Payrolls proliferate in Lubbock with business expansions Payrolls proliferate in Lubbock with business expansions https://www.recenter.tamu.edu/news/newstalk-texas/?Item=32602014-08-26T08:32:00Z2014-08-26T00:00:00Z

LUBBOCK - National Pump Co. and The Decor Group plan to create at least 55 new jobs as the result of expanded business operations, according to the Lubbock Economic Development Alliance (LEDA).

LEDA incentivized The Decor Group $71,000 for the creation of 18 jobs, and incentivized National Pump Co. $113,000 for the creation of 32 new jobs. The financial incentives will be paid during the next five years as the jobs are created.

National Pump Co. is a business that specializes in pump technology, and its expansion is projected to equal $4.3 million in new capital investment. The newly created jobs will have total annual salaries of about $1.1 million.

The Decor Group, a company that furnishes Christmas lighting and outdoor lighting for houses, decided to expand by making a capital investment of close to $600,000, which is expected to add 23 new jobs with an annual salary of $835,000.

Additionally, X-FAB, a manufacturer of silicon wafers for mixed-signal integrated circuits, plans to invest $15 million in new capital equipment at its Lubbock location for the first phase of the project. The investment is geared toward modernizing its plant, and could create up to 75 jobs.

In total, these companies will invest more than $19.9 million in new capital improvements and the jobs created from their projects will provide more than $1.9 million in new, annual salaries. Once fully operational, the total change in Lubbock County’s gross regional product will be $5.8 million annually.

It is important to note the quality of jobs these companies will create, according to Kenny McKay, director of business retention at LEDA. Starting positions at X-FAB, for example, average more than $50,000 annually.

Lubbock Avalanche-Journal
http://lubbockonline.com/local-news/2014-08-20/leda-announces-lubbock-business-expansions-creating-55-new-jobs#.U_yEzWP1vjVRead more at {Source}

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