Large insurance company bringing 301 high-paying jobs, $12.3M investment to Charlotte

CHARLOTTE, N.C. — Another major player in the financial world is betting big on the Queen City. North Carolina Governor Josh Stein announced Wednesday Pacific Life Insurance Company, a Fortune 500 firm based in Newport Beach, California, will open a new office in Charlotte, bringing 301 jobs and a $12.3 million investment to Mecklenburg County.

“Companies like Pacific Life know they can find the deep pool of specialized talent they need in North Carolina,” Stein said. “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 plans to occupy a 68,000-square-foot office across three floors at the Queensbridge Collective in uptown Charlotte’s central business district. The site features a fitness and wellness center, a one-acre outdoor green space, and nearby access to retail, dining, and light rail. The company expects to reach full occupancy by 2028 but will lease temporary space nearby in the meantime.

“Attracting and developing leading talent is central to Pacific Life’s growth strategy,” President and CEO of Pacific Life Darryl Button said. “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.”

While salaries will vary by role, the company’s average total compensation for the new positions is estimated at $176,250, compared to Mecklenburg County’s average wage of $86,830. In total, the new jobs are expected to create $53 million in annual payroll.

The project is supported in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over 12 years, the project is projected to grow North Carolina’s economy by $2.1 billion. Based on the JDIG agreement, Pacific Life could receive up to $5.5 million in performance-based reimbursements, contingent on meeting job creation and investment targets.

Officials say the return on investment for public dollars is expected to reach 335%, meaning that for every dollar of potential cost, the state could see $4.35 in revenue.

“Charlotte’s firing on all cylinders these days, and it’s a thrill to welcome another industry leader like Pacific Life to North Carolina,” Commerce Secretary Lee Lilley said. “Our ranking as CNBC’s Top State for Business is validated once again with today’s announcement.”

Local lawmakers also praised the news, noting Charlotte’s growing reputation as a financial powerhouse.

“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,” Sen. Caleb Theodros said.

“Once again, the close collaboration among our local, regional, and state economic development teams has made today’s decision possible,” Rep. Becky Carney added. “We welcome this new investment and these new jobs that will expand opportunities in our region.”

Founded nearly 160 years ago, Pacific Life offers a wide range of life insurance, annuities, and employee benefit products to individuals, families, and businesses. The company also provides investment products and services for corporations and pension plans, part of its mission to deliver “Confidence for Generations.”

The project was made possible through collaboration among the North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, and the City of Charlotte.

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