Lowe’s Hits Job Targets, Collects $5.2 Million From The State
Lowe’s received a $5.2 million payment from the state on Tuesday, part of an overall economic grant package that could be worth more than $54 million over 12 years.
In 2019, Mooresville-based Lowe’s promised to invest $153.8 million to create 1,600 jobs paying an annual average wage of $117,972 at a technology center in Charlotte.
As of 2024, it has invested almost $180 million, created 1,511 jobs (93.7% of the target), which pay an annual wage of $168,298. Lowe’s also retained 5,104 jobs as part of the agreement. Lowe’s should continue getting annual payments through 2031 unless it eliminates jobs.
The state’s Economic Investment Committee, part of the N.C. Department of Commerce, approved the annual payment on Tuesday. The EIC monitors the agreement to ensure the company hits job creation and investment targets before making payments.
Lowe’s opened its technology center in Charlotte’s South End in the fall of 2021. The 23-story, 375,000-square-foot technology center is also known as the Design Center Tower.
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