February 22, 2021 – Rocket Mortgage, the largest mortgage lender in the U.S., is poised to move forward with a downtown Cleveland expansion project following approvals this morning for tax credit assistance from the Ohio Tax Credit Authority. The project will bring 630 new jobs and tens of millions of dollars in new payroll to the area and is the culmination of a year’s worth of collaboration among the region’s economic development ecosystem, including the Greater Cleveland Partnership.
“The impact of bringing 630 good-paying jobs to Cleveland cannot be overstated,” said GCP CEO Joe Roman. “GCP appreciates Rocket Mortgage’s continued confidence in our community and the critical support received from our local and state partners. We look forward to building upon our longstanding relationship with the company as we work together for continued long-term growth in the region.”
The Greater Cleveland Partnership was part of a collaborative effort that also included the Ohio Development Services Agency, JobsOhio, the city of Cleveland, Team NEO, and Rocket Mortgage to bring the project to fruition.
“Rocket Mortgage is one of many companies that has found success in Ohio,” said Ohio Governor Mike DeWine. “This expansion will bring new development and hundreds of well-paying jobs to the heart of downtown Cleveland.”
Rocket Mortgage considered several cities for the expansion, including its home base in Detroit, but chose its downtown Cleveland office which aligns with its ongoing commitment to urban revitalization. The expansion will offer careers – primarily for mortgage bankers – and will come close to doubling the size of its Cleveland workforce. Rocket Mortgage is also dedicated to providing training and upskilling for employees looking to further their careers.
“Through this partnership, we are reinforcing our commitment to the state and to offering good-paying jobs to Clevelanders,” said Mike Malloy, Chief Amazement Officer for Rocket Mortgage. “In response to the pandemic, we have seen first-hand that our team members can successfully work from anywhere. That fact makes this partnership even more significant. As we continue to grow our workforce, we look forward to adding to the more than 700 team members who already call this state home."
Discussions around Cleveland being the best location for Rocket's expansion began nearly a year ago following a conversation between Cavaliers CEO Len Komoroski and the Greater Cleveland Partnership. The GCP then collaborated with Terry Gore of JobsOhio and Stephen Caviness of Team NEO to develop an incentive package to win Rocket Mortgage’s expansion project that was competitive with other states.
“These jobs are above the median wages for Cuyahoga County — mortgage bankers, primarily," said Ed Chatmon, a GCP vice president of business growth and development. "So, it's also an opportunity to upskill and maybe attract some workforce or hire residents within the local communities."