Concerns over Bechtel moving more than one-thousand jobs to Virginia have been addressed with an announcement from Maryland politicians, that the company's power division will retain and continue operations at its Frederick location.
Bechtel Power Corpwill get a $9.5 million conditional loan approved for the company by Maryland's Legislative Policy Committee. In return, the subsidiary of California-based Bechtel Corp., must retain at least 1,250 full-time high-wage jobs through the year 2018. The company will also consolidate operations in Frederick.
The monetary incentive to keep Bechtel from leaving the state is another defensive play by the State of Maryland government, where tax incentives are mainly spent to retain large employers than to attract them. Bechtel was scouting nearby jurisdictions including the northern Virginia area for a possible relocation.
Bechtel's opened its Frederick campus in 1999 which has had a multiplier effect that has created 2,300 related jobs and $11 million in annual state taxes.