roads. The 40-acre site is currently owned by the state and the company has agreed to buy the land for $30 million, according to Commerce.
For 2019, Bandwidth’s revenue was reported at $232.6 million, up 14 percent. The 20-year-old company ended the year with 772 employees. Compare that to the 611 employees it reported at the end of 2018.
In a statement, Bandwidth CEO David Morken said, “Today’s announcement allows us to establish even deeper roots in our vibrant community that will support our growing customers and our flourishing team.”
Bandwidth was also considering splitting the expansion between its locations in Denver and Rochester, New York.