Press Release:
Prescient Will Invest Nearly $19 Million in East Coast Operations Center
Mebane, N.C. Governor Pat McCrory, North Carolina Commerce Secretary John E. Skvarla, III, and the Economic Development Partnership of North Carolina (EDPNC) announced today that Prescient will establish a 205-job operations center in Alamance County to serve its East Coast customer base. The integrated manufacturing and design technology company will invest more than $18.8 million at N.C. Commerce Park near Mebane.
"Once again, an innovative manufacturing leader has chosen North Carolina to take advantage of our outstanding business climate," said Governor McCrory.
"I love companies that build things and I look forward to the valuable contribution Prescient will make to our state's economy and business community."
Prescient provides the architecture, engineering and construction (AEC) industry with an innovative design platform that offers a faster and more cost-effective alternative to conventional building structures. The system, which now has 13 patents and 62 on file internationally, is making inroads in the multi-unit building segment, which includes apartments, student housing, senior living and hotels. The company has numerous projects already completed in Colorado, Florida and Texas. Several more are underway in these states as well as ones in Georgia, Illinois, Indiana, Kentucky, Missouri and Nebraska.
"North Carolina's outstanding transportation systems and trainable workforce put us on the short list for regional headquarters projects," said Secretary Skvarla.
"Our strategic mid-Atlantic geography will put Prescient within convenient reach of customers across the eastern United States."
Prescient will bring design, manufacturing and other business operations to the N.C. Commerce Park, a 1,200-acre business property developed collaboratively by Alamance County with the cities of Graham and Mebane. The company plans to employ designers, project managers, installers and other skilled positions. Salaries will vary by position, but the average annual compensation at Prescient's new facility will be $46,544. Alamance County's average wage is currently $36,346 per year.
"Developers, architects, engineers and general contractors in the multi-unit housing industry are seeing the benefits of our platform, and this facility will allow us to efficiently service our customers up and down the I-95 corridor from Maine to Miami by being closer to their markets," said Satyen Patel, chairman and CEO of Prescient.
"The demand for our system across the Mid-Atlantic, the South and South Eastern U.S. continues to grow, and we are looking forward to a long and productive partnership."
Prescient's arrival in Alamance County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Under the terms of the company's JDIG, the company is eligible to receive up to $1,964,700 in total reimbursements. Payments will occur in annual installments over 12 years pending verification by N.C. Commerce and N.C. Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base with the goal of increasing the overall tax benefit to the State of North Carolina.
By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. In the case of JDIG-supported projects in Tier 2 counties such as Alamance, 15 percent of the award is directed to the state's Industrial Development Fund - Utility Account to help finance economic infrastructure in less populated Tier 1 and Tier 2 counties. Prescient's new facility could provide as much as $218,300 in new funds for the Utility Account. For additional information on county tier designations, click here.
"The selection of N.C. Commerce Park for this East Coast operations facility brings another major name to our business-friendly county," said State Senator Rick Gunn.
"I congratulate Prescient on its terrific choice and look forward to supporting its success in our community."
"These are great jobs that come with excellent pay and benefits," said State Representative Stephen Ross.
"I welcome Prescient to Alamance County and look forward to it becoming a visible part of our community."
"Alamance County has a rich history in manufacturing, and I am proud to see that tradition continue with the arrival of this 21st century manufacturer," said State Representative Dennis Riddell.
"I commend the excellent work of our local and state economic development partners."
Since Governor McCrory entered office in January of 2013, North Carolina's economy has generated more than 300,000 jobs.
N.C. Commerce and the Economic Development Partnership of North Carolina worked with the North Carolina General Assembly, North Carolina Community College System, Alamance Chamber, Alamance County Board of Commissioners, and the cities of Graham and Mebane to make this project happen.
- Contact: Crystal Feldman
- govpress@nc.gov
