Jewelers Mutual plans to open a tech-focused office in Raleigh after inking deal with state

Jewelers Mutual Insurance Co. will open a new innovation hub in Raleigh, creating around 200 new technology jobs in the city after receiving an incentives package from the state.

Why it matters: If it meets hiring goals, the Wisconsin-based company could receive $3.2 million in incentives from North Carolina as well as $150,000 from the city of Raleigh and Wake County.

Driving the news: The state's Economic Investment Committee approved the incentive package on Tuesday morning.

• Jewelers is expected to invest $5.8 million in the new local office by the end of next year and create the new jobs between 2025 and 2029.

Zoom in: The insurance company hopes to create a technology and data-focused office to build new features for its customer service and insurance products, the state's Commerce Department said. Many of the jobs will be computer engineering or data-related positions.

• The minimum average wage for the project will be nearly $170,000, the Commerce Department said. Wake County's current average salary is around $75,000, according to the state.
• Commerce also said that Jewelers Mutual surveyed 15 cities before narrowing its search down to Dallas and Raleigh.
• Texas offered an incentives deal worth around $3 million, according to Commerce.

Between the lines: The expansion could be welcome news for Raleigh's sluggish office market, as the number of office-based job expansions has slowed in recent months.

• About one-fifth of office space in the Triangle is vacant right now, as the pandemic era's push toward remote work becomes entrenched, Axios previously reported .
• It wasn't immediately known where in Raleigh Jewelers Mutual would place its office.

Sign up for Axios Raleigh for free.