MONITORING THE ECONOMIC PULSE OF THE TRIAD | BY JORDAN GREENRALPH LAUREN TO ADD 500 JOBS IN HIGH POINT
Ralph Lauren Corp. plans to expand operations in the High Point, Gov. Bev Perdue announced last week. The expansion includes the addition of 500 jobs over the next five years and an investment of $97 million.
The High Point City Council approved $2 million in incentives, and the Guilford County Commission agreed to chip in $1.2 million in May. As a result of the local incentives, the company qualifies for a $500,000 from the One North Carolina Fund administered by the state of North Carolina. The company could also receive up to $2.5 million in funds from the Job Development Investment Grant if it meets targets for nine years.
Ralph Lauren is the largest employer in High Point. The company has three distribution centers, a customer contact center and a research and development facility in North Carolina, according to a press release from the governor’s office.
The High Point expansion would add to Ralph Lauren’s inventory management and research and development. The press release indicated that the total payroll for the new positions would be almost $15.5 million, which translates to an average of $31,000, although salaries will vary with job function.