Pacific Life, a Fortune 500 insurance company based in Newport Beach, California, will open a new office in Charlotte and create 301 jobs, according to an announcement from Governor Josh Stein. The company plans to invest $12.3 million in Mecklenburg County as part of its expansion.
Governor Stein stated, “Companies like Pacific Life know they can find the deep pool of specialized talent they need in North Carolina. Charlotte’s national reputation as one of the nation’s top financial services centers continues to attract great companies to our state. We’re proud to welcome Pacific Life.”
Pacific Life has been providing life insurance, annuity, and employee benefit products for nearly 160 years. The new office will occupy 68,000 square feet across three floors at the Queensbridge Collective in Charlotte’s central business district. Full occupancy is expected by 2028. Employees will have access to amenities such as a fitness and wellness center, outdoor green space, retail and dining options, and proximity to public transportation.
“Attracting and developing leading talent is central to Pacific Life’s growth strategy,” said Darryl Button, President and CEO of Pacific Life. “Charlotte is home to a thriving workforce, and we look forward to welcoming new talent to the Pacific Life team to help drive our long-term success. This expansion effort was a true partnership between many in North Carolina, and we want to thank Governor Stein, the North Carolina Department of Commerce, and the Economic Development Partnership of North Carolina for all their efforts and support in the decision-making process.”
North Carolina Commerce Secretary Lee Lilley commented on Charlotte’s continued growth: “Charlotte’s firing on all cylinders these days, and it’s a thrill to welcome another industry leader like Pacific Life to North Carolina. Our ranking as CNBC’s Top State for Business is validated once again with today’s announcement.”
The annual compensation for the new positions will total $176,250 per job on average—well above Mecklenburg County’s average wage of $86,830—and is expected to generate more than $53 million annually in payroll impact for the community.
The project is supported by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over twelve years, this initiative is projected to add $2.1 billion to North Carolina’s economy. The JDIG agreement allows potential reimbursement up to $5.5 million over that period if performance targets are met.
With an estimated return on investment of 335 percent for public dollars spent—meaning every dollar invested could yield $4.35 in state revenue—the grant aims for positive net tax revenue even after reimbursements.
N.C. Senator Caleb Theodros remarked on Charlotte’s reputation: “When it comes to the financial services industry, Charlotte and Mecklenburg County come to mind first thanks to the hard, detailed work behind the scenes that makes our region the best choice for a company like Pacific Life,” he said.
N.C. Representative Becky Carney highlighted local collaboration: “Once again, the close collaboration among our local, regional, and state economic development teams has made today’s decision by Pacific Life possible,” she said.
Other partners involved include the North Carolina General Assembly; North Carolina Community College System; Division of Workforce Solutions; Mecklenburg County; City of Charlotte; North Carolina Department of Commerce; and Economic Development Partnership of North Carolina.
