Charlotte Welcomes Significant Job Growth as The Clearing House Expands Operations
The financial landscape of Charlotte is set for a boost as The Clearing House Payments Company L.L.C. plans to introduce 200 new jobs in Mecklenburg County. With an investment of $11.5 million, the company aims to establish a significant presence in Charlotte, capitalizing on the city’s status as a leading financial hub.
Governor Josh Stein emphasized the strategic advantage of Charlotte, stating, “Charlotte is the second-largest financial center in the nation.” He highlighted that The Clearing House can leverage North Carolina’s favorable business climate and skilled workforce to enhance the state’s financial services sector.
Founded in 1853, The Clearing House is a prominent player in the payments industry, processing over $2 trillion daily through various payment services. The expansion in Charlotte will support the company’s goals of innovation, collaboration, and strategic leadership in payment solutions, ensuring a modern and secure operational base for future growth.
David Watson, President and CEO of The Clearing House, expressed enthusiasm about the move, noting, “We’re excited to open a new office in Charlotte, one of the nation’s leading banking and financial services hubs.” He praised the city’s talent pool and existing financial community, seeing it as an ideal environment for strengthening client relations and expanding opportunities nationwide.
N.C. Commerce Secretary Lee Lilley also pointed out the state’s position as a financial and fintech hub, explaining that companies like The Clearing House benefit from North Carolina’s strategic advantages and workforce. The average salary of the new positions will be $162,322, significantly higher than the county’s average, leading to an estimated annual payroll impact of over $32.4 million.
The expansion is backed by a Job Development Investment Grant (JDIG), projected to boost the state economy by $1.3 billion over 12 years. The grant could reimburse the company up to $2.43 million, contingent on job creation and investment milestones being met. This initiative promises a public return on investment of 282%, indicating substantial state revenue growth relative to the grant’s costs.
Recognizing Mecklenburg County’s Tier 3 status in the state’s economic tier system, the JDIG agreement will also allocate up to $810,000 to the Industrial Development Fund – Utility Account, aiding infrastructure projects in rural areas.
Senator Caleb Theodros remarked on the financial sector’s role in job creation, saying, “This announcement highlights the important role that financial services play in supporting job creation in Mecklenburg County and in the state.” The expansion is seen as a positive development for the community, bringing new opportunities and economic benefits.
Representative Becky Carney expressed gratitude for The Clearing House’s investment, noting that the expansion strengthens the local business environment and reinforces the financial services sector’s impact on the economy.
Key partners in facilitating this project include the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, Commerce’s Division of Workforce Solutions, the North Carolina Community College System, Mecklenburg County, and the City of Charlotte.
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