Stonegate Mortgage Corporation, a publicly traded mortgage company that finances and services residential mortgages, plans to expand its Pinellas County operations to the Cardinal Point area in St. Petersburg. The move will mean the addition of 139 new employees by 2016.
The business climate and quality of workforce in Pinellas are part of what fueled the company's expansion. Previous successful hiring at their existing location was a big part of their decision to stay and expand here. Stonegate
will also receive a Qualified Target Industry Tax Refund from the State of Florida and Pinellas County, which provides a rebate of up to $5,000 for each new job created and verified.
The expanded offices will be part of the company’s headquarters and back office operations for the company. The new positions are expected to pay over $47,500 (115 percent of the State of Florida’s average annual wage) and focus on underwriting, clerical, legal and other administrative functions.
"We have a strong financial services sector throughout the Tampa Bay area, which is why they chose to expand here," says Mike Meidel, Director of Pinellas County Economic Development
. "The quality of life [in Tampa Bay] makes it easy to attract people from elsewhere in the country, but they should find everything they need here in the local labor force."
The capital investment for the new space is estimated at $920,000. Projected salaries could mean an economic impact of $10.5 million on the local community, resulting in more money spent locally.
Writer: Megan Hendricks
Source: Mike Meidel, Pinellas County Economic Development