CLEVELAND, Ohio — Progressive Corp. plans a $30 million enlargement in Highland Heights, bringing 900 new jobs.
The Mayfield-based mostly insurer, which employs about 9,000 regionally, was accepted for a 12-yr tax credit score for almost $sixty three million in new annual payroll. The Ohio Tax Credit score Authority in the present day stated it permitted a 2.35 % job creation tax credit score. In trade, Progressive agrees to take care of the operations for a minimum of 15 years.
The enlargement will even assist retain almost 10,000 jobs, based on Workforce NEO, the financial improvement group targeted on creating native jobs. These retained jobs have a complete payroll of about $819 million
The incentives have been accepted in the present day by the Ohio Tax Credit score Authority in Columbus. The Progressive challenge was amongst a number of statewide introduced at this time by Ohio Gov. John Kasich in a information launch.
There have been hints Progressive might have opened its new operation in one other state.
In a press release, Progressive Chief Human Assets Officer Lori Niederst stated the insurer selected Northeast Ohio for its enlargement due to a gifted labor pool and a enterprise-pleasant surroundings.
“Progressive has referred to as Northeast Ohio residence for eighty years. We all know it is an excellent place to reside, work and play and we’re happy to be including jobs right here,” Niederst stated within the assertion in a Workforce NEO information launch. “We’re dedicated to attracting and creating the highest expertise on this space to assist us meet our objective of turning into the primary selection and vacation spot for auto and different insurance coverage.”
The corporate as we speak did not point out when the development or hiring will start. The enlargement is predicted to be completed by December 2021.
Progressive expects to open the brand new location to “accommodate elevated enterprise wants associated to firm progress,” based on the state. The workforce will embrace some “qualifying work at home staff,” most of who will work in customer support and headquarters duties.
Staff NEO stated in a press release that a group together with representatives from its workplace, JobsOhio and the Higher Cleveland Partnership labored collectively on the Progressive enlargement venture.
Invoice Koehler, CEO of Group NEO, stated in a press release that officers are glad Progressive is increasing regionally. He added that Ohio is second solely to New York Metropolis for the variety of headquarters for U.S. banks and insurance coverage corporations, saying Ohio is “a premier location for companies given its monetary providers, innovation community, plentiful tech-savvy expertise and prime-rated…