News Summary
Jewelers Mutual Group has opened a new office in Raleigh’s One North Hills Tower. The move includes plans for significant job growth, with an investment of $5.8 million aimed at enhancing digital capabilities. Over the next five years, the company forecasts creating 200 high-paying jobs in a location favorable for innovation. The venture is supported by substantial local incentives, including a $2.4 million grant, pointing to a promising economic impact for the region.
Raleigh, North Carolina — Jewelers Mutual Group Opens New Office and Plans Major Job Growth
Jewelers Mutual Group, a leading provider of jewelry insurance, has officially opened a new office in Raleigh’s One North Hills Tower. The company, headquartered in Neenah, Wisconsin, now occupies 31,000 square feet at the Raleigh location and currently employs about 50 staff members.
Focus on Innovation and Digital Expansion
The new Raleigh office is primarily dedicated to advancing the company’s digital presence and strengthening its analytical capabilities. The company has announced plans to invest $5.8 million into this office over the next several years. Its early hiring efforts include roles for software engineers, product managers, designers, and professionals in marketing and human resources.
Strategic Location Selection
The decision to establish the Raleigh office was influenced by its proximity to prominent research and technology centers, as well as the area’s world-class universities within the Triangle region. The company’s CEO, Scott Murphy, expressed appreciation for Raleigh’s business climate, collaborative culture, and its capacity to attract innovation and talented workers.
Growth Projections and Economic Impact
Jewelers Mutual aims to create 200 jobs over the next five years, with an expected average annual wage of $169,592. This wage rate surpasses the average wage in Wake County by more than double. Job inception will happen gradually, focusing on quality talent acquisition without a fixed timeline for reaching full employment.
Financial Incentives and Incentive Package
The company’s expansion is supported by a comprehensive incentives package from state and local governments, potentially exceeding $3.3 million. A significant part of this package is a $2.4 million Job Development Investment Grant, disbursed over 12 years once hiring milestones are met. Additionally, workforce development incentives totaling $764,000 are included.
Should Jewelers Mutual meet its investment and job creation goals, it will qualify for these incentives, which are designed to promote regional economic growth. The projected public return on investment for the state is calculated at 156%, indicating a strong economic benefit from the project.
Previous Planning and Regional Benefits
The company announced its plans under the project name “Project Diamond” last year, selecting Raleigh after considering 15 other locations. The decision was influenced by the area’s advantageous economic and quality of life factors, alongside its lower real estate costs.
Additional Offices and Customer Base
Jewelers Mutual operates additional offices in Dallas and Miami, serving a customer base of over 1 million clients across the U.S. and Canada.
Conclusion
With its expansion into Raleigh, Jewelers Mutual Group anticipates significant growth, both in employment and technological capacity. The company’s investment reinforces the region’s position as a hub for innovation and quality of life, while heavily benefiting from the incentives framework designed to foster economic development.
Deeper Dive: News & Info About This Topic
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Additional Resources
- Business NC
- News & Observer
- Insurance Journal
- WRAL
- JCK Online
- Wikipedia: Jewelry Insurance
- Encyclopedia Britannica: Jewelry
- Google Search: Jewelers Mutual Group
- Google News: Jewelers Mutual Raleigh
- Google Scholar: Jewelers Mutual Group
Author: STAFF HERE RALEIGH WRITER
RALEIGH STAFF WRITER The RALEIGH STAFF WRITER represents the experienced team at HERERaleigh.com, your go-to source for actionable local news and information in Raleigh, Wake County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the North Carolina State Fair, Raleigh Arts Festival, and the Hopscotch Music Festival. Our coverage extends to key organizations like the Greater Raleigh Chamber of Commerce and Visit Raleigh, plus leading businesses in technology and education that power the local economy such as Red Hat and NC State University. As part of the broader HERE network, including HEREAsheville.com, HERECharlotte.com, HEREGreensboro.com, and HEREOBX.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.
