California-based financial company PennyMac will open a new location in Franklin, according to a release from the Tennessee Department of Economic and Community Development (TNECD).
The company will invest approximately $3.9 million in the new area and create roughly 325 new jobs in Williamson County.
“Pennymac is a nationally-recognized brand that serves more than 2 million customers across the country. We are proud Pennymac chose Tennessee for this project and appreciate the company for its investment and job creation in Williamson County,” said Governor Bill Lee.
Last year, the company was awarded fourth on the list of Fortune’s 100 Fastest-Growing Companies.
“Extending Pennymac’s operations into Tennessee will boost our coast-to-coast coverage allowing us to join a thriving business community with a superb talent pool. The added support will reinforce our strong stance on providing excellent customer service, while supporting the organization’s overall growth initiatives,” said Doug Jones, the company’s president and chief mortgage banking officer.
In recent years, California companies have flocked to Tennessee. For example, California-based Gutterglove, Inc. moved its company’s headquarters from Roseville, California to Franklin. Additionally, Kaiser Aluminum, a company that produces semi-fabricated specialty aluminum products for companies like Boeing, established its new corporate headquarters in the Volunteer State.
“The number of California companies choosing to do business in Tennessee is growing at a rapid pace, and we are pleased to welcome Pennymac’s newest operations to our state. The company’s nearly $4 million investment in Franklin reinforces Tennessee’s pro-business climate, highly skilled workforce and exceptional quality of life,” added TNECD Commissioner Bob Rolfe.
A recent analysis from The Hoover Institution at Stanford University showed that Tennessee is one of the most popular destinations for companies leaving California—only trailing Texas in the number of new businesses.
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Cooper Moran is a reporter for The Star News Network. Follow Cooper on Twitter. Email tips to [email protected].
Photo “PennyMac Financial Services” by TNECD.
A California company fits perfectly in the woke community of Franklin.
And, I like John, want to know how much this costs the taxpayers.
Yet another deal by Lee but no report as to how much this is costing us – mainly in the form of tax breaks.
It’d be nice to know if a company moved here on their own accord because of the already favorable tax climate and not because they got some kind monetary incentive.