The industry is paying out big bucks to lure workers to the Pacific Northwest and beyond, but there’s another company that is making its own splash: The Home Depot.
The company has been investing in its own retail operation in the past year to help it make the most of its new-found competitive position, according to company officials and people familiar with the matter.
As the chain has expanded its footprint in North America and overseas, it’s also begun to diversify its product offerings.
In January, it announced plans to open a $300 million store in Portland, Ore., and hire more than 800 new employees, with the goal of doubling its total workforce by 2020.
On Monday, the company unveiled a brand new headquarters building in Bellevue, Wash., a suburb of Seattle.
The $1.4 billion building will house its global headquarters and a $400 million warehouse.
Since it began expanding its footprint around the globe in 2011, Home Depot has raised $5.3 billion, according in a regulatory filing.
This expansion is likely to continue, the people said.
While Home Depot is still far from the largest retailer in the country, it has made strides in the last few years, including increasing the number of stores in its core markets of New York, Chicago and Los Angeles.
At the same time, Home Department workers, many of whom have not seen a raise in more than two decades, are beginning to look for new work, and the company’s sales and marketing are still among the highest in the world, the People said.
Home Depot, which is also the nation’s biggest private employer, has more than 300,000 employees.
Last year, it reported $4.9 billion in net income, compared with $5 billion in profit in the year-earlier period.
Home Department employees made an average of $19.71 an hour, compared to $24.28 at the same point last year.