GE Capital will be opening the GE Capital Technology Center which will provide software development and IT support for the company’s financial services business. Louisiana Economic Development (LED) estimates that the 300 new GE Capital positions in New Orleans will result in approximately 301 new indirect jobs, for a total of more than 600 direct and indirect jobs. GE spokesman Andrew Williams said Friday that the jobs with GE Capital will pay up to $100,000. He said all the positions will be new hires. The center is expected to begin operating in mid-2012. Williams said the jobs will be in computer engineering, data management and network services. By the end of 2015 when the Technology Center is fully staffed, its total payroll will be in excess of $28 million. City Business also reported that New Orleans was chosen over Indianapolis when the company made the final decision as to where to open the facility.
The state began cultivating IT-related economic development opportunities with GE in late 2010, and those efforts intensified in collaboration with local partners GNO Inc., the New Orleans Business Alliance and the New Orleans Mayor’s Office in 2011 as GE Capital was conducting a nationwide search for its new IT Center of Excellence.
New Orleans Mayor Mitch Landrieu said, “GE’s decision to bring 300 new, high-tech jobs to New Orleans is major coup for our city. GE is an international business leader, and this announcement is a decisive show of confidence in our city’s business climate. I look forward to having a community partner here like GE that is rooted in renewing and strengthening our country’s global competitiveness through innovation and manufacturing. This project adds to the momentum we have seen locally and is a product of the unmatched coordination and partnership between the city, the state, and local economic development agencies and private businesses, including GNO Inc., the New Orleans Business Alliance, and Ochsner.”
According to LED, to secure the GE capital project, the organization had to develop a customized incentive package that includes a $10.7 million performance-based grant to reimburse certain costs associated with relocation, recruitment, office refurbishment, lease expenses and office equipment. Additionally, LED committed to provide $500,000 per year for 10 years to fund enhanced software development-focused academic programs in New Orleans to be provided by one or more Louisiana higher education institutions. These programs will be developed in a collaborative process including LED, GE Capital and higher-education leaders, with a focus on growing the future software development talent pipeline in the area. GE Capital also is expected to apply for the state’s Quality Jobs incentive program.