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Study found Wayfair fired 87 employees, increased payroll over $700,000 in 2020

B-CS Chamber of Commerce (Facebook)
Posted at 4:47 PM, Jun 04, 2021
and last updated 2021-06-04 17:47:08-04

BRAZOS COUNTY, TX — The Brazos Valley Economic Development Corporation (BVEDC) has released its 2020 report highlights for six projects on behalf of Brazos County, the City of Bryan, and the City of College Station.

Amongst these figures, FUJIFILM Diosynth Biotechnologies (FDB) has shown the largest employment growth since 2019, reporting 261 new jobs. According to official records, they were only required to have created 100 jobs at this time.

Payroll at FDB has also nearly doubled, as it rose from almost $21 million to over $40 million.

Viasat also reported adding an additional 71 people to their team while keeping their payroll & investment value relatively the same since 2019.

However, Wayfair reported that since 2019 they have let go of 87 employees, while also increasing their payroll by $716,563. This news comes after they received their final incentive grant in Jan of 2020.

In this report, Axis Pipe and Tube also confirmed they have let go of 98 employees since 2018. However, the company has also since reported a loss of $12,735,857 in its investment value since 2018.

Launched in 2013, for the first 3 years they received a tax abatement that allowed them to pay zero to the city. For every year thereafter, their payment has been equivalent to 50% of the amount the City would have collected in Ad Valorem tax that year.

Both Adventa and LSPI reported single-digit job growth while their investment values increased by millions since the last report.

In total, these six economic development agreements, combined, have made $400 million in investments and employed over 1,300 people with a combined total payroll above $98 million.