Software company BuildOps expected to create over 250 jobs with new Raleigh hub
RALEIGH, N.C. (WTVD) -- Software company BuildOps will build a $771,000 operations hub and create 291 jobs in Raleigh, Governor Josh Stein announced Tuesday.
Founded in 2018, the Los Angeles-based company offers software platform for commercial trade contractors. The project in Raleigh will be the company's third operations hub, joining LA and Toronto.
"North Carolina offers companies like BuildOps a deep pool of tech talent," Stein said. "North Carolina's education and workforce training programs deliver the skilled people companies rely on to succeed in today's competitive marketplace. We welcome this veteran-owned business to North Carolina."
"We're thrilled to establish our newest operations hub in Raleigh, a city known for its exceptional talent pool, innovation-driven ecosystem, and strong commitment to business growth," said Alok Chanani, Co-Founder and CEO for BuildOps. "This expansion is an important step in our ongoing mission to revolutionize the commercial trade industry, and we look forward to becoming an integral part of the thriving Raleigh community."
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The average salary for the new positions will be $110,997, compared to the average wage in Wake County of $76,643. These new positions will bring an annual payroll impact to the community of over $30 million per year.
This project was made possible by a Job Development Investment Grant (JDIG) approved by the state's Economic Investment Committee earlier today. Over the next 12 years, the project is expected to grow the state's economy by over $701.7 million. The JDIG agreement allows the company to be reimbursed up to $1,839,000, spread across 12 years, based on new tax revenues generated by the jobs created. Payments are contingent on the company meeting job creation targets, verified by the Departments of Commerce and Revenue.
The project is projected to yield a 78% return on investment for public funds, meaning the state gains $1.78 in revenue for every dollar reimbursed. JDIG projects generate positive net tax revenue for the state, even after reimbursement payments.
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Since BuildOps selected a location in Wake County, classified as a Tier 3 county, $613,000 from its JDIG agreement will go into the state's Industrial Development Fund - Utility Account. This fund supports infrastructure upgrades in rural communities to attract future business. While the jobs are created in a Tier 3 county like Wake, the resulting tax revenue benefits economically disadvantaged communities across the state.
"I'm pleased to see a fast-growing company like BuildOps plant their flag in Raleigh," said Senator Jay Chaudhuri. "We know what it takes to help IT companies grow and our community will help them be successful in our region."
