Governor Josh Stein announced today that BuildOps, Inc., a company offering a software platform for commercial trade contractors will create 291 jobs in Raleigh. The company will invest $771,200 to establish an operations hub in Wake County.
“North Carolina offers companies like BuildOps a deep pool of tech talent,” said Governor Josh Stein. “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.”
Founded in 2018 with headquarters in Los Angeles, BuildOps has developed a software-as-a-service platform built specifically to serve commercial trade contractors, providing project management, service, dispatching, and invoicing solutions. The company’s customers include HVAC, plumbing, mechanical and electrical contractors, among others. The company’s project in Raleigh will establish the company’s third operations hub, joining hubs in Los Angeles and Toronto that serve the company’s rapidly growing customer base.
“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.”
“North Carolina’s tech sector has grown by 25% since 2018, outpacing the national average,” said Commerce Secretary Lee Lilley. “The state’s strong concentration of IT professionals has fostered an environment that attracts companies like BuildOps seeking the specialized, talented workforce North Carolina provides.”
Although wages will vary depending on the position, the average salary for the new positions will be $110,997, compared with an average wage in Wake County of $76,643. The new positions will bring an annual payroll impact to the community of more than $30 million per year.
The company’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by more than $701.7 million.
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,839,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation targets.
The project's projected return on investment of public dollars is 78 percent, meaning for every dollar of potential cost, the state receives $1.78 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because BuildOps chose a location in Wake County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $613,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Wake, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in 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.”
“Congratulations to the many economic development organizations and allies that demonstrated great teamwork to win this project for Raleigh and the greater Research Triangle region,” said Representative Cynthia Ball. “We look forward to seeing BuildOps reach the next phase of their growth here in North Carolina, serving their customers and bringing well-paying new jobs to the area.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, N.C. Commerce’s Division of Workforce Solutions, N.C. State University, Capital Area Workforce Development Board, Wake Technical Community College, the City of Raleigh, and Raleigh Economic Development and Wake County Economic Development, programs of the Greater Raleigh Chamber.