Jewelers Mutual coming to Raleigh with 200 jobs averaging $169K – Business North Carolina

A Wisconsin-based jewelry insurance company will invest $5.8 million and create 200 jobs in Raleigh that pay on average $169,592, more than twice the current average wage for Wake County.

Jewelers Mutual Group, which provides insurance protection to jewelry businesses and consumers will create an “innovation hub” to serve online customers. Based in Neenah, Wisconsin, south of Green Bay, the company started its search for a new office with about 15 cities, according to the state.

The decision came down to Dallas or Raleigh, with North Carolina winning out because of available talent, education systems, tax climate, real estate costs and more.

“North Carolina is a hotbed of technology innovation, and I’m pleased to see a well-respected company like Jewelers Mutual recognize our strengths and decide to grow their business in our state,” said Gov. Roy Cooper in a statement.

Jewelers Mutual was founded in 1913 and has more than 1 million customers nationwide and in Canada. The company serves jewelry businesses and provides customer service through insurance and technology. Jewelers Mutual also has offices in Dallas and Miami.

The company expects to employ 200 people in North Carolina over the next five years and make its $5.85 million investment by Dec. 31, 2025. Although wages will vary depending on the position, the average salary for the new positions will be $169,592, compared to the current average wage in Wake County of $74,866. The new positions will bring an annual payroll impact to the community of more than $33 million per year.

Jewelers Mutual’s project in North Carolina will be facilitated, in part, by a $2.4 million Job Development Investment Grant approved by the state’s Economic Investment Committee earlier Tuesday. That state money will be spread out over 12 years.

Wake County and Raleigh will also provide almost $147,000 in incentives. Workforce and community college assistance, $764,000, brings the total state incentive package to almost $3.2 million.

The Texas incentive package was valued at $3 million, according to the N.C. Department of Commerce.

The project’s projected return on investment of public dollars is 156%, meaning for every dollar of potential cost, the state receives $2.56 in state revenue. The state will also provide $802,250 to help with utility costs.