More than 700 jobs could be coming to Durham County, as a health care venture connected to Iqvia is expanding in the Triangle.
Q Squared Solutions Holdings just inked two incentives deals with the state of North Carolina to create jobs – broken up in to two phases. The first deal is to create 293 jobs over two years, from 2021 to 2022. The second is to create 456 jobs from 2023 to 2027.
Q2 Solutions -- a joint venture 60 percent-owned by Iqvia (NYSE: IQV) and 40 percent-owned by Quest Diagnostics -- currently has its corporate headquarters in Morrisville near RTP.
For the first phase of the deal, North Carolina has offered up a total incentives package worth more than $4.7 million for the first phase and nearly $6.1 million for the second tranche. Q2 hopes to pay average annual wages of $89,379 for the first phase and $82,603 for the second phase. Compare those averages to Durham County’s current annual average wage of $68,731.
And public records show the county faced competition from Georgia for both phases.
Q2 has maintained a lab and corporate presence in Marietta, Georgia, since the 1990s and, according to what it told the state, it had received local incentive proposals totaling between $10.4 million and $11.6 million – just for the second phase of the project. For the first phase, incentives offered by Georgia vary between $6.7 million and $7.4 million.
“The company has stated that Phase 2 of the project is wholly dependent on Phase 1 and it will make a site selection decision for Phase 1 and Phase 2 together,” the company told the state according to an internal briefing memo. “If Phase 1 locates in Georgia, then Phase 2 would locate in Georgia along with Phase 1.”
By: Lauren Ohnesorge (Triangle Business Journal).
Image: Insurance Journal.
Review: FlagMarkets.