The Shaw Group Inc. will expand its Shaw Power Group operations in Charlotte, N.C., adding 556 jobs and investing $35 million during the next five years. The announcement was made possible in part by a Job Development Investment Grant.
The Shaw Power Group currently employs 780 workers at its downtown Charlotte headquarters and 165 at a facility in west Charlotte. The additional 556 jobs will be primarily for engineers and designers but also will include other professional and administrative positions.
While wages will vary by job function and experience, the expected overall average yearly salary for the new jobs will be around $81,000 plus benefits, which is significantly more than the Mecklenburg County average of $35,672 not including benefits.
“The Shaw Group is enthusiastic about the expanding role Charlotte will play as our Power Group headquarters,” said J.M. Berhnard Jr., chairman, president and CEO for The Shaw Group. “The state’s high-quality secondary education system and regional universities as well as the tremendous talent pool in the region were key factors in our decision to expand in Charlotte.”
The Shaw Group, which is headquartered in Baton Rouge, La., was founded in 1987 as a fabrication shop by Bernhard and two colleagues. Today it is a leading provider of a wide array of services including engineering, procurement, construction, technology, fabrication, manufacturing and environmental remediation with annual revenues expected to surpass $7 billion this fiscal year.
In 2000, the company acquired the assets of Stone & Webster and expanded into the energy industry. The Charlotte-based Shaw Power Group was strengthened in 2006 when the company acquired a 20 percent share in Westinghouse Electric Co.
The state’s Economic Investment Committee voted to award a JDIG grant to the company to facilitate this project
For each year in which the company meets the required performance targets, the state will provide a grant equal to 70 percent of the state personal income withholding taxes derived from the creation of new jobs. Should the company create the jobs called for under the agreement and sustain them for 10 years, the agreement could yield as much as $12.67 million in maximum benefits for The Shaw Group.
Job Development Investment Grants 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.
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