Invitae Corporation plans to build a major testing and laboratory facility in Wake County, creating 374 jobs and investing $114.6 million in Morrisville, North Carolina over the next decade.
San Francisco-based Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices.
The company’s project in Wake County will establish an advanced genetics testing laboratory on the east coast of the United States, to support Invitae’s fast growing business. The Morrisville lab is expected to initially ramp up capacity to volume levels similar to Invitae’s flagship San Francisco laboratory facility, with additional growth projected in future years.
The average salary of the specialized new positions will reach $91,176, although specific wages will vary depending on job role. The regional economy is expected to eventually benefit from more than $34.1 million in total payroll impact each and every year, and salaries for technical and specialized jobs at the facility are expected to be significantly above the average wage in Wake County which currently stands at $63,966.
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. 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.
Invitae’s JDIG agreement could also move as much as $2,255,750 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 3 county such as Wake, 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. ■