High labor costs and excess office capacity are cited for the move to North Carolina.Jersey City will lose about 400 jobs next year when the American Institute of Certified Public Accountants moves its local operations to Durham, North Carolina. High labor costs and excess office capacity were the primary reasons behind the move, according to an announcement by the organization. The move, which is planned for August 2006, will involve finance, information technology, publishing, human resource and other personnel, according to Anne Sittman, a spokeswoman for the organization that represents certified public accountants.
She adds that the AICPA is working on a relocation package for employees who wish to move to the new, 80,000-sq.-ft Durham site that is expected to be finished by July 2006. The North Carolina governor”s office notes that the move will bring 360 new jobs and $5.2 million in new investments to the city. The AICPA could receive up to $6.98 million from North Carolina under a state economic incentive package that awards grants of up to 70% of the state personal income withholding taxes generated by new jobs. According to the North Carolina”s governor”s office, the new AICPA jobs will pay an average annual salary of $53,500 plus benefits. Currently, the average annual Durham County wage earner gets $32,864 plus benefits.