OLIVE BRANCH, MS (WMC-TV) - Hundreds of new jobs are coming to Mississippi thanks to a large capital investment.
San Francisco-based McKesson Corporation will move its Memphis headquarters to Olive Branch, Mississippi. The company will build a new 600,000 square foot distribution center worth $115 million.
The move represents the largest capital investment in Olive Branch in over a decade.
"Olive Branch historically has been a hot spot for industry locations since the middle 1980s," Olive Branch Mayor Sam Rikard said. "Time and time again we have these corporations that decided Olive Branch is a great place to do business."
National home product retailer Williams-Sonoma built a $100 million distribution center in Olive Branch in 1999. McKesson's new facility will be located next door, bringing a big short term boost to the local workforce.
"It's the hundreds of construction jobs that will be created in this economy where construction is not doing so well," Rikard said, "so that's a huge shot in the arm."
McKesson also brings 306 new jobs to the state with plans for future expansion in the next few years. Rikard said the city, county and school district will also benefit from increased property tax revenues as a result.
Rikard said the recession hurt Olive Branch, but the future looks bright.
"I think we're handling things well and I only see positive things for the future," Rikard said.
Rikard said the project should take anywhere from 16 to 18 months to complete. He also said the city and the county will receive about $1 million a year in tax revenue. Of that money, $500,000 will go to DeSoto County Schools annually.