Parexel has said it will invest $1.7m in the facility, which will house several headquarters functions, including a range of operational and professional support functions. The company currently has more than 600 employees in North Carolina. Its other headquarters are in Waltham, MA.
According to the North Carolina Department of Commerce and the Economic Development Partnership of NC (EDPNC), which led the state’s support for the expansion, the move will create an annual payroll impact of more than $29.4m to the Durham economy.
The expansion is estimated to grow the state’s economy by $869m, supported in part by a Job Development Investment Grant (JDIG) to be awarded over a 12-year period over which time Parexel could be reimbursed up to $4,194,000.