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December 4, 2018

CT commits $10M for Stamford hiring effort

Photo | Indeed
By Joe Cooper

Employment search giant Indeed will receive a $10 million state loan to hire another 500 workers and invest $66 million in Stamford, state officials announced.

Gov. Dannel P. Malloy said the the Connecticut Department of Economic & Community Development (DECD) has committed a 15-year, $10 million loan to Indeed for equipment and leasehold improvements at 177 Broad St. The loan may be forgiven if Indeed hits certain job targets.

Indeed may also receive up to $5 million in tax credits through DECD's Urban and Industrial Site Reinvestment Tax Credit program.

The tech company, co-founded in Stamford and Austin, Tex., said in July 2017 it would add up to 500 jobs and invest $26.5 million at its Stamford location during the coming years to increase its Connecticut presence to over 1,200 employees. That deal was also supported by a 15-year, $7 million loan from DECD.

Monday's jobs announcement will raise Indeed's Stamford workforce to 1,700.

Indeed also said it will invest another $66 million in its expansion, which may include exploring another property in Stamford to accommodate its growth projections there.

The company operates the nation's largest job site, connecting millions of job seekers to listings in more than 60 countries and 28 languages. More than 250 million people access Indeed's website every month for jobs, posting resumes and researching companies.

DECD has supplied several multimillion-dollar loans and grants this year for companies looking to expand in Stamford.

In May, Malloy said DECD will provide accounting and consulting firm PricewaterhouseCoopers (PwC) $9 million in grants to support its plans to add 400 new jobs in Stamford and Hartford over the next five years.

The next day, he made another jobs announcement that two entertainment companies were planning to relocate to the same downtown Stamford space, creating about 450 new jobs. DECD is providing a $6 million loan to production group ITV America and a $3 million loan to startup Wheelhouse Entertainment for the relocations.

In July, accounting firm KPMG LLP said it planned to add 110 jobs at a new Stamford office with the help of a $3 million state loan from DECD.

In September, Stamford-based research and advisory firm Gartner Inc. said it would add 400 workers, which was also supported by a $5 million state loan.

In total, these deals account for at least $36 million in DECD backing.

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