Dimensional Fund Advisors LP Brings Regional Headquarters, 316 Jobs to Mecklenburg County

Press Release

Governor Pat McCrory, North Carolina Commerce Secretary John E. Skvarla, III and the Economic Development Partnership of North Carolina announced today that Dimensional Fund Advisors LP (Dimensional) will be locating its East Coast regional headquarters in Mecklenburg County. The company plans to create 316 jobs in Charlotte by the end of 2020. There will also be capital investment of approximately $105 million for acquiring property, building and outfitting a new office building. The new facilities could be completed as early as early as 2018.

"Charlotte has established itself as the major financial center and is well-suited for Dimensional," said Governor McCrory. "This will be a great addition to North Carolina's portfolio of financial companies."

Headquartered in Austin, Texas, Dimensional is a leading global investment firm that has been translating academic research into practical investment solutions since 1981.

"In selecting Charlotte for its East Coast regional headquarters, Dimensional will be able to take full advantage of the financial and IT workforce that North Carolina has to offer," said Secretary Skvarla. "The Queen City is known for its financial sector, and we are excited to welcome yet another new business to North Carolina."

Jobs functions will span a broad range of administrative, client services, sales, investment management, IT services and leadership positions. Salaries will vary by job function with average annual wages projected to be $147,025. The average annual wage reported in Mecklenburg County is $59,882.

"This is an exciting time for Dimensional as we embark on expanding our business operations to Charlotte," said David Booth, Chairman and co-CEO of Dimensional. "We are energized by Charlotte's vibrancy and believe our business is well matched for the community."

The project was made possible in part by an award to Dimensional 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 reimbursement.

Under the terms of the company's JDIG, Dimensional is eligible to receive up to twelve annual reimbursements equal to 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 reimbursement is based on state-certified proof that the company has fulfilled incremental job creation requirements. Over 12 years, the JDIG could yield aggregate benefits to Dimensional of more than $10.3 million upon the creation of 316 jobs.

More than $3.4 million in additional funds from the company's JDIG award could be added to the state's Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to a company whose site is located in the state's more economically prosperous counties such as Mecklenburg, a percentage of the company's grant is allocated to the Utility Fund to encourage economic development in less prosperous counties. For more information on the county tier designations, visit: http://www.nccommerce.com/research-publications/incentive-reports/county... (link is external)

"Mecklenburg County warmly welcomes Dimensional's East Coast Regional Headquarters," said Senator Joel Ford. "This global investment firm will be a great addition to our county."

"Congratulations to Dimensional for deciding to build a new regional headquarters here," said Representative Becky Carney. "These good paying jobs reflect sales, information technology services, and management positions that will enhance our community."

Other partners who assisted with this announcement include The N.C. Department of Commerce, NC Community College System, Central Piedmont Community College, the City of Charlotte, Mecklenburg County, Charlotte Center City Partners and the Charlotte Chamber of Commerce.