North Carolina 2025 Economic Development Guide

PEDAL TO THE METAL

North Carolina’s economy shows continued growth as the state shows leadership in key industry and service sectors and develops infrastructure to sustain economic health for coming decades.

What do a German Rail Car Manufacturer, a Pioneering Israeli Food Company, and a Fast-growing Japanese Medical Device Company have in common?

WHAT ARE Smart Sites?

Smart Sites are a slam-dunk choice for companies that are ready to grow now. Faster construction, fewer uncertainties, and less risk for companies and site selectors alike—that’s the genius of the Smart Sites qualification program. But that’s not all. Our many Smart Sites are located in some of the best places in America to live and do business.

How did North Carolina become a state that constantly ranks amoung the best states for business?

The Charlotte region is the nation’s most promising place for business relocation and expansion.

RESEARCH TRIANGLE

Drawing talent and intelligence pair with quality-of-life

EAST

Eastern North Carolina boasts farms and beachesand a network of industrial settings.

TRIAD

e Triad, in the middle of the state, is also at the center of big business expansions.

Western North Carolina’s economy thrives with national companies, homegrown businesses and tourism.

10 REASONS TO BE IN N.C.

1. A BUSINESS FRIENDLY TAX ENVIRONMENT

North Carolina’s 2.5% corporate tax rate is lowest in the nation, among the 44 states that levy a corporate tax, and it will fall to 2.25% in 2025 and continue to decrease gradually until it hits zero in 2030.

2. LOWER ENERGY COSTS

Regionally, the electricity costs are 15% lower than the national average, and more than 50% of the power supply is coming from a carbon-free source.

3. POPULATION GROWTH CONTINUES

North Carolina is projected to reach 11.7 million people by 2030, according to the latest population projections. North Carolina is on track to surpass the populations of Georgia and Ohio to become the seventh-largest state in the nation by the early 2030s. Looking further into the future, 14.2 million people will live in North Carolina by 2050. at’s an increase of 3.8 million people since 2020 – adding roughly the current populations of its largest counties (Wake, Mecklenburg, Durham, Forsyth, New Hanover and Guilford counties).

4. DIVERSITY OF THE POPULATION

Since the 1990s, rapid growth in the Asian and Hispanic/Latino populations have resulted in a much more racially/ethnically diverse North Carolina population. ese latter groups have a younger age pro le – meaning that even without migration we expect these groups to continue to grow and our population to become more diverse. In 2020, 39% of the state’s population was either Hispanic, Non-Hispanic American Indian, Non-Hispanic Asian or Paci c Islander, Non-Hispanic Black, or Non-Hispanic multiracial. By 2050, the same groups will account for 48% of North Carolina’s overall population.

5.

TOP BUSINESS CLIMATE

e state is No. 2 in the CNBC annual ranking of top states to do business. Virginia tops the 2024 list, followed by North Carolina, Texas and Georgia. Just three points separated Virginia and North Carolina. North Carolina remains only the second state named to the top spot back-to-back since CNBC started the rankings in 2007.

6. LOWER CONSTRUCTION COSTS

Construction costs in North Carolina are generally lower than the national average. e cost of building a commercial building in North Carolina can vary depending on several factors, including building type: e average cost per square foot for a commercial building can range from $50 to $275, depending on the building’s intended use. For example, a regional distribution warehouse costs around $209 per square foot, while a technology laboratory costs around $635 per square foot.

7. SUPERB HIGHER EDUCATION SYSTEM

ere are 52 colleges and universities in the state, as well as 58 community colleges. In addition, through NC Promise, the state has signi cantly reduced student tuition costs to $500 per semester at four UNC System institutions: Elizabeth City State University, Fayetteville State University, UNC Pembroke and Western Carolina University. e plan has increased educational access, reduced student debt and grown the state’s economy.

8. EXCELLENT INFRASTRUCTURE

North Carolina Ports’ container terminal at the Port of Wilmington moved up three spots in the latest Container Port Performance Index, ranking it as the most productive port in North America in 2022. e technical report produced by the World Bank and S&P Global Market Intelligence also ranks NC Ports as the 44th most productive port in the world, up from 49th a year ago, out of the 348 included in the study.

9. WORKFORCE INCENTIVES

North Carolina provides robust resources for workforce development. New and existing companies can qualify for customized training grants and use the NCWorks Workforce Development network for a variety of recruiting and job training services.

10. HUGE MILITARY PRESENCE

Approximately 20,000 of North Carolina’s active-duty military population – the nation’s fourth largest – re-enters the workforce annually and has in-demand experience in elds such as engineering, IT, health care, communications, research and more.

PROJECT E DITOR

Chris Roush

PROJECT ART DIRECTOR

Cathy Swaney

PROJECT GRAPHIC DESIGNER

Lauren Ellis

CONTRIBUTING WRITERS

Peter Anderson, Dan Barkin, Kathy Blake, Lawrence Bivins, David Mildenberg, Katherine Snow Smith

PUBLISHER

Ben Kinney

EDITOR

David Mildenberg

MANAGING EDITOR

Kevin Ellis

ASSOCIATE EDITORS

Cathy Martin

PROJECT EDITOR

Chris Roush

SPECIAL PROJECTS EDITOR

Peter Anderson

CREATIVE DIRECTOR

Cathy Swaney

GRAPHIC DESIGNER

Lauren Ellis

MARKETING COORDINATOR

Jennifer Ware

ACCOUNT DIRECTOR

Melanie Weaver Lynch

ACCOUNT MANAGER / AUDIENCE

DEVELOPMENT SPECIALIST

Scott Leonard

1230 W. Morehead Street, Suite 308

Charlotte, NC 28208

Telephone: 704-523-6987

All contents copyright ©2023

Old North State Magazines LLC

PRESIDENT David Worono

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In this genuine community, you will experience close-knit neighborhoods, beautiful greenways and parks, shopping and a full calendar of community events. www.rolesvillenc.gov

O M E G R O W

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T r i a d R e g i o n

A D

BEST STATE IN THE COUNTRY

The old adage that you don’t appreciate something until you leave it is true.

In 2019, I le North Carolina a er nearly two decades to move to a state in New England. I le behind family, great weather, great universities and a great economy, not to mention great people who always want to do better.

at’s why I moved back to the Old North State in 2023 and will likely never leave it again. North Carolina truly has it all.

Consider the universities. In addition to Duke, UNC Chapel Hill and NC State, there are great regional public universities, ne private colleges and strong historically Black campuses. e state’s community college system is among the best in the country, with 58 locations providing the education needed for many state jobs.

en there are the companies who already make North Carolina home, such as well-known brand names such as Bank of America, Lowe’s and Advance Auto Parts. Employers such as Epic Games, SAS and Iqvia may not attract many headlines but are core parts of the economy and doing cool things.

I can’t ignore the people. North Carolinians are always on the go, and always willing to help out, whether it’s Hurricane Helene recovery in the western part of the state or making sure freshly hatched sea turtles make it to the Atlantic. It’s an economy that thrives on people who go the extra mile.

I’m proud to be a North Carolina resident. I’ve lived in other parts of the country — ve states to be exact — and nothing compares. I hope you’ll agree.

Chris Roush

THE STATE’S TOP RECRUITER

Christopher Chung oversees efforts to bring new jobs and business funding to the state. He’s been wildly successful.

Chris Chung joined the Economic Development Partnership of North Carolina in 2015 as chief executive officer and brought nearly 25 years of state-level economic development experience to his role.

As a public-private partnership, the EDPNC leads several economic development functions on behalf of the State of North Carolina. These include new business recruitment, existing business support, export assistance, small business counseling, and tourism and film promotion.

With a staff of 70 professionals and an annual operating budget of more than $38 million, the EDPNC is focused on improving the economic wellbeing and quality of life for North Carolina’s more than 10 million residents.

Since 2015, the EDPNC has helped North Carolina win more than 1,000 corporate expansion projects, resulting in nearly 133,000 announced new jobs and more than $35 billion in announced new investment across the state.

Chung spoke about the state’s economic development efforts in North Carolina and how it could improve. What follows is an edited transcript.

WHAT’S BEEN THE BIGGEST CHANGE IN ECONOMIC DEVELOPMENT IN NORTH CAROLINA SINCE YOU CAME TO THE STATE?

The most significant change in economic development since coming to North Carolina has been the shift from office projects to industrial projects over the past couple of years. This shift has been accelerated by legislation such as the CHIPS Act, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act. We have seen an increase in projects that require more power and land, which in turn add more jobs.

Due to the Inflation Reduction Act, North Carolina has seen an increase in clean energy projects, particularly those related to electric vehicles (EVs). Those projects are impressive, with hundreds of millions or billions of dollars in capital investment and thousands of jobs. Since 2021, 15 electric vehicle and battery component manufacturers, including Toyota, Boom and Natron, have announced plans to expand in North Carolina.

Toyota is building its Toyota battery manufacturing facility in Liberty, where it will produce batteries for its hybrid and battery electric vehicles. Since the original announcement in 2021, the company has announced three expansions, totaling $13.9 billion in capital investment and more than 5,000 jobs.

In 2022, Boom Supersonic announced it would build its Overture Superfactory at Piedmont Triad International Airport, investing $500 million and creating 2,400 jobs. Boom will produce the world’s first sustainable supersonic airliner at the site, which completed construction in June 2024.

Natron Energy, the only commercial manufacturer of sodium-ion batteries in the U.S., announced in August it will invest $1.4 billion to establish a sodium-ion battery giga-factory at the Kingsboro CSX Select Megasite in Edgecombe County, creating more than 1,000 jobs.

WHAT ARE THE STATE’S BIGGEST SELLING POINTS?

North Carolina is a premier business relocation destination, and many factors attract small and large companies. North Carolina has the lowest corporate income tax in the nation, a centralized mid-Atlantic location with access to 150 million customers within a day’s drive.

We also have a world-class workforce supported by a large population of 10.8 million people and a steady influx of in-migration. North Carolina is the ninth-largest state in population and ranks third for the highest net migration rate in the U.S. It is also home to the largest manufacturing workforce in the Southeast. North Carolina can also support diverse industries, from food processing to automotive to pharmaceuticals.

North Carolina also has an excellent quality of life that attracts people to our state and that our residents enjoy daily, whether it is our varied geography, moderate climate, exciting sports teams, or our low cost of living and low tax burden. These reasons and more contribute to North Carolina being one of the fastest-growing states in the nation.

HOW ARE WE DOING IN TERMS OF CONTINUING TO PROVIDE A QUALITY WORKFORCE?

A region’s economic success depends on its workforce, and North Carolina’s workforce is consistently ranked as one of the best in the nation. North Carolina earned the coveted title of CNBC’s Top State for Business in the previous two years, receiving top marks for its workforce above all other states.

As companies navigate shifts in the post-pandemic economy, which dealt with a tight labor market and a significant increase in domestic manufacturing demand, states must be prepared to meet the needs of ever-evolving manufacturers, technology firms, headquarters, corporate hubs and life sciences companies. North Carolina is uniquely equipped to meet these needs. Our labor force of 5.2 million is growing daily — we are one of the fastest-growing states by population, with more than 340 new residents moving to North Carolina every day.

Most newcomers migrate from New York, California, New Jersey, Virginia and Florida, attracted to North Carolina’s rich quality of life, low cost of living, and abundant career opportunities. Today’s labor market requires an agile workforce equipped with the skills needed for advances in manufacturing, life sciences, technology and other rapidly evolving industries. North Carolina offers 110 universities and community colleges along with numerous programs to help students and existing workers access resources to earn new credentials or

find new career opportunities. A strong network of workforce development organizations statewide helps companies tap into skilled talent pools.

Our state also offers workforce development programs that help train new and existing employees and connect them to the right jobs. Under the N.C. Community College System, ApprenticeshipNC helps employers establish registered apprenticeships to build a skilled workforce, educate apprentices and connect them to the ideal program.

Propel NC, the community college system’s new funding model, uses job demand data to directly align program funding to the state’s most urgent workforce needs.

The General Assembly has earmarked funds to increase the state’s high-tech workforce. Its Engineering North Carolina’s Future program funds will support capital and operational funding at universities, such as NC State and NC A&T, to increase enrollment in STEM programs to feed the workforce pipeline.

Toyota Tsusho America, a Toyota Motor subsidiary, will produce aluminum cell cases and cell covers for automotive batteries. Production is expected to start in 2025 at an unoccupied building in Liberty.

Boviet Solar will make solar panels and photovoltaic cells for commercial, residential and industrial markets in the U.S. Its Greenville operations will span 1 million square feet in a vacant facility and newly constructed space.

For over 175 years, the North Carolina Railroad Company has prioritized strategic investments, managing over 300 miles of vital rail infrastructure.

Our economic development programs provide investment funding, grants, and connection to wetland mitigation credits to streamline the site development process. These services support engineering, design, construction, and other rail infrastructure needs, aiming to increase job creation, boost freight rail usage, and promote economic growth across North Carolina.

These are just a few ways we’re helping our state thrive. Reach out today to find out more!

HOW MUCH DO ECONOMIC INCENTIVES PLAY IN ATTRACTING COMPANIES TO MOVE TO THE STATE?

North Carolina’s targeted, performance-based incentive programs, such as the Job Development Investment Grant (JDIG) and One North Carolina Fund (OneNC), are ways for companies to reduce their overall business costs and tax burden. These incentives complement North Carolina’s businessfriendly tax environment. Our corporate income tax rate is the nation’s lowest at 2.5%. By 2030, we will have a 0% corporate income tax and will likely be only one of three states to levy neither a corporate income tax nor a statewide gross receipts tax, with the others being South Dakota and Wyoming. Th is is largely due to our state’s bipartisan efforts to craft fiscal policy with businesses in mind.

WHAT NEEDS TO BE DONE TO GET COMPANIES TO MOVE TO THE MORE RURAL AREAS OF NORTH CAROLINA?

North Carolina has recently enjoyed considerable success in recruiting sizable economic development projects. These projects require more extensive tracts of land, which favor rural areas. However, with this success, the state has committed some of its best sites for projects requiring substantial land and readiness while the competition for these projects continues to grow.

Through the Megasite Readiness Program, the EDPNC has identified the best sites for projects requiring substantial land and readiness. Six of the seven sites identified were in Tier 1 and 2 counties, or the most economically distressed. The EDPNC also oversees the Selectsite Readiness Program, which will support the development of sites to increase North Carolina’s competitiveness in the siting or expansion of significant manufacturing projects in several sectors. Of the 15 sites identified this year, 11 are in Tier 1 and 2 counties. By increasing available products, we can attract more businesses to the rural parts of the state.

THE STATE IS KNOWN FOR SPECIFIC INDUSTRIES, SUCH AS FINANCIAL SERVICES IN CHARLOTTE AND BIOTECH IN RTP. WHAT INDUSTRIES COULD WE FOCUS ON IN THE FUTURE?

North Carolina is prime for advanced manufacturing with its highly educated workforce, world-class education system and workforce development programs. North Carolina’s history of leadership in manufacturing began with tobacco, textiles, and furniture. Now, our innovative economy has the largest advanced manufacturing workforce in the Southeast. As a leader in manufacturing, North Carolina has welcomed companies spanning many industries such as automotive and EV, aerospace and life sciences. Those include Kempower, Pratt & Whitney, Believer Meats and Kyowa Kirin.

We also focus on clean energy projects or those with little to no carbon emissions. North Carolina is a national leader in taking steps to address climate change and rising energy costs. Through legislative, executive, and regulatory action, we are diversifying our energy portfolio and decreasing our dependence on fossil fuels, which is attracting like-minded companies, such as Toyota, Boom and Natron.

Artificial intelligence is another industry we are watching. A lot is behind AI to keep it powered and innovative, such as hardware production, semiconductors, and data science and we will see an increase in companies looking to relocate or establish themselves.

Landing a $14 billion investment from Toyota cinches North Carolina’s place in global auto manufacturing, given the Japanese company’s status as the world’s top-selling vehicle producer for the past four years.

YOU RECENTLY WERE IN GREENSBORO TALKING ABOUT THE IMPORTANCE OF CHILDCARE FOR EMPLOYERS. WHY IS THAT IMPORTANT?

Childcare is one of the most pronounced barriers to employment; it is a workforce development issue. If parents know they have safe and reliable childcare, they can show up to work and be more productive and focused employees. More productive and focused employees mean stronger companies and communities across the state, ultimately making North Carolina more competitive in business attraction.

WHAT

HOW CAN THE WESTERN PART OF THE STATE BEST REBOUND ECONOMICALLY FROM THE DESTRUCTION OF HURRICANE HELENE?

Unfortunately, natural disasters such as hurricanes are becoming more common and destructive and are impacting areas other than the coast. Any area or economy that rebuilds after something like Hurricane Helene will need to “futureproof “ itself so that it is more resilient if and when another natural disaster like this happens. This could include economic diversification and infrastructure redundancy.

Our hearts go out to those individuals, families and communities affected by Hurricane Helene. The EDPNC is here to assist in rebuilding in any way that we can.

CAROLINA?

ISSUES REMAIN THAT COULD HINDER COMPANIES COMING TO NORTH

One issue that could hinder companies from coming to North Carolina is a volatile economic climate that could cause companies to pause relocation plans. The past few years have been challenging for economic development nationwide due to high interest rates, persistent inflation, and other macroeconomic headwinds. However North Carolina’s dedication to improving its residents’ economic well-being and quality of life has continued to attract companies of all sizes.

Our web page for disaster recovery resources can be viewed at edpnc.com/Helene.

WHAT’S THE BEST WAY THE REST OF THE STATE CAN HELP THE REGION?

The best way for the state to help the western part of North Carolina is to give to the North Carolina Disaster Fund. Those contributions help with the unmet needs of our state’s hurricane victims. A link to donate is at the top of NC.gov.

A STATE ON THE MOVE

How did North Carolina become a state that consistently ranks among the best states for business?

By David Mildenberg

There’s no simple answer, but experts tend to credit a combination of many decisions dating back decades. An unquestionable factor was the wisdom of former Gov. Luther Hodges and others who pushed for creation of Research Triangle Park in 1959, which continues to pay dividends seven decades later.

More recently, many experts cite the founding of the 16-campus University of North Carolina System in 1971 and the continued development of the state’s 58 community colleges as instrumental in building an economic powerhouse. Meanwhile, scal policies have reduced tax burdens and enabled signi cant incentive programs that have prompted major investments by Toyota Motor, Wolfspeed, Siemens Mobility and many other corporations.

e results are obvious when independent observers compare the Tar Heel State with its 49 peers.

e CNBC business news channel has ranked North Carolina among its top two states for business over the past three years. at re ects top four ratings for economic conditions, business friendliness and workforce, along with strong showings for education and access to capital (both 10th of the 50 states) and technology/innovation (11th).

North Carolina also scored a solid B-plus grade for the cost of doing business, according to CNBC.

Digging a little deeper, the state’s economic outlook ranked fourth nationally, according to research by the American Legislative Exchange Council’s Center for State Fiscal reform.

e nonpartisan group favors limited government and lower taxes, and bases its ranking on 15 policy variables that are in uenced by state lawmakers’ decisions. No other Southern state ranked in the top 10, though seven were in the top 25.

North Carolina’s strong showing in the ALEC-La er State Economic Competitiveness Index stemmed from a low corporate income tax rate, property tax burden and minimum wage; (4th, 9th and 1st, respectively); low debt service as a share of tax revenue (13th); and the status as a right-to-work state (1st).

North Carolina’s top corporate tax rate is 2.5%, while the top individual income tax rate is 4.5%. e corporate tax is slated to be eliminated by 2030, unless lawmakers change policy.

e state’s economy is bene ting from nearly 670,000 people who have moved to North Carolina from other states between 2012-2023, which ranked fourth nationally, the ALEC-La er research shows. Overall non-farm payroll increased by 21% between 2012-22, which was 11th best, while the state’s gross domestic product showed the 14th best gain at 64% during the same decade. North Carolina is the ninth-most populous state with about 10.8 million residents as of mid-year.

North Carolina is among 16 states with a Triple-A credit rating from Standard & Poor’s, which enables lower borrowing costs. e state maintains a “Rainy Day Fund” that exceeded $4.7 billion earlier this year, along with about 30 other “budget reservation” funds that have been estimated to exceed $7 billion, according to the John Locke Foundation.

Another factor in North Carolina’s business success is recent tort reform, which has given the state “one of the best legal climates in the U.S.,” the Economic Development Partnership of North Carolina notes on its website. “When there’s less red tape and litigation, your business can reach new heights, faster.”

en there’s energy costs: e average residential electric rate was about 13 cents per kilowatt hour as of January, compared with a national average of 15.45 cents, according to the U.S. Energy Information Administration. e state ranks thirdlowest for water and sewage rates, the Economic Development Partnership of North Carolina notes.

Machelle Baker Sanders, who has been N.C. Commerce Secretary since 2021, says her vision for North Carolina is to “work with partners to attract better paying jobs, support small businesses and stimulate our state’s innovation and entrepreneurial economy.”

A lot of observers con rm that is happening in the Tar Heel State.

AA PLACE TO BE SEEN

Charlotte is home to world-class business and entertainment.

s home to two of the top 10 states for business (Area Development, 2023), the Charlotte Region is the nation’s most promising place for business relocation and expansion. From urban centers and vibrant business districts to pastoral landscapes with wide-open space, there’s plenty of land in the Charlotte Region, which has a gross regional product of $220 billion, more than half of the states.

More than 3,500 manufacturing companies are planted in the Charlotte region, and employment has grown at twice the national average since 2013, according to the non-profit Charlotte Regional Business Alliance, which offers domestic and international client services to make the region a melting pot of manufacturing, aviation, technology, financial and agricultural firms, many with foreign roots. According to the CRBA, an average of 117 people move into the region every day.

The business-friendly environment is home to tax credits, grants, workforce training and incentives that have led to business success across a wide range of industries. From small businesses and startups to Fortune 500s, the economy is driven by the smart, passionate leaders who call the Charlotte region home.

For example, the 350-acre North Carolina Research Campus in Kannapolis, a scientific research and development complex that studies nutrition and food’s effect on health, including cancer, diabetes, obesity and heart disease, opened its nonprofit Food Innovation Lab in 2019, which processes and packages N.C.-grown produce in various capacities.

And in the Charlotte region, electricity is 15% less expensive than the national average. Meanwhile, more than 50% of the power supply is from a carbon-free source, meaning sustainability and affordability should go hand-in-hand.

Situated between New York and Miami, Charlotte allows for easy access to the entire East Coast by rail or highway, Charlotte Douglas International Airport’s 180 nonstop flights and three major ports. More than 100 million people live within one trucking day, making it easy to move product exactly where it needs to go. In addition, the airport is the world’s seventh busiest in terms of passenger traffic and cargo shipments.

Still, to revive the center city and avoid a “ghost town” situation, city officials are considering supporting property developers through a combination of taxpayer funds and incentives.

CHARLOTTE SNAPSHOT COUNTIES:

Alexander

Anson

Cabarrus

Catawba

Cleveland

Gaston

Iredell

Lincoln

Mecklenburg

Rowan

Stanly

Union

UNC Charlotte

Gardner-Webb University

Queens University

Central Piedmont Community College

Rowan-Cabarrus Community College, multiple campuses

BIGGEST COLLEGES AND UNIVERSITIES

Gaston College, multiple campuses

ATTRACTIONS

U.S. National Whitewater Center, Charlotte

Harvey B. Gantt Center for AfricanAmerican Arts & Culture, Charlotte

Charlotte Motor Speedway, Concord

Carolina Panthers, NFL team, Charlotte

NASCAR Hall of Fame, Charlotte

Charlotte Hornets, NBA team

Charlotte FC, professional soccer club

Charlotte Knights, minor league

baseball team

Charlotte Checkers, minor league professional hockey

Carowinds, Charlotte

Discovery Place, Charlotte

Daniel Stowe Botanical Garden, Belmont

Schiele Museum of Natural History and Planetarium, Gastonia

N.C. Transportation Museum, Spencer

Lake Norman and Lake Wylie

INDUSTRIES

Business, financial services and fintech

Corporate headquarters

Aerospace and defense

Textiles

Energy

Automotive-parts manufacturing

City of Charlotte

The property getting the initial incentives spotlight is 526 S. Church St., which became Duke Energy’s headquarters when it opened in 1975, then called the Electric Center. The building was acquired for $35 million in December 2022 by Washington, D.C.-based MRP Realty and Charlotte-based Asana Partners. The developers plan to convert the 13-story office building into apartments or condos with retail properties on the first floor. The $280 million project would include a separate adjacent retail building.

In February, Assistant City Manager Tracy Dodson, who leads economic development efforts, pitched the incentive program for MRP and Asana to the Charlotte City Council, which gave tentative approval. She promised to provide more details in the next few weeks.

Dodson and city officials say the incentives program can increase the city’s tax base, provide public parking and community spaces and create jobs. If the proposal is approved, developers may set aside some spaces, for affordable housing, while improving adjacent pedestrian areas.

Developers say incentives are needed to ease the hefty expense of converting office space to livable units. Having city financial aid also ensures that Charlotte officials have a voice in developers’ plans, potentially steering positive impacts.

“For office to multifamily conversions to be successful, the market rent has to be strong, the construction costs have to be manageable and the [cost] basis of the property has to be extremely low,” says Rob Cochran, senior managing director at Cushman Wakefield. “Given some of the current softness in the multifamily market, converting to residential will be difficult in downtown Charlotte right now.”

Most of all, the city wants to avoid empty buildings with declining property values, which depresses tax collections. Some former Uptown employers have moved a mile or two south to South End, often taking less space. Examples include the Alston & Bird law firm and Grant Thornton accounting business. The vacancy rate for newer South End offices is less than 12%, according to CBRE.

This rendering shows the former Duke Energy headquarters in Charlotte being transformed into apartments and retail space. (Photo: SK+I Architecture)

INNOVATION CENTRAL

Research Triangle Park boasts new locations throughout focusing on the workforce.

For Research Triangle Park’s 7,000 acres and surrounding 14-county territory of innovation, manufacturing and technology, the term “start-up” is more definitive than “shut down,” as new construction start up and incoming business keep the commerce hub ticking.

NC State University’s Centennial Campus, one of three Triangle corner points with Duke University and UNC Chapel Hill, recently constructed a 185,000-square-foot Plant Sciences Building to increase the region’s dominance in agricultural technology, an industry that touches about 112 local companies, according to RTP data.

Coworking spaces, favored by innovators and inventors, are overflowing as a new generation of workforce — the disruptors, whose game-changing products redefine their industries,—rent space on a fresh blueprint that redesigns the concept of office building.

“People all over the world study the model of the Research Triangle Park. I met a guy from Ukraine who studies it in business school,” says Ryan Combs, executive director of the Research Triangle Regional Partnership in Raleigh, an economic development connector for businesses and private-sector growth. “They may not know it’s in North Carolina, but they know the Park.”

Talent and intelligence pair with quality-of-life stats that show that, on an average day, 76 people move to the region. The regional median home value is $175,000 and the median household income is $76,000. The regional labor force is 1 million.

“We do a lot of great things here,” Combs says. “The bar code was created in the Park. Some of the things we’ve done with cancer were done between Duke and Carolina. When you talk about disruptors, look at the healthcare system, with gene therapy. It’s a game-changer because it’s going to drive down the cost of healthcare. Look at the universities and the $3 billion we get a year in research dollars. Then you have companies like Pfizer, and they’re building a $500 million facility in Sanford. You take technologies developed at the universities, incubate and have a company in the urban core, and then you expand to the rural counties and manufacture.”

The education emphasis is strong in the Triangle’s agricultural technology thread. Connected long ago to dependence on tobacco farming, it now includes high-profile RTP-area companies such as Syngenta, BASF and Bayer, part of an approximately 25-company RTP-area AgTech Cluster that employs 74% of the state’s AgTech workforce and overall contributes $1.2 billion to the gross regional product.

BIGGEST COLLEGES AND UNIVERSITIES

NC State University, Raleigh

N.C. Central University, Durham

UNC Chapel Hill

Duke University, Durham

Wake Technical Community College, multiple campuses

Central Carolina Community College

Durham Technical Community College

ATTRACTIONS

North Carolina Museum of Natural Sciences, Raleigh

PNC Arena, home of NHL’s Carolina Hurricanes and N.C. State basketball, Raleigh

State Farmers Market, Raleigh

TRIANGLE SNAPSHOT COUNTIES:

North Carolina Courage, women’s professional soccer team, Cary

North Carolina Museum of Art, Raleigh

Durham Performing Arts Center

Durham Bulls Minor League Baseball, Durham

Morehead Planetarium and Science Center, Chapel Hill

Marbles Kids Museum, Raleigh

North Carolina Museum of History, Raleigh

Museum of Life and Science, Durham

Koka Booth Amphitheater, Cary

INDUSTRIES

Biotechnology and pharmaceuticals

Information technology

Fintech

Clean technology

Higher education

State government

“This area could explode as an AgTech hub,” Combs says. “It already is, but it could really take off. We want to get students trained to grow companies.”

North Carolina counts 48,000 farms, which grow more than 80 different products and contribute more than $111 billion to the state economy, according to RTRP figures.

From an overall business perspective, Combs pitches the RTRP counties plus points as its multiple locations for higher education; its $3 billion in federal research money annually for the big-three universities; its proximity to Raleigh-Durham International Airport, with daily non-stops to international locations including Paris and London; and location – a short drive to the mountains, or beaches, or state parks.

The airport added three new international destinations this year, bringing the total to 10, a record for RDU and double the number in 2019, as airlines accommodate growing demand for international flights, including many business travelers.

The expansions come as RDU led the largest 50 U.S. airports in passenger growth last year, according to U.S. Department of Transportation statistics. Boardings gained 22% to a record 14.5 million. That number is projected to grow 7% to 15.5 million in 2024.

In addition to Frankfurt, where Lufthansa offers flights five days a week, RDU added service in June to Panama City, with four flights a week by Copa Airlines. Next up is Mexico City, with Aeromexico launching service in July. That follows Air France, which began flights from Paris in October, taking over the route from Delta Air Lines.

IcelandAir, which started flying four days a week from RDU in 2022, added year-round, daily flights to Reykjavik in May. “We’re the fastest community in 15 years that’s gone from less-than-daily service to daily service” for Icelandair, says Michael Landguth, CEO of the RaleighDurham Airport Authority.

Those new flights are in addition to Air Canada’s service to Montreal and Toronto and American’s London flights. Bahamasair also flies from RDU to Freeport, and American, while Delta and JetBlue fly to Cancun, Mexico.

Landguth says he’d like to attract more flights to Central America and South America due to the state’s large agriculture industry, and also India because of its rapidly growing middle class. “They have income. They want to travel,” he says. “Guess what else they want to do? They want to go to great universities. So we need to make sure we have a good pipeline.”

For now, though, the airport is taking a “momentary pause” and working to make sure the new service is successful, Landguth says. “The worst thing you can do is try to recruit and over recruit and then you start getting failures from an international standpoint,” he says. “We need to get [the new flights] stabilized first.”

For its pitch to Lufthansa, RDU’s authority put together a package of about $3 million in fee waivers and marketing support to Lufthansa. Merz and other companies pledged to buy a certain number of tickets, and state government chipped in $3 million in incentives. “This is what I call a pay-to-play game,” says Landguth. “If you don’t come with the incentives, then they look at the market and say, ‘Obviously you’re not very optimistic that it’s going to work.’”

There’s also improvements happening in Raleigh, the region’s biggest city. In the past year, economic development boosters implemented a plan to make the downtown more attractive for residents and visitors. Art and exercise equipment were added, along with signs directing people to the three big state museums near the state Capitol. They also encouraged restaurants to add outdoor seating on Fayetteville Street, the city’s main drag.

network of public parks, trails, transit and affordable housing projects along a historic 22-mile railroad corridor.

Connecting downtown to Dix Park is “one of the more strategic issues of Raleigh’s next phase,” says former Dix Park CEO Janet Cowell. City leaders and the nonprofit Dix Park Conservancy are redeveloping the former location of a state mental-health hospital that is a mile southeast of downtown’s convention center.

“You have these beautiful wide sidewalks on Fayetteville with the pavers,” says City Councilman Jonathan Melton, who lives downtown and rides his scooter or walks. “I think we have a real opportunity to recalibrate and reinvent that space.”

Now, the group is looking beyond Fayetteville Street. Talks are being held about creating pedestrian and biking paths between Dix Park and the downtown district, especially the Convention Center and hotels. That follows an April trip to Atlanta in which a group of city leaders saw the Georgia capital’s hugely successful Beltline

Businesses and real estate developers are paying attention. In the first quarter, 19 new businesses opened downtown, with five closing. There are more than 2,200 residential units (up from 786 units right before COVID started) and 410 hotel rooms under construction, and a $387.5 million expansion of the Raleigh Convention Center will add 300,000 square feet when it’s completed in 2028.

In July, JLL Capital Markets raised $85 million of debt and equity financing for the 252-unit Oldham & Worth, an apartment development located in downtown’s West End neighborhood. It’s the second phase of Kane Realty’s re-development of contractor Clancy & Theys’ headquarters; the redevelopment of Platform apartments is now leasing for $1,250 to $4,000 per month.

Meanwhile, CBRE has begun leasing retail space at The Creamery, a downtown mixed-use development slated to include the 306-unit, 37-story Highline Glenwood apartment building from developer Turnbridge Equities. It is expected to break ground early next year and would be Raleigh’s tallest building.

Like many center cities, Raleigh is fighting perceptions of too much crime and homelessness. The Downtown Raleigh Alliance hired two social workers two years ago to help homeless people find shelters and permanent housing. It also pressed Raleigh police to increase patrols, resulting in a 22% decrease in crime in the past year, with burglaries down 70%.

DIX PARK’S HISTORY

1700s -1800s Spring Hill Plantation occupies the site 1820 Theophilus Hunter Plantation house built

1856 - 2012 Dorothea Dix Hospital operates as a state mental hospital

2012 N.C. Department of Health and Human Services offices move to the park

2015 City of Raleigh buys the 308-acre site

2016 Dix Park Conservancy formed

February 2019 City approves Dix Park master plan

April 2019 Dreamville Music Festival attracts 40,000

August 2022 Groundbreaking for Gipson Play Plaza

Spring 2025 Gipson Play Plaza expected to open

A SITE TO BE SEEN

Eastern North Carolina boasts farms and beaches — and a network of industrial settings.

Southeastern North Carolina’s 20-county region stretches from picturesque trails and lakes of the Uwharrie Mountains to more than 100 miles of Atlantic Ocean shoreline, a panorama of open land, energetic cities, agriculture and historic small towns.

Sprinkled in are 16 technical and community colleges and seven interstates, a perk for the locale halfway between New York and Miami.

“We like to think it’s the ideal setting. That’s how we market it,” says Steve Yost, president of North Carolina’s Southeast, a public-private partnership in Elizabethtown that works with business and government leaders to boost economic growth. “From a quality-of-life perspective, we have a lot of diversity. If someone wants a coastal environment, we have those towns and beaches. Then there’s a lot of ambiance in our rural areas, and off to the very west, you have the oldest mountain chain in North America.”

The counties have 1.85 million residents and a labor force of 904,000.

They also have a common investment.

The counties are linked by 137 business and industrial parks, several benefitting from a 2021 $5 million appropriation from the N.C. General Assembly. Twentythree applications to North Carolina Southeast’s Project Development Fund were approved, giving sites in 18

counties money for design, construction, road access, and water-sewer, further enhancing a site trail landscape that already includes 30 Fortune 500 companies and more than 60 with international roots.

A portion of the $5 million also went toward “large site identification analysis.”

“What we did is scour all the counties in our region for land tracts that might have potential, and we hired an engineering firm to do that, and it was completed 30 days ago,” Yost says, “and it identified 56 potential sites of land tracts across the region that have promise of viable industrial sites. We think about 15 or 20 have strong potential to become bona fide shovel-ready sites over time.”

That step, he says, is up to the sites’ local organizations.

“It’s our mission to help create opportunities for our counties to gain new jobs, new private investment,” Yost says. “There’s a lot that goes into that. Our main ingredient in regards to our success and capabilities is collaboration, and we have many moving parts to make our organization work, many partners in the public and private sectors.”

An additional $28 million has come from local governments, private funding, Golden LEAF and elsewhere. “Those funds are being leveraged to the individual projects, by the local economic development commissions, and we’ve been tracking the progress and status,” Yost says. Ten

Wilmington

EASTERN SNAPSHOT

COUNTIES:

Beaufort

Bertie

Bladen

Brunswick

Camden

Carteret

Chowan

Columbus

Craven

Cumberland

Currituck

BIGGEST COLLEGES AND UNIVERSITIES

East Carolina University, Greenville

UNC Wilmington

UNC Pembroke

Fayetteville State University

Fayetteville Tech Community College

Cape Fear Community College, Wilmington

Pitt Community College, Greenville

ATTRACTIONS

Cape Hatteras Lighthouse and Wright

Brothers Memorial, Kitty Hawk

Historic Tryon Palace, New Bern

Battleship North Carolina, Wilmington

Airlie Gardens, Wilmington

1886 Roanoke River Lighthouse, Edenton

North Carolina Aquariums: Kure Beach, Roanoke Island, Nags Head and Pine

Knoll Shores

Fort Fisher State Historic Site, Kure Beach

N.C. Maritime Museums: Beaufort, Hatteras, Southport

INDUSTRIES

Aerospace and defense

Agriculture

Biotechnology

Marine trades

Pamlico

Pasquotank

Perquimans

Metalworking

Textiles

Tourism

Other completed or near-completed projects include:

Brunswick County (Mid-Atlantic Rail Park)

Wayne (shell building)

Craven (industrial park infrastructure development)

Pender (water and sewer expansion)

Moore (infrastructure and due diligence planning)

Columbus (site identification analysis)

Duplin (industrial park master plans)

Hyde (Ponzer water tank restoration and resiliency project)

Craven (Purchase of shell building and shell building and grant to add infrastructure to industrial park)

Bertie, Hertford and Northampton (Roanoke-Chowan Community College weld to work pipeline)

of the 23 projects are complete, Yost says. Seven involved development of shell buildings, while projects in Anson and Sampson counties are planning for new industrial sites and parks.

In Scotland County, a 50,000-square-foot shell building was finished in January and has received interest from a wood products manufacturer and agricultural processing company. In Onslow County, Project Frontier is the code for a new industrial park in Jacksonville on 50-plus acres.

With grants from N.C.’s Southeast, Golden LEAF and the state’s Electric Membership Cooperatives, the Onslow project was designed, permitted, and built in about a year, says Mark Sutherland, executive director of Jacksonville Onslow Economic Development. Before it was completed, the group had a letter of intent from a lightindustrial company that plans to buy the entire project, “As far as economic development projects go, this one was among the fastest and most successful,” he says.

Target industries in the 20 counties are advanced textiles, agribusiness and food processing, aerospace and defense, metalworking, and distribution and logistics, the latter offering visual proof of success in the enormous container ships that enter and exit the Port of Wilmington.

“The Port of Wilmington is certainly a differentiator for us in our market,” says Scott Satterfield, CEO of Wilmington Business Development. “The investment and commitment the state of North Carolina continues to show to that asset is a true selling point for us as we push the near-port model – warehouse, distribution, advanced manufacturing with an import/export component located within 15 miles of the port.”

“The port was a key factor in the location of (Indiabased) Epsilon, because of the need to import materials into the plant,” Yost says of the recent addition to Mid-Atlantic Park in Leland, in Brunswick County. Epsilon manufactures graphite material that goes into EV batteries. It’s Epsilon’s first U.S. facility.

Transportation assets also include the Department of Defense port, Military Ocean Terminal at Sunny Point; rail lines through CSX, Norfolk Southern and North Carolina Railroad; commercial airports in Wilmington, Fayetteville, New Bern and Jacksonville; and interstates 40, 95, 74, 295, 275 and the future 42.

Twelve counties are certified Work Ready Communities, and NCWorks helps with customized training, pre-employment assistance, facilities for equipment training and business incentives. As a region, the 20 counties have seven military installations, $3.4 billion in annual spending by the Department of Defense and 135,000 active duty, reserve and Guard soldiers, making it the largest military presence on the East coast.

AGRICULTURE

North Carolina agriculture has a $111.1 billion economic impact. A large portion of those crops and animals are raised in eastern North Carolina.

The three counties with the most harvested acres in 2022 — Robeson, Sampson and Duplin — are in the region, according to the N.C. Office of State Budget and Management. It’s home to some of the state’s richest soil, the Blacklands of the Tidewater region along the Albemarle and Pamlico sounds, where streams and rivers empty into the Atlantic Ocean.

Agriculture is just one industry at work in the East. The region is home to one of the state’s largest universities. Manufacturing and energy are thriving, too. Californiabased battery-maker Natron Energy, for example, recently pledged a $1.4 billion investment at Kingsboro CSX Select Megasite, which will create more than 1,000 jobs that pay an average of $64,071 annually, more than Edgecombe County’s $43,183 average, according to the Economic Development Partnership of North Carolina. And tourism includes historic sites, conferences and conventions, coastal activities, and professional and amateur sports.

Even with all that, some of the East’s economic pieces are frayed. It’s home to some of the state’s poorest counties:

Many residents live where poverty rates exceed 20%, and droughts are sapping agricultural yields this year, leaving farmers to struggle with fuel and seed bills. And they face other concerns, including losing farmland to housing developments, developing new markets for products and finding skilled workers for the ever-increasing presence of technology.

Some residents have moved. The total population of the 29 counties represented by NC East Alliance, an economic development organization with offices in Greenville and Edenton, is about 1.4 million, nearly 30,000 fewer than a decade ago. Twenty-two counties have seen a decrease in population, says Todd Edwards, chair of the Alliance’s board of directors. “These issues also affect the labor sheds of our growing areas and businesses,” he says.

Wesley Beddard, part of the Alliance’s STEM East leadership team, says the population of many counties in the region has been in decline over the past couple decades. “We didn’t get here overnight,” he says. “And we will not reverse things overnight. But we believe our proactive approach over the next 20 years involving education and industry partners, along with community development efforts, will help reshape and develop all of eastern North Carolina.”

TEACH THEM WELL

Travel is a requirement of many eastern North Carolina jobs. “Our major employers often have a labor shed of 20-plus counties,” Beddard says. “For these companies to continue to expand, we need all of our counties to have trained workers who want to continue to live in their home counties and commute one or two counties to work and bring those paychecks back home.”

Workforce development efforts are varied. One of the most recent begins with bolstering the number of National Science Foundation Advanced Technological Education grants awarded locally. They fund partnerships between academic institutions and industries that focus on science and engineering. “To the best of our knowledge, only one community college in our 29-county region has received an NSF ATE grant during the last decade,” Beddard says. “We hope to change that.” An NSF-ATE workshop this fall will prepare for grant application submissions in fall 2025.

STEM East, an Alliance initiative that organizes collaborative efforts between businesses and schools to give students real-world STEM — science, technology, engineering and math — learning opportunities, kicked off its Industry in Schools Initiative at NC East’s Vision 2024 conference in January. “This program is being invented and implemented for the purpose of stopping the export of our most valuable resource — our homegrown workforce,” Edwards said at the event, held at East Carolina University.

Beddard says Industry in Schools focuses on six industries, each with a robust presence in the region, offering well-paying positions and expected to continue adding jobs. They include: aviation, blue economy, green energy, smart agriculture, health sciences and biopharma. The Biopharma Crescent, for example, is a swath of Johnston, Pitt and Wilson counties where manufacturers make therapeutics, vaccines, insulin and other life-saving medicines, employ almost 10,000 workers, and made more than $4 billion in investments.

Under the Industry in Schools Initiative, employers in STEM industries work with community college presidents and school district superintendents across the region to help teachers — the goal is to involve 13,000 — prepare students for careers. “We provided nine industry-focused workshops this summer for public school teachers to make

them aware of the opportunities for their students to find great high-paying careers within our region and of the training opportunities available through our community colleges,” Beddard says. “If our teachers are more aware of the opportunities in our area, they can be the conduit that connects students to those careers.”

The green energy workshop, which included a tour of Dominion Energy’s hydroelectric dam on the Roanoke River, was hosted by the Center for Energy Education and Halifax Community College in Roanoke Rapids in July. The aviation cluster met for two days in Elizabeth City that same month. Its lead, former Wayne County Schools Superintendent David Lewis, says elementary, middle and high school teachers from nine school districts took part.

Lewis says teachers also visited the College of the Albemarle-Currituck campus in Barco, which is home to its Aviation Technology program. “Participating teachers worked to develop connections between STEM and aviation concepts and their own curriculum standards,” he says. “Our participating teachers represented a wide range of subject areas across all grade levels, so the emphasis was on helping them understand how STEM, and more specifically aviation, could be used to make their lessons more engaging for their students.”

Smart agriculture workshops were held at Martin and James Sprunt community colleges. “The purpose of it, as we bring the teachers into it, is they learn how to integrate into their daily lessons what is available,” says Cluster Lead Ben Thigpen, who retired as Jones County Schools superintendent in January. “The workshops expose teachers to what’s there and how to put it into their standard course of study and share with the students.”

Thigpen says agriculture is more than plants and animals. “The industry is so deep and vast,” he says. “You have to have welders and truck drivers and mechanics to keep those John Deeres and Massey Fergusons running. There are electrical systems, monitoring systems, seeds and watering.”

The blue economy industry workshop, hosted by Carteret Community College, focused on aquaculture and marine construction. Teachers toured Jarrett Bay Boatworks in Beaufort. Career paths include offshore wind; Sea Grant program, which works to maintain a healthy coastal environment and economy; and Center for Marine Sciences and Technology. Further south, UNC Wilmington’s Blue Economy program partners with Cape Fear and Carteret community colleges and the Coastal Studies Institute at ECU’s Outer Banks campus.

“Of course as we move forward, we hope to add many more businesses and workforce connections that will benefit from the work that we’re doing,” says Cluster Lead Lisa Jackson, who retired as Pamlico County Schools superintendent last year. “As we succeed in our region, this model could be applied to other regions throughout the state and the country.”

The blue economy industry workshop, which was hosted by Carteret Community College.

DOUBLE VISION

A look at the Piedmont Triad and its Carolina Core.

Lexington, county seat of Davidson County, is a town of 20,000 at the crossroads of U.S. 64 and Interstate 85, halfway between Salisbury and Thomasville, in the middle of the state. It has a walkable downtown, half-dozen wineries, the Bob Timberlake gallery, family friendly parks and a nickname – Barbecue Capital of the World. Its annual October barbecue festival lures enough visitors to double the town population.

But lately Lexington has been discovered by more than food enthusiasts.

In April, steel-production company Nucor announced its next micro mill plant, a $350 million manufacturing project intended to create 180 jobs with average annual wage of $99,066, will be built just east of town on U.S. 64, about three miles from a 761-acre plot rezoned for industrial use.

Within Lexington city limits, Siemens Mobility’s $220 million railcar factory will create 500 jobs at a 200-acre lot in the Lexington Industrial Park on Brown Street.

“They’re completing utility permits and are on track for campus completion by March 2025,” says Jason Martin, Davidson’s assistant county manager, of the Siemens site. “It’s great for the county and the city of Lexington, because it’s a strong capital investment. We pride ourselves on a low tax rate, and that helps. Plus the wages will be over the county average.”

Nucor and Siemens join a lengthy list of manufacturers settling in the Triad, a 12-county group of Alamance, Caswell, Davidson, Davie, Forsyth, Guilford, Montgomery, Randolph, Rockingham, Stokes, Surry and Yadkin with a midsection of Greensboro, High Point and Winston-Salem sewn together by a half-dozen crisscrossing highways.

Spanning the Triad like a landlocked peninsula, the Carolina Core is a 120-mile-long industry-saturated swath of the Piedmont from Surry and Yadkin counties in the west to Cumberland, Sampson and Johnston in the east. Inside, 2 million people live among industrial tracts covering more than 7,200 acres of certified land.

“We’re at a time when the county and all its municipalities are in harmony,” Martin says. “There are a lot of positives.”

BIGGEST COLLEGES AND UNIVERSITIES

UNC Greensboro

Wake Forest University, Winston-Salem

Elon University

High Point University

N.C. A&T State University, Greensboro

Winston-Salem State University

Kaleideum Museum in Winston-Salem

Guilford Technical Community College

Forsyth Technical Community College

ATTRACTIONS

TRIAD SNAPSHOT COUNTIES:

Alamance Caswell Davidson Davie Forsyth Guilford Montgomery Randolph

Rockingham

Stokes

Surry Yadkin

North Carolina Zoo, Asheboro

International Civil Rights Center & Museum, Greensboro

Old Salem Museum & Gardens, Winston-Salem

Greensboro Science Center

Andy Griffith Museum, Mount Airy

Yadkin Valley Wine Country, Elkin

Kaleideum (North and Downtown museums) Winston-Salem

Steven Tanger Center for the Performing Arts

INDUSTRIES

Aerospace and defense

Furniture

Finance

Insurance

Textiles

Wine making

“We like to tout ourselves as the third economic engine for North Carolina,” says Mike Fox, president of the Piedmont Triad Partnership, an economic development influencer in Greensboro. “The Charlotte region has its success and its own niche. The Raleigh area has been enormously successful. In order for North Carolina to prosper, you have to have more than two areas. That’s not to say Asheville and Wilmington aren’t doing well. One of the best things about the Core is the choices you have and the diversity in where you can live, work and play.”

The Triad and Core boast a myriad of tourism attractions, a fistful of four-year universities and community colleges, and a city, High Point, that is the first Certified Autism Destination on the East Coast accredited by the International Board of Credentialing and Continuing Education Standards.

Its Piedmont Triad International Airport has a $9.3 billion economic impact, aerospace cluster and a plane-in-the-making that will dash through the stratosphere at 1,304 mph.

“With a growing tourism economy, the county’s natural beauty shines with the Uwharrie National Forest, Tillery and Badin lakes, offering residents and visitors plentiful outdoor recreation and scenic views,” says county economic development Director Savannah Heath. “The charm of small-town living contributes to the area’s exceptional quality of life.”

High Point is the first East Coast city to be named a Certified Autism Destination.

Infrastructure – pavement – is imperative to Core counties. Interstate 40 and U.S. 421 meander from Winston-Salem to Greensboro to Sanford and Dunn, with the Greensboro-toSanford segment soon to be designated Future I-685. From Winston-Salem westward to Yadkinville, 421 could evolve into Interstate 777.

“Having I-777 in ‘future interstate status’ allows your local economic development professional to appeal for more projects. Many companies don’t have to be right on the interstate; they say they have to be within 10 miles,” Fox says. “And if you can’t provide that, you may be eliminated.”

THE PARTNERSHIP

The Piedmont Triad Partnership encourages blending assets of education, infrastructure and buildable land with a business community focused on job generators. Nineteen counties market the Core brand to attract business.

Last fall, leaders gathered to address another mission: housing. With major incoming industries committed, the PTP initiated a study to focus on “which type of housing can go where,” according to a report.

“First and foremost,” says High Point University President Nido Qubein, “Our goal is to ensure that people acknowledge this is a great place to live, a wonderful place to build a business and a terrific place to raise a family.”

“The Partnership has been a wonderful fellowship of focused leaders across the region,” says Qubein, who is co-chair. “We have seen mega-sites come to be, and they have attracted companies like the Toyota battery plant (5,100 jobs in Randolph County) and created an enormous number of jobs.”

Qubein is a former board member of Piedmont Triad International Airport, which holds multiple onsite aerospace companies and manufacturers in addition to having nationwide flights through four major airlines.

“We brought FedEx there (in 2003). Today that looks like a small advancement,” Qubein says. “Now, we’ve advanced to a much higher level with the megasites and can be sure that there are 50,000, 100,000 positions that can be created with reasonable amounts of compensation.”

AEROSPACE

The PTI campus has about 9,000 employees – 8,000 in jobs not related to terminal operations and commercial service aircraft.

Expansion continues. “We’re in the design phase of a terminal modernization project that will include heavy renovations and reconstruction of the terminal,” says Executive Director Kevin Baker of PTI’s 3½-year upfit. “There will be growing pains, but it’s not going to interrupt fl ights.”

Major investments and announcements are often credited to the diligence of individual counties’ EDCs, Fox says. “We meet with them monthly to promote the brand, which is the Core, and we celebrate all the victories. We do get involved in projects when they’re being recruited, because a CEO might say, ‘Hey, do you have a person we can talk to about what it’s like to run a business in this area?’ So, we work to provide that.”

PTI has about 900 ready-to-build acres remaining in its aerospace cluster of HAECO Americas, Honda Aircraft, Cessna and VSE Corp. Baker says Boom Supersonic’s facility construction should be complete in a few months, and Marshall Aerospace has a January target.

“Our deal is to get them to market faster,” Baker says. “If we didn’t have the grading done, we’d still be moving dirt. We have sites ready to go, and that puts us in a good competitive position.”

EXPLORING THE CORE

When “Carolina Core” became a term in 2018, Fox’s predecessor Stan Kelly expressed a goal of 50,000 office and industrial jobs in 20 years. Success –and money in the billions – came fast.

The PTP announced at the end of April that its 50,000-job milestone has been met – with 50,300. “We knew we were close last year,” Fox says, “so we raised the goal to 100,000 by 2038. We doubled our goal.

“We’ve also been very blessed in that Duke Energy has been a great partner to work with in that they have an excellent grid and can provide for these companies as well.”

The biggest names announced in the megasite game:

Toyota Battery: $13.9 billion in an increasing presence at the Greensboro-Randolph Mega-site; 5,100 jobs.

Wolfspeed 1,800 jobs, $5 billion investment at ChathamSiler City.

VinFast $4 billion investment at Triangle Innovation Point; Production has been delayed until 2028.

Boom Supersonic ($500 million) and Marshall Aerospace ($50 million) are constructing facilities at Piedmont Triad International Airport and intend to hire 2,400 and 243, respectively.

Chatham-Siler City has 1,400 acres remaining, and the Person County Mega Park just over Caswell’s eastern side has 1,350 acres ready to develop.

TOURISM

High Point hosts more than 815,000 direct visitors annually, says Melody Burnett, president of the Visit High Point Convention & Visitors Bureau. The High Point Market furniture extravaganza brings an estimated 75,000 home furnishings professionals to town twice a year. And High Point University attracts more than 100,000 annual visitors for events such as orientation and graduation, family weekends, Presidential Scholar Weekend and Big South Conference sports.

“High Point has a town-and-gown relationship with HPU,” Burnett says. “Our local businesses, especially in the hospitality sector, understand the value in aligning their products and services with the standards set in place connecting those visitors to great experiences while in town. HPU continues to set the bar high, enhancing High Point’s abilities to secure more visitors through educational, sports and social events on campus.”

The city’s overnight and day-trip guests, Burnett says, “enjoy exploring the area including our N.C. Visitor Attraction of the Year, the Nido & Mariana Qubein Children’s Museum, and our Labor Day Weekend tradition, the John Coltrane International Jazz and Blues Festival. We are hyper-focused on our guest experience, elevating the home furnishings and design branding, generating consumer traffic and awareness to our new downtown, and positioning our mission as a community of shared values that benefits visitors and residents.”

Being a Certified Autism Destination is new. Mesa, Arizona, is the only other U.S. city that can claim certification. The

purpose is to make venues comfortable and welcoming for people with autism. “Currently, there are no venues outside the city participating, but there have been some exploratory conversations with some neighboring partners,” says Nancy Bowman, Visit High Point’s vice president of branding. “(Venues) have been working diligently to create programming, events, sensory guides and additional resources to ensure autistic visitors not only feel welcome but have time to prepare for what they are getting ready to experience.

“We are leveraging our mission as a community with shared values to drive the visitor economy, support local businesses, improve quality of life for our residents and lift up our destination’s branding of being kind and inclusive, while enhancing High Point’s visibility as a destination to live, work and play.”

PACKAGE DEAL

“I think our greatest achievement (at the PTP) is just bringing the region together. And that’s occurred in the last 10 years,” Fox says. “Our folks work collaboratively and cooperatively to make this a great place to live, and bring jobs. So, building this regional community and the brand of the Carolina Core has been our most remarkable contribution.”

Adds Qubein: “The Triad really is the giant that has been awakened recently. It’s an exciting time in the Core and in the Triad, because everyone is excited about the potential that lies ahead.”

ON THE REBOUND

Western North Carolina is rebuilding from Hurricane Helene, and businesses are helping.

Western North Carolina, known for natural wonders as well as one of the most recognized man-made structures in the country, o ers numerous dichotomies.

e destruction from Hurricane Helene has Asheville and the western North Carolina economy digging out and rebuilding.

Before the storm hit, Asheville and Buncombe County were beloved by tourists who provided a huge economic impact, national companies choosing western North Carolina for manufacturing sites and entrepreneurs excelling locally and nationally. e region is hoping it can continue those trends, and businesses are helping to ensure that happens.

Dogwood Health Trust, the nonpro t created by the sale of Mission Health, donated more than $30 million in relief funding to help western North Carolina recover from Hurricane Helene. Priority is going for immediate needs and local organizations. O cials say they are seeking to attract additional capital to the region, including from the federal and state governments.

Beyond urgent needs, Dogwood says it will support e orts tied to the FEMA response and maintaining critical healthcare services across the region.

“Hurricane Helene has a ected the people and communities of western North Carolina in unimaginable ways,” Dogwood CEO Susan Mims said in a news release. “Our response includes this funding for short-term relief and we will be here for longterm recovery and rebuilding as well.”

Many private and nonpro t organizations from across the U.S. have announced donations for relief e orts following the hurricane. Dogwood’s investment is the largest one announced thus far.

Dogwood is directing $10 million to the Emergency and Disaster Response Fund at the Community Foundation of Western North Carolina, which then will make smaller grants to human service and community-based organizations. More than $20 million will be given to direct-service nonpro ts and organizations with connections in local communities, the group said.

Dogwood was formed a er the $1.5 billion sale of Mission to Nashville, Tennessee-based HCA Healthcare in 2019. Its purpose is to improve the health and well-being of people in the Qualla Boundary and 18 western N.C. counties.

Hurt the most from the hurricane was tourism. At risk is an estimated $1.8 billion in visitors’ spending to western North

BIGGEST COLLEGES AND UNIVERSITIES

Western Carolina University, Cullowhee

UNC Asheville

Appalachian State University, Boone

Asheville-Buncombe Technical

Community College

ATTRACTIONS

Biltmore Estate, Asheville

Blue Ridge Parkway

Carl Sandburg Home, Flat Rock

Nantahala Outdoor Center, Bryson City

Tryon International Equestrian Center, Mill Spring

Sliding Rock, Transylvania County

North Carolina Arboretum, Asheville

WESTERN SNAPSHOT COUNTIES:

Alleghany

Ashe Avery

Buncombe

Burke

Caldwell

Grandfather Mountain, Linville

Chimney Rock State Park, Chimney Rock

Linville Caverns, Marion

Asheville Tourists minor league baseball

Hickory Crawdads minor league baseball

Cherokee Cultural Attractions, Cherokee

Tweetsie Railroad, Blowing Rock

INDUSTRIES

Henderson

Jackson Macon

Madison

McDowell

Cherokee Clay Graham Haywood

Mitchell

Polk

Rutherford

Swain

Transylvania

Watauga

Wilkes

Yancey

Aerospace and defense

Furniture

Craft beer

Data centers

Tourism

Advanced manufacturing

Christmas trees

Asheville

Carolina in the fall. By season, the fall contributed 24% of tourism visits in North Carolina in 2023, ranking behind the summer at 26% and ahead of spring at 22% and winter at 14%, state tourism head Wit Tuttell says, citing his organization’s research.

Helene spared some mountain communities, such as Cherokee County, where “they have power, they have the internet, businesses are open and ready to host people,” Tuttell says.

“I’m sure some of these places are going to respond and recover more quickly than we anticipate, and we will be back on their feet pretty quickly, but some aren’t,” he says. “It’s going to be a challenge in getting people into those places that are ready to accept visitors and keeping them away from the places that aren’t.”

Tuttell urged people to look beyond the Helene headlines and make plans to visit North Carolina’s coast and Piedmont. “Two-thirds of the state is still open and needs those visitors to come and help contribute to the economy,” he says.

HOMEGROWN SUCCESS

e Economic Development Coalition’s board launched Venture Asheville in 2015 as part of its “AVL 5X5 Strategic Plan,” which laid out directives to add 5,000 new jobs and $500 million

in capital investments. Its mentorship-based incubator, Elevate, had raised upward of $50 million in capital and generated more than $100 million in revenue. It has served more than 70 Asheville-headquartered start-ups that have created more than 360 jobs with wages averaging $78,000 a year.

“In the world of entrepreneurship, success o en hinges on the ability to navigate complex and rapidly changing environments,” says director Je Kaplan. “At Elevate, we believe that mentorship, experiential learning and competency assessments are essential tools for founders seeking to build resilient and sustainable businesses. Investing in this community of founders is a smart long-term strategy, as these entrepreneurs will become our region’s future philanthropists, civic leaders and possibly elected o cials.”

One company that grew through Venture Asheville’s Elevate incubator is Poppy Handcra ed Popcorn.

Company founder Ginger Frank started Poppy in 2014 as a one-woman show. She now employs 45, has more than 30 avors, and her Parmesan & Black Pepper variety ranked No. 1 of all bagged popcorns by Tasting Table, a popular website for food and beverage connoisseurs.

“Venture Asheville came along at a very pivotal point in the Poppy journey. I didn’t even know VA existed and Josh Dorfman reached out to me in 2017,” Frank says. “A er joining VA, I was assigned an incredible team of mentors: Robert Ano , Dawn Walker, John Forrester, John Bernard. is group of volunteers jumped in with me with both feet. ey o ered advice, helped me carve out direction, provided connections to nancial resources, helped me solve problems, even showed up at times to help x machinery or ll orders.”

Venture Asheville and the camaraderie of entrepreneurs helped guide her success. She credits Kaplan, the organization’s director, for helping build that sense of community and being a con dence builder and source of wisdom as each entity grows. Frank and other entrepreneurs started a peer mentorship group that has grown from ve members to more than 30.

“While we’re all at di erent stages, we know where to turn if we need advice or guidance,” she says. “We truly want to see each other succeed. We are each other’s biggest fans.”

Buncombe County’s list of growing and big businesses includes many breweries, which make up the largest employer within the manufacturing sector, according to Duncan.

Hendersonville

Ginger Frank with Poppy’s Handcrafted Popcorn (left) and Demo Day with the Venture Asheville’s Elevate Program (right.)

HURRICANE HELENE RECOVERY

The Defense Department supported local, state and federal emergency responders in a massive effort to bring relief to residents impacted by Hurricane Helene. DOD support efforts have ranged from assisting with rescue operations and delivering humanitarian relief to debris cleanup and engineering support in the affected areas.

PART OF THE PLAN

e “AVL 5×5 Strategic Plan” has ve areas of focus: nurture local growth in sectors with a homegrown competitive advantage; recruit new growth; fast-track startups; integrate and strengthen workforce systems; develop industrial sites and buildings.

e 2020-2025 outline is the plan’s third cycle. It also is targeting growing and recruiting in ve employment sectors: advanced manufacturing (automotive, aerospace, food and beverage), life sciences (biotech and medical devices), climate technology, outdoor products and o ce/information technology.

e EDC plans to conduct retention interviews, consult companies about such things as expansion, recruiting workforce and nancial needs, and visit at least one national headquarters a year for companies that have branch o ces in Buncombe.

e report notes: “We nd a strong positive correlation between the employment rates of adults who live in a tract and rates of upward mobility for children who grow up there. Evidently, what predicts upward mobility is not proximity to jobs, but growing up around people who have jobs. … Research is making it clear: If we want better outcomes for our nextgeneration residents, we must work to provide jobs to their parents and neighbors.”

“For the west, it really is about attracting the next generation and the technological state of our workforce,” Duncan says. “We are one of those regions that lags behind the rest of the state in a wage perspective, so that’s the highest priority of our coalition –mobility and career paths that will sustain us for the next several generations. Our automotive and aerospace sectors and our entrepreneurship really speak to our innovation.”

e AVL 2015-2020 report notes the EDC and its partners assisted in attracting three new companies, eight expansions and 1,180 direct jobs, with an investment total of $198.9 million.

“We have a very speci c focus. We have always been a low-unemployment market, and in the ve years going into 2020 we had the lowest unemployment in all 100 counties,” Duncan says. “ at also speaks to a tighter market. So, we want to, number one, grow our economic participation, and two, create partnerships to bring more people into economic opportunities. When I say that, I’m talking about populations that are typically disconnected, whether through poverty, substance abuse or re-entering the economic picture from justice involvement. We see great value in fast-tracking those individuals to high-wage employment opportunities.

“We’re really focusing on growing those pipelines and bringing more people into western North Carolina’s success.”

GETTING THERE AND LIVING THERE

With business growth comes the need for more transportation, the local airport is responding.

Twelve miles from downtown, Asheville Regional Airport is steadily growing to serve the Asheville-Buncombe County metro area’s 450,000 residents and its many visitors.

With 25 domestic and international destinations, it’s the third-busiest airport in North Carolina, according to a release from the N.C. Department of State Treasurer. Asheville Regional Airport has experienced historic growth with more than 2.2 million passengers in 2023. is summer the airport experienced two record-breaking days with more than 6,400 passengers screened in one day.

To meet passenger demand, the Transportation Security Administration began the installation of a fourth security screening lane in July 2024, and it is now fully operational.

“Our TSA o cers are looking forward to working in the new space where they will have a larger area to carry out their important security duties,” says TSA North Carolina Spokesperson Dan Velez. During AVL’s routine busiest days, TSA is screening more than 5,800 people a day. e fourth line alleviates wait times during peak travel hours.

“ is couldn’t come at a better time,” says Lew Bleiweis, president and CEO of Asheville Regional Airport. “ e growth is real at AVL, and we’ve exceeded our record passenger numbers from 2023 every month this year so far. Our security lines were at capacity. TSA has seen our growth and responded to ensure our passengers can move through screening more quickly.”

Asheville Regional Airport renderings for proposed by firm Gresham Smith.

Businesses

THAN MONEY

NORTH CAROLINA’S 2023 SCOREBOARD

JOBS ANNOUNCEMENTS

Global investors dominate North Carolina’s biggest job-creating projects.s

FOREIGN TRADE

By Lawernce Bivens

Western North Carolina, known for natural wonders as well as one of the most recognized man-made structures in the country, o ers numerous dichotomies.

e dominant player is Toyota, which disclosed plans for a large Randolph County plant in late 2021, then raised the ante to a projected $14 billion investment. It has hired more than 800 people in preparation for production starting next year of electric and hybrid batteries to be used across the lineup of the world’s largest automotive company.

Eight of the 10 largest job announcements came from foreign enterprises, compared with ve in 2022 and four in 2021. More investment may be on the way a er the Biden Administration in May quadrupled the tari on Chinese-produced electric vehicles to 100%. e rate for foreign-made semiconductors and solar cell needles is also rising to 50% this year.

TOYOTA MOTOR

TOKYO, JAPAN

NEW JOBS: 3,000

COUNTY: RANDOLPH

PROJECTED INVESTMENT: $8B

N.C. CASH INCENTIVES:

$315 MILLION OVER 39 YEARS, PLUS $50 MILLION MORE IF CERTAIN JOB TARGETS ARE HIT.)

LOCAL INCENTIVES: $167 MILLION

Ready talent was commonly cited as a top factor in companies’ interest in the state, with several CEOs trumpeting their partnerships with N.C. universities and community colleges.

North Carolina also bene ts from available land and buildings that have access to industrial-grade infrastructure. Many “megasites” have lled up as the state wins kudos as a top location for business. at is prompting leaders to seek developers for other sites with suitable land and buildings. is annual list is based on job-creation projections for developments announced between June 1, 2023 and May 31, 2024. Details are gleaned from press releases, state reports and local media accounts. History shows many projects won’t meet their targets for jobs and investment, while some exceed their goals. State o cials verify the companies’ job creation and capital spending before providing incentives.

Landing a $14 billion investment from Toyota cinches North Carolina’s place in global auto manufacturing, given the Japanese company’s status as the world’s top-selling vehicle producer for the past four years. It has sold more than 10 million vehicles annually for nine of the past 10 years, with hybrids and fully electric models gaining market share compared with its gas-only products.

To meet demand, Toyota announced the second phase of its proposed 7 million-square- feet manufacturing center launched 20 miles south of Greensboro in 2021. e expansion will add eight manufacturing lines to the two that Toyota previously announced, including capacity for hybrid vehicle batteries. It expects to eventually employ about 5,100 people in Randolph County.

Toyota is bene ting from its emphasis on hybrid vehicles, rather than promoting all-electric vehicles, auto analysts say. Its sales in the US soared 23% in the rst three months of this year, aided by new hybrid versions of its Prius, Camry and Rav4 models. EV leader Tesla, which doesn’t o er hybrids, reported a nearly 9% decline in deliveries, its rst quarterly decline since 2020. Hybrid, hydrogen-powered and battery-electric vehicles made up 36% of total Toyota sales in the rst quarter. e company says it takes the same amount of battery resources to make one EV as it does to produce 90 hybrids because materials are so scarce.

Still, Toyota says it plans to o er 30 all-electric vehicles by 2030.

AMAZON

SEATTLE

NEW JOBS: 1,000

COUNTIES: CUMBERLAND, JOHNSTON

PROJECTED INVESTMENT: $200 MILLION

N.C. CASH INCENTIVES: N/A

LOCAL INCENTIVES: $6.3 MILLION (SMITHFIELD)

$2.5 MILLION (FAYETTEVILLE)

On May 31, Amazon started hiring more than 1,000 full-time sta ers and an undisclosed number of part-timers for its 1.3 million-square-foot distribution facility in Fayetteville. e giant e-commerce company had completed the building in mid2023, then paused for about a year as it assessed its needs and economic conditions. Local o cials say it will become one of the Cumberland County city’s ve largest private employers. In April, the company opened a 620,000-square-foot distribution center in Smith eld in Johnston County. It was announced in 2021 and is expected to employee as many as 1,000.

ROSS STORES

SAN BRUNO, CALIFORNIA

NEW JOBS: 852

COUNTY: RANDOLPH

PROJECTED INVESTMENT: $450 MILLION

N.C. CASH INCENTIVES: $7.61 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $40 MILLION

Not all of Randolph County’s recent wins involve batteries. In Randleman, near the junction of I-74 and U.S. 311, discount retailer Ross Stores plans 1.7 million square feet of distribution space. e company, founded in 1950, does business as Ross Dress for Less, operating 1,765 stores in the U.S. and Guam. Abundant available labor helped the community seal the deal. Last year, Klaussner Furniture shuttered its operations in the county, idling 884 workers.

BOVIET SOLAR

BAC GIANG CITY, VIETNAM

NEW JOBS: 908

COUNTY: PITT

PROJECTED INVESTMENT: $294 MILLION

N.C. CASH INCENTIVES: $8.28 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $18 MILLION

e company is part of China’s publicly traded Boway Alloy, a material manufacturer. Boviet will make solar panels and photovoltaic cells for commercial, residential and industrial markets in the U.S. Its Greenville operations will span 1 million square feet in a vacant facility and newly constructed space. Boviet considered 60 possible locations in nine states before picking nalists Greenville, Phoenix and Atlanta. e area’s modest cost-of-living, proximity to ports and highways, and skilled workforce helped Pitt County win its largest-ever economic development project.

FUJIFILM DIOSYNTH BIOTECHNOLOGIES

TOKYO, JAPAN

NEW JOBS: 680

COUNTY: WAKE

PROJECTED INVESTMENT: $1.2 BILLION

N.C. CASH INCENTIVES: $14.99 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $54.3 MILLION

Just three years a er announcing its initial $2 billion investment in Holly Springs, Fuji lm unveiled expansion plans for its largescale cell culture manufacturing site there. Based in Denmark but part of a Japanese conglomerate, the company credited the community’s diverse talent pool, infrastructure and sustainable energy resources. e new jobs, which expand on the site’s existing payroll of about 700, are expected to pay an average annual wage of nearly $110,000.

SIEMENS ENERGY

MUNICH, GERMANY

NEW JOBS: 559

COUNTY: MECKLENBURG/WAKE

PROJECTED INVESTMENT: $150 MILLION

N.C. CASH INCENTIVES: $6.98 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $5.4 MILLION

Siemens Energy arrived in Charlotte in 1969 and employs about 1,200 at its turbine-manufacturing plant o Westinghouse Boulevard. e company’s expansion plans center on repurposing about 53,000 square feet of oor space to manufacture large power transformers. With long production lead times, the school bus-sized equipment is a key component of the nation’s electrical grid. e company’s engineering center in Raleigh expects to add 84 positions. Siemens had considered expanding a facility in Kansas for the project

CRYSTAL WINDOW & DOOR SYSTEMS

FLUSHING, N.Y.

NEW JOBS: 501

COUNTY: JOHNSTON

PROJECTED INVESTMENT: $83.6 MILLION

N.C. CASH INCENTIVES: $4.14 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $3.7 MILLION

A 43-acre site in Selma, 30 miles southeast of Raleigh, will house Crystal’s new plant. e company founded in 1990 supplies windows and doors to residential and commercial builders in 40 states. Local leaders credited recent investments in public infrastructure for landing Crystal, which plans to pay average annual wages of about $56,000. “Sound economic fundamentals are Selma’s secret sauce when it comes to job creation and prosperity,” Mayor Byron McAllister said.

GREEN NEW ENERGY MATERIALS

SHENZHEN, CHINA

NEW JOBS: 545

COUNTY: LINCOLN

PROJECTED INVESTMENT: $140 MILLION

N.C. CASH INCENTIVES: $3.64 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $2.5 MILLION

Established in 2023, China’s Green New Energy Materials supplies lithium-ion battery components for electric vehicles, tools and industrial equipment. It maintains strategic partnerships with Tesla, Ford, LG and others. It is leasing a half million square feet at Lincoln Commèrce Center, its rst U.S. site, with production slated to start next year.

EPSILON ADVANCED MATERIALS

MUMBAI, INDIA

NEW JOBS: 500

COUNTY: BRUNSWICK

PROJECTED INVESTMENT: $650 MILLION

N.C. CASH INCENTIVES: $3.44 MILLION OVER 12 YEARS

LOCAL INCENTIVES: NA

Proximity to southern U.S. automotive supply chains, along with community college training support, helped convince Epsilon to build a 1.5 million-square-foot synthetic graphite production facility at Mid-Atlantic Industrial Rail Park, about 18 miles from the Port of Wilmington. e material is a component of cleanenergy batteries, enabling a faster, longer-lasting charge than natural graphite. e expansion caps o Southeastern North Carolina’s “near-port” economic development vision, which regional leaders launched 15 years ago to promote large sites within easy reach of the port.

SCHOTT PHARMA

MAINZ, GERMANY

NEW JOBS: 401

COUNTY: WILSON

PROJECTED INVESTMENT: $371 MILLION

N.C. CASH INCENTIVES: $4.94 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $16.1 MILLION

BOSCH

GERLINGEN, GERMANY

NEW JOBS: 400

COUNTY: LINCOLN

PROJECTED INVESTMENT: $130 MILLION

N.C. CASH INCENTIVES: $12.73 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $4.4 MILLION

AMERIPRISE FINANCIAL

MINNEAPOLIS, MINN

NEW JOBS: 400

COUNTY: MECKLENBURG

PROJECTED INVESTMENT: N/A

N.C. CASH INCENTIVES: N/A

LOCAL INCENTIVES: N/A

DAI NIPPON PRINTING TOKYO, JAPAN

NEW JOBS: 352

COUNTY: DAVIDSON

PROJECTED INVESTMENT: $233 MILLION

N.C. CASH INCENTIVES: $2.74 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $1.85 MILLION

PROKIDNEY

WINSTON-SALEM

NEW JOBS: 330

COUNTY: GUILFORD

PROJECTED INVESTMENT: $458 MILLION

N.C. CASH INCENTIVES: $5.1 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $28.5 MILLION

HONDA AIRCRAFT

GREENSBORO

NEW JOBS: 280 COUNTY: GUILFORD

PROJECTED INVESTMENT: $55.7 MILLION

N.C. CASH INCENTIVE: $3.4 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $1.13 MILLION

CLAYTON SUPPLY

MARYVILLE, TENNESSEE

NEW JOBS: 263

COUNTY: STANLY

PROJECTED INVESTMENT: $46.6 MILLION

N.C. CASH INCENTIVES: $2.06 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $2.7 MILLION OVER 10 YEARS

COMMSCOPE

HICKORY

NEW JOBS: 250

COUNTY: CATAWBA

PROJECT INVESTMENT: $60.3 MILLION

N.C. CASH INCENTIVES: $1.9 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $1,436,541 FROM CATAWBA COUNTY OVER SIX YEARS

FORGE NANO

DENVER, COLORADO

NEW JOBS: 204

COUNTY: WAKE

PROJECTED INVESTMENT: $165 MILLION

N.C. CASH INCENTIVES: $1.53 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $3 MILLION FIVE TO EIGHT YEARS

PURPLE CROW

WINSTON-SALEM

NEW JOBS: 199 COUNTY: FORSYTH

PROJECTED INVESTMENT: $50 MILLION

N.C. CASH INCENTIVES: 0

LOCAL INCENTIVES: $1.4 MILLION OVER FIVE YEARS

DEHN

NEUMARKT, GERMANY

NEW JOBS: 195 COUNTY: IREDELL

PROJECTED INVESTMENT: $38.6 MILLION

N.C. CASH INCENTIVES: $1.17 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $1.84 MILLION OVER SEVEN YEARS

AUCTION DIRECT USA

ROCHESTER, NEW YORK

NEW JOBS: 173

COUNTY: GRANVILLE

PROJECTED INVESTMENT: $2.9 MILLION

N.C. CASH INCENTIVES: $2.1 MILLION

OVER 12 YEARS

LOCAL INCENTIVES: $25,000

AMREP MANUFACTURING

CHARLOTTE

NEW JOBS: 170

COUNTY: ROWAN

PROJECTED INVESTMENT: $21 MILLION

N.C. CASH INCENTIVES: $1.62 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $269,248 OVER FIVE YEARS; ROWAN COUNTY ALSO SOLD AMREP APPROXIMATELY 20 ACRES OF LAND FOR ABOUT $300,000 BELOW TAX VALUE

INNOVATION CONSTRUCTION GROUP

JACKSONVILLE, FLORIDA

NEW JOBS: 157

COUNTY: CHATHAM

PROJECTED INVESTMENT: $39.8 MILLION

N.C. CASH INCENTIVES: $1.83 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $1.1 MILLION OVER FIVE YEARS

TTX

CHARLOTTE

NEW JOBS: 150

COUNTY: MECKLENBURG

PROJECTED INVESTMENT: $14.5 MILLION

N.C. CASH INCENTIVES: $1.83 MILLION OVER 12 YEARS

LOCAL INCENTIVES: $555,000

FUJIHATSU & TOYOTSU BATTERY COMPONENTS

LIBERTY

NEW JOBS: 133

COUNTY: RANDOLPH

PROJECTED INVESTMENT: $60.4 MILLION

N.C. CASH INCENTIVES: N/A

LOCAL INCENTIVES: N/A

BOXMAN

STUDIOS MOUNT HOLLY

NEW JOBS: 116

COUNTY: GASTON

PROJECTED INVESTMENT: $2.95 MILLION

N.C. CASH INCENTIVES: N/A

LOCAL INCENTIVES: $45,000

NORTH CAROLINA’S LARGEST PRIVATE COMPANIES

For more than 30 years, Business North Carolina magazine has recognized privately-owned businesses that play pivotal, but often understated, roles in building the state’s economy. Its list, compiled with revenue and employment information shared by companies, includes best estimates for those that prefer not to disclose that information. Private equity controlled companies whose operations are based in North Carolina are eligible for the list. The majority of businesses are closely held organizations with long histories in the state. The list is based on 2023 revenue.

$1 BILLION AND MORE

To view the complete list, visit businessnc.com or scan the code to go directly to the page.

$500 MILLION TO $999 MILLION

NORTH CAROLINA’S

TOP PUBLIC COMPANIES

Business North Carolina magazine used stock-market performance as of June 30, 2024, to determine this list of the largest public companies headquartered in North Carolina. Stocks of North Carolina’s largest public companies took widely divergent paths in the past year: 17 recorded gains of more than 40%, while nine declined by at least 40%. That was a major change from a year earlier, when only 12 of the 75 companies showed any increases, reflecting a difficult for investors.

NORTH CAROLINA’S HIGHER EDUCATION DIRECTORY

PUBLIC UNIVERSITIES

APPALACHIAN STATE UNIVERSITY BOONE, HICKORY appstate.edu

EAST CAROLINA UNIVERSITY GREENVILLE ecu.edu

ELIZABETH CITY STATE UNIVERSITY

ELIZABETH CITY ecsu.edu

FAYETTEVILLE STATE UNIVERSITY

FAYETTEVILLE uncfsu.edu

NORTH CAROLINA AGRICULTURAL AND TECHNICAL STATE UNIVERSITY GREENSBORO ncat.edu

NORTH CAROLINA CENTRAL UNIVERSITY DURHAM nccu.edu

NORTH CAROLINA STATE UNIVERSITY RALEIGH ncsu.edu

UNC ASHEVILLE ASHEVILLE unca.edu

UNC CHAPEL HILL CHAPEL HILL unc.edu

UNC CHARLOTTE CHARLOTTE uncc.edu

UNC GREENSBORO GREENSBORO uncg.edu

UNC PEMBROKE PEMBROKE uncp.edu

UNC SCHOOL OF THE ARTS

WINSTON-SALEM uncsa.edu

UNC WILMINGTON WILMINGTON uncw.edu

WESTERN CAROLINA UNIVERSITY CULLOWHEE wcu.edu

WINSTON-SALEM STATE UNIVERSITY

WINSTON-SALEM wssu.edu

BARTON COLLEGE WILSON barton.edu

BELMONT ABBEY COLLEGE BELMONT belmontabbycollege.edu

BENNETT COLLEGE GREENSBORO bennett.edu

BREVARD COLLEGE BREVARD brevard.edu

CABARRUS COLLEGE OF HEALTH SCIENCES CONCORD cabarruscollege.edu

CAMPBELL UNIVERSITY BUIES CREEK campbell.edu

CAROLINA CHRISTIAN COLLEGE WINSTON-SALEM carolina.edu

CAROLINA COLLEGE OF BIBLICAL STUDIES FAYETTEVILLE ccbs.edu

CAROLINA UNIVERSITY WINSTON-SALEM carolinau.edu

CATAWBA COLLEGE SALISBURY catawba.edu

CHAMBERLAIN UNIVERSITY NORTH CAROLINA CHARLOTTE chamberlain.edu

CHARLOTTE CHRISTIAN COLLEGE AND THEOLOGICAL SEMINARY CHARLOTTE charlottechristian.edu

CHOWAN UNIVERSITY MURFREESBORO chowan.edu

DAVIDSON COLLEGE DAVIDSON davidson.edu

DEVRY UNIVERSITY CHARLOTTE devry.edu

DUKE UNIVERSITY DURHAM duke.edu

ECPI UNIVERSITY

CHARLOTTE, GREENSBORO, RALEIGH ecpi.edu

ELON UNIVERSITY

ELON elon.edu

GARDNER-WEBB UNIVERSITY

BOILING SPRINGS gardner-webb.edu

GREENSBORO COLLEGE

GREENSBORO greensboro.edu

GUILFORD COLLEGE

GREENSBORO guilford.edu

HERITAGE BIBLE COLLEGE DUNN heritagebiblecollege.edu

HIGH POINT UNIVERSITY

HIGH POINT highpoint.edu

JOHNSON & WALES UNIVERSITY

CHARLOTTE jwu.edu

JOHNSON C. SMITH UNIVERSITY CHARLOTTE jcsu.edu

LEES-MCRAE COLLEGE BANNER ELK lmc.edu

LENOIR-RHYNE UNIVERSITY

ASHEVILLE, HICKORY lr.edu

LIVING ARTS COLLEGE RALEIGH living-art-college.edu

LIVINGSTONE COLLEGE SALISBURY livingstone.edu

LOUISBURG COLLEGE

LOUISBURG louisburg.edu

MANNA UNIVERSITY

FAYETTEVILLE manna.edu

MARS HILL UNIVERSITY

MARS HILL mhu.edu

MEREDITH COLLEGE RALEIGH meredith.edu

METHODIST UNIVERSITY

FAYETTEVILLE methodist.edu

MID-ATLANTIC CHRISTIAN UNIVERSITY

ELIZABETH CITY macuniversity.edu

MILLER-MOTTE COLLEGE FAYETTEVILLE, JACKSONVILLE, RALEIGH, WILMINGTON miller-motte.edu

MONTREAT COLLEGE

MONTREAT, BLACK MOUNTAIN montreat.edu

NORTH CAROLINA WESLEYAN COLLEGE ROCKY MOUNT ncwc.edu

NORTHEASTERN UNIVERSITY

CHARLOTTE, ONLINE northeastern.edu

PFEIFFER UNIVERSITY

MISENHEIMER, CHARLOTTE, RALEIGH, DURHAM pfeiffer.edu

QUEENS UNIVERSITY CHARLOTTE queens.edu

SAINT AUGUSTINE’S UNIVERSITY RALEIGH st-aug.edu

SALEM COLLEGE WINSTON-SALEM salem.edu

SHAW UNIVERSITY RALEIGH shawu.edu

SOUTHEASTERN BAPTIST THEOLOGICAL SEMINARY WAKE FOREST sebts.edu

SOUTHEASTERN FREE WILL BAPTIST BIBLE COLLEGE WENDELL sfwbc.edu

ST. ANDREWS UNIVERSITY LAURINBURG sa.edu

STRAYER UNIVERSITY NORTH CAROLINA CHARLOTTE, CONCORD, GREENSBORO, HUNTERSVILLE, MORRISVILLE, RALEIGH strayeruniversity.edu

UNIVERSITY OF MOUNT OLIVE

MOUNT OLIVE, DURHAM, GOLDSBORO, SMITHFIELD omu.edu

WAKE FOREST UNIVERSITY WINSTON-SALEM wfu.edu

WARREN WILSON COLLEGE SWANNANOA warren-wilson.edu

WATTS SCHOOL OF NURSING DURHAM wattsschoolofnursing.org

WESTERN GOVERNORS UNIVERSITY

DURHAM, ONLINE wgu.edu/north-carolina

WILLIAM PEACE UNIVERSITY

RALEIGH peace.edu

WINGATE UNIVERSITY

WINGATE, CHARLOTTE, HENDERSONVILLE wingate.edu

COMMUNITY COLLEGES

ALAMANCE COMMUNITY COLLEGE BURLINGTON, GRAHAM alamancecc.edu

ASHEVILLE-BUNCOMBE

TECHNICALCOMMUNITYCOLLEGE

ARDEN, ASHEVILLE, CANDLER, MARSHALL, WOODFIN abtech.edu

BEAUFORT COUNTY COMMUNITY COLLEGE WASHINGTON beaufortccc.edu

BLADEN COMMUNITY COLLEGE DUBLIN bladencc.edu

BLUE RIDGE COMMUNITY COLLEGE

BREVARD, FLAT ROCK, HENDERSONVILLE blueridge.edu

BRUNSWICK COMMUNITY COLLEGE

BOLIVIA, LELAND, SOUTHPORT, SUPPLY brunswickcc.edu

CALDWELL COMMUNITY COLLEGE AND TECHNICAL INSTITUTE BOONE, HUDSON cccti.edu

CAPE FEAR COMMUNITY COLLEGE BURGAW, CASTLE HAYNE, HAMPSTEAD, WILMINGTON cfcc.edu

CARTERET COMMUNITY COLLEGE

MOREHEAD CITY carteret.edu

CATAWBA VALLEY COMMUNITY COLLEGE

CONOVER, HICKORY, NEWTON, TAYLORSVILLE cvcc.edu

CENTRAL CAROLINA COMMUNITY COLLEGE

DUNN, LILLINGTON, PITTSBORO, SANFORD, SILER CITY cccc.edu

CENTRAL PIEDMONT COMMUNITY COLLEGE

CHARLOTTE, HUNTERSVILLE, MATTHEWS cpcc.edu

CLEVELAND COMMUNITY COLLEGE

SHELBY clevelandcc.edu

COASTAL CAROLINA COMMUNITY COLLEGE JACKSONVILLE coastalcarolina.edu

COLLEGE OF THE ALBEMARLE BARCO, EDENTON, ELIZABETH CITY, MANTEO abemarle.edu

CRAVEN COMMUNITY COLLEGE HAVELOCK, NEW BERN cravencc.edu

DAVIDSON-DAVIE COMMUNITY COLLEGE

BERMUDA RUN, LEXINGTON, MOCKSVILLE, THOMASVILLE davidsondavie.edu

DURHAM TECHNICAL COMMUNITY COLLEGE DURHAM, HILLSBOROUGH durhamtech.edu

EDGECOMBE COMMUNITY COLLEGE

ROCKY MOUNT, TARBORO edgecombe.edu

FAYETTEVILLE TECHNICAL COMMUNITY COLLEGE

FAYETTEVILLE, FORT BRAGG, SPRING LAKE faytechcc.edu

FORSYTH TECHNICAL COMMUNITY COLLEGE

KERNERSVILLE, KING, WALNUT COVE, WINSTON-SALEM forsythtech.edu

GASTON COLLEGE BELMONT, DALLAS, LINCOLNTON gaston.edu

GUILFORD TECHNICAL COMMUNITY COLLEGE

COLFAX, GREENSBORO, HIGH POINT, JAMESTOWN gtcc.edu

HALIFAX COMMUNITY COLLEGE WELDON halifaxcc.edu

HAYWOOD COMMUNITY COLLEGE CLYDE haywood.edu

ISOTHERMAL COMMUNITY COLLEGE

COLUMBUS, RUTHERFORDTON, SPINDALE isothermal.edu

JAMES SPRUNT COMMUNITY COLLEGE KENANSVILLE jamessprunt.edu

JOHNSTON COMMUNITY COLLEGE

CLAYTON, FOUR OAKS, SMITHFIELD johnstoncc.edu

LENOIR COMMUNITY COLLEGE

KINSTON, LA GRANGE, PINK HILL, SNOW HILL, TRENTON lenoircc.edu

MARTIN COMMUNITY COLLEGE WILLIAMSTON, WINDSOR martincc.edu

MAYLAND COMMUNITY COLLEGE BURNSVILLE, NEWLAND, SPRUCE PINE mayland.edu

MCDOWELL TECHNICAL COMMUNITY COLLEGE MARION mcdowelltech.edu

MITCHELL COMMUNITY COLLEGE MOORESVILLE, STATESVILLE mitchellcc.edu

MONTGOMERY COMMUNITY COLLEGE

TROY montgomery.edu

NASH COMMUNITY COLLEGE ROCKY MOUNT nashcc.edu

PAMLICO COMMUNITY COLLEGE BAYBORO, GRANTSBORO pamlicocc.edu

PIEDMONT COMMUNITY COLLEGE ROXBORO, YANCEYVILLE piedmontcc.edu

PITT COMMUNITY COLLEGE WINTERVILLE pittcc.edu

RANDOLPH COMMUNITY COLLEGE ASHEBORO randolph.edu

RICHMOND COMMUNITY COLLEGE HAMLET, LAURINBURG richmondcc.edu

ROANOKE-CHOWAN COMMUNITY COLLEGE AHOSKIE roanokechowan.edu

ROBESON COMMUNITY COLLEGE LUMBERTON robeson.edu

ROCKINGHAM COMMUNITY COLLEGE WENTWORTH rockinghamcc.edu

ROWAN-CABARRUS COMMUNITY COLLEGE

CONCORD, KANNAPOLIS, SALISBURY rccc.edu

SAMPSON COMMUNITY COLLEGE CLINTON sampsoncc.edu

SANDHILLSCOMMUNITYCOLLEGE PINEHURST, CARTHAGE, RAEFORD, ROBBINS sandhills.edu

SOUTHEASTERN COMMUNITY COLLEGE WHITEVILLE sccnc.edu

SOUTH PIEDMONT COMMUNITY COLLEGE MONROE, POLKTON, WADESBORO spcc.edu

SOUTHWESTERN COMMUNITY COLLEGE SYLVA southwesterncc.edu

STANLY COMMUNITY COLLEGE ALBEMARLE, LOCUST stanly.edu

SURRY COMMUNITY COLLEGE DOBSON, ELKIN, MOUNT AIRY, PILOT MOUNTAIN, YADKINVILLE surry.edu

TRI-COUNTY COMMUNITY COLLEGE MARBLE, MURPHY, ROBBINSVILLE tricountycc.edu

VANCE-GRANVILLE COMMUNITY COLLEGE CREEDMOOR, HENDERSON, LOUISBURG, WARRENTON vgcc.edu

WAKE TECHNICAL COMMUNITY COLLEGE CARY, MORRISVILLE, RALEIGH, WAKE FOREST, WENDELL, ZEBULON waketech.edu

WAYNE COMMUNITY COLLEGE GOLDSBORO waynecc.edu

WESTERN PIEDMONT COMMUNITY COLLEGE MORGANTON wpcc.edu

WILKES COMMUNITY COLLEGE SPARTA, WEST JEFFERSON, WILKESBORO wilkescc.edu

WILSON COMMUNITY COLLEGE WILSON wilsoncc.edu

Business North Carolina’s list of the state’s best hospitals with 50 or more beds examines data compiled from several sources to determine which medical centers provide the best care for their patients.

e rankings are calculated using more than 25 metrics, including information provided by the U.S. Centers for Medicare & Medicaid Services. Patient-satisfaction surveys, as well as infection, readmission and death rates for common procedures, are also taken under consideration.

Other factors include safety report cards by the Washington, D.C.-based nonpro t e LeapfrogGroup, distinction awards from insurer Blue Cross and Blue Shield, and national performance ratings from U.S. News & World Report.

1

DUKE UNIVERSITY HOSPITAL DURHAM

BEDS: 1,048

2023 RANK: T-3

PRESIDENT: GREGORY PAULY

2

CONE HEALTH MOSES

CONE HOSPITAL GREENSBORO

BEDS: 529

2023 RANK: 1

PRESIDENT: PRESTON HAMMOCK

3

UNC MEDICAL CENTER CHAPEL HILL

BEDS: 985

2023 RANK: T-3

PRESIDENT: JANET HADAR

4

DUKE REGIONAL HOSPITAL DURHAM

BEDS: 388

2023 RANK: 9

PRESIDENT: DEVDUTTA SANGVAI

5

UNC REX HEALTHCARE

RALEIGH

BEDS: 489

2023: RANK: T-3

PRESIDENT: KRISTEN RIGGS

6 TIED

MISSION HOSPITAL

ASHEVILLE

BEDS: 7815

2023 RANK: T-12

CEO: CHAD PATRICK

6 TIED

NOVANT HEALTH PRESBYTERIAN MEDICAL CENTER CHARLOTTE

BEDS: 622

2023 RANK: 16

CEO: SAAD EHTISHAM

8 TIED

DUKE RALEIGH HOSPITAL RALEIGH

BEDS: 186

2023 RANK: 19

PRESIDENT: DR. BARBARA GRIFFITH

8 TIED

FIRSTHEALTH MOORE REGIONAL HOSPITAL PINEHURST

BEDS: 402

2023 RANK: T-3

PRESIDENT: MICKEY FOSTER

10

NOVANT HEALTH FORSYTH MEDICAL CENTER

WINSTON-SALEM

BEDS: 859

2023 RANK: T-7

PRESIDENT AND CEO: CHAD SETLIFF

11

ATRIUM HEALTH WAKE FOREST BAPTIST

WINSTON-SALEM

BEDS: 885

2023 RANK: T-12

CEO: JULIE ANN FREISCHLAG

12

UNC HEALTH PARDEE HENDERSONVILLE

BEDS:222

2023 RANK: T-20

CEO: JAME KIRBY II

13 TIED

CAROLINAEAST HEALTH SYSTEM

NEW BERN

BEDS: 350

2023 RANK: T-7

CEO: MICHAEL SMITH

13 TIED

ATRIUM HEALTH

WAKE FOREST BAPTISTHIGH POINT MEDICAL CENTER

HIGH POINT

BEDS: 351

2023 RANK: 11

PRESIDENT AND CEO: JAMES HOEKSTRA

13 TIED

UNC HEALTH NASH ROCKY MOUNT

BEDS: 272

2023 RANK: T-22

CEO: L. LEE ISLEY

17 TIED

ATRIUM HEALTH CABARRUS CONCORD

BEDS: 457

2023 RANK: T-10

VICE PRESIDENT: ASHA RODRIGUEZ

17 TIED

NOVANT HEALTH MINT HILL

MEDICAL CENTER

MINT HILL

BEDS: 36

2023 RANK: NR

CEO: JOY GREEAR

19

ADVENTHEALTH HENDERSONVILLE

BEDS: 103

2023 RANK: NR

CEO: BRANDON MUDD

20

ATRIUM HEALTH CAROLINAS MEDICAL CENTER

CHARLOTTE

BEDS: 907

2023 RANK: T-12

FACILITY EXECUTIVE: D. CHANNING ROUSH

21 TIED

NORTHERN REGIONAL HOSPITAL

MT. AIRY

BEDS: 133

2023 RANK: NR

PRESIDENT: CHRIS LUMSDEN

21 TIED

ATRIUM HEALTH WAKE FOREST BAPTISTHIGH POINT MEDICAL CENTER HIGH POINT

BEDS: 351

2023 RANK: NR

PRESIDENT: JAMES HOEKSTRA

23

CATAWBA VALLEY MEDICAL CENTER HICKORY

BEDS: 258

2023 RANK: NR

CEO: DENNIS JOHNSON

24

ECU HEALTH MEDICAL CENTER

GREENVILLE

BEDS: 974

2023 RANK: 18

PRESIDENT: JAY BRILEY

24

NOVANT HEALTH MATTHEWS MEDICAL CENTER MATTHEWS

BEDS: 157

2023 RANK: NR

PRESIDENT, CEO: JASON BERND

ALAMANCE

Alamance Chamber of Commerce

LARGEST

LARGEST

HIGHER

ALLEGHANY

336-228-1338 alamancechamber.com EMPLOYMENT

Alleghany County Chamber of Commerce

336-372-5473 alleghanycountychamber.com

ASHE

Ashe County Economic Development

336-846-5535 growashe.com

BEAUFORT

Beaufort County Economic Development

252-946-3970

beaufortedc.com

LARGEST

ALEXANDER

County Economic Development Corp. 828-632-1161 alexanderedc.org

ANSON

Anson Economic Development Corp. 336-430-6318 ansonedc.com

AVERY

Avery County Economic Development Council 828-387-0994 averycounty.com/edc

BERTIE

Bertie County Economic Development 252-794-5301 co.bertie.nc.us

Roanoke-Chowan Community College; Martin Community College

BLADEN

Bladen County Economic Development Commission 910-645-2292 bladennc.govoffice3.com

EMPLOYMENT BY INDUSTRY

Manufacturing: 47.0% Education: 6.8%

LARGEST PRIVATE-SECTOR EMPLOYER Smithfield Foods

LARGEST CITY/TOWN Elizabethtown: population 3,253

COUNTY PROPERTY TAX

cents per $100 value

HIGHER EDUCATION

Bladen Community College

BUNCOMBE

Economic Development Coalition Asheville-Buncombe County

828-258-6101

ashevillechamber.org/economic-development

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Mission Health

LARGEST CITY/TOWN

COUNTY PROPERTY TAX

cents per $100 value

HIGHER EDUCATION

UNC Asheville; Montreat College; Warren Wilson College; Asheville-Buncombe Technical Community College

CABARRUS

Cabarrus Economic Development Corp. 704-703-1725 cabarrusedc.com

EMPLOYMENT BY INDUSTRY

15.0%

LARGEST PRIVATE-SECTOR EMPLOYER Amazon

LARGEST CITY/TOWN Concord (part): population 113,371

COUNTY PROPERTY TAX

57.6 cents per $100 value

HIGHER EDUCATION Barber-Scotia College; Rowan-Cabarrus Community College; Cabarrus College of Health Sciences

CAMDEN

Camden County Economic Development Commission 252-338-6363 camdencountync.gov

EMPLOYMENT BY INDUSTRY Government: 11.5% Retail: 10.0%

LARGEST PRIVATE-SECTOR EMPLOYER Easter Seals UCP North Carolinas

LARGEST CITY/TOWN

BRUNSWICK

Brunswick Business and Industry Development 910-408-1603 brunswickbid.com

BURKE

Burke Development Inc. 828-764-9370 burkedevinc.com

CALDWELL

Caldwell County Economic Development 828-728-0768 caldwelledc.org

CARTERET

Carteret County Economic Development Department 252-648-7880 carteretedc.com

CASWELL

Caswell County Office of Economic Development 336-933-4674  allincaswellnc.com

EMPLOYMENT

LARGEST PRIVATE-SECTOR EMPLOYER

WS Construction

LARGEST CITY/TOWN

Yanceyville: population 1,855

CATAWBA

Catawba County Economic Development Corp. 828-267-1564 catawbaedc.org

HIGHER EDUCATION

Piedmont Community College

CHATHAM

CHOWAN

EMPLOYMENT

Chatham County Economic Development Corp. 919-542-8274 chathamedc.org EMPLOYMENT BY INDUSTRY

Edenton Chowan Partnership Inc. 252-482-2007 edenton.net

CLEVELAND

Cleveland County Economic Development Partnership 704-669-4703 chooseclevelandcountync.com

LARGEST

Carolina Meadows

LARGEST

CHEROKEE

Cherokee County Economic Development 828-835-9564, ext. 204 cherokeecounty-nc.gov

Central Carolina Community College

CLAY

Clay County Economic Development 828-389-0089 economic.claync.us

LARGEST PRIVATE-SECTOR EMPLOYER Meherrin Agricultural & Chemical

LARGEST CITY/TOWN Edenton: population 4,458 COUNTY PROPERTY TAX

HIGHER EDUCATION College of The Albemarle

COLUMBUS

Columbus County Economic Development Commission 910-640-6608 columbusedc.com

HIGHER EDUCATION Southeastern Community College

CRAVEN

Craven County Economic Development

252-633-5300

cravencountync.gov

EMPLOYMENT BY INDUSTRY

Health care: 17.5% Government: 16.7%

LARGEST PRIVATE-SECTOR EMPLOYER

BSH Home Appliances

LARGEST CITY/TOWN

New Bern: population 33,917

COUNTY PROPERTY TAX

cents per $100 value

HIGHER EDUCATION

Craven Community College

CURRITUCK

Currituck County Economic Development

252-232-0719

currituckcountync.gov

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER

Food Lion

LARGEST CITY/TOWN

Myock, unincorporated

HIGHER EDUCATION

College of The Albemarle

DAVIDSON

Davidson County Economic Development Commission

336-236-3233

davidsoncountyedc.com

DUPLIN

Duplin County Economic Development Commission 910-296-2180 duplinedc.com

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Cornerstone Building Brands

LARGEST CITY/TOWN Thomasville (part): population 27,380 COUNTY PROPERTY TAX

CUMBERLAND

Fayetteville Cumberland Economic Development Corp 910-500-6464 fcedc.com

DARE

The Outer Banks Chamber of Commerce 252-441-8144 outerbankschamber.com

DAVIE

Davie County Economic Development Commission 336-751-2714 daviecountyedc.com

DURHAM

Greater Durham Chamber of Commerce 919-328-8750 durhamchambered.org

EDGECOMBE

Carolinas Gateway Partnership 252-442-0114 econdev.org

EMPLOYMENT BY INDUSTRY Manufacturing: 20.4% Government: 14.0%

LARGEST PRIVATE-SECTOR EMPLOYER

Sara Lee

LARGEST CITY/TOWN

Rocky Mount (part): population 15,306

COUNTY PROPERTY TAX

89.0 cents per $100 value

HIGHER EDUCATION

Edgecombe Community College

FRANKLIN

Franklin County Economic Development Commission 919-554-1863 franklincountync.gov

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Novozymes North America

LARGEST CITY/TOWN Louisburg: population 3,187

COUNTY PROPERTY TAX 50.5 cents per $100 value

HIGHER EDUCATION Louisburg College; Vance-Granville Community College

GATES

Gates County Chamber of Commerce 252-435-4603 gatescountync.gov

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Ashton Lewis Lumber

LARGEST CITY/TOWN Gatesville: population 261

COUNTY PROPERTY TAX 84.0 cents per $100 value

HIGHER EDUCATION College of The Albemarle

GRANVILLE

Granville County Economic Development 919-693-5911 granvillecounty.org

FORSYTH

Greater Winston-Salem Inc. 336-728-9200 winstonsalem.com

GASTON

Gaston County Economic Development Commission 704-825-4046 gaston.org

GRAHAM

Graham County Planning and Economic Development 828-479-7984 grahamcounty.org

GREENE

North Carolina Global TransPark Economic Region 252-775-6180 ncgtpedr.com

LARGEST PRIVATE-SECTOR EMPLOYER HWY 55 Burgers, Shakes & Fries

Lenoir Community College

GUILFORD

Greensboro Chamber of Commerce

336-387-8310, greensboro.org

High Point Economic Development Corp. 336-883-3116, highpointnc.gov

EMPLOYMENT BY INDUSTRY

Health care: 13.0% Retail: 11.3%

LARGEST PRIVATE-SECTOR EMPLOYER

Cone Health

LARGEST CITY/TOWN Greensboro: population 302,756

COUNTY PROPERTY TAX

73.1 cents per $100 value

HIGHER EDUCATION

Bennett, Guilford and Greensboro colleges; High Point and NC A&T State universities; UNC Greensboro; Guilford Technical Community College

HARNETT

Harnett County Economic Development 910-893-7524 harnettedc.org

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Food Lion

LARGEST CITY/TOWN Dunn: population 8606

COUNTY PROPERTY TAX

cents per $100 value

HIGHER EDUCATION

Campbell University; Central Carolina Community College

HENDERSON

Henderson County Partnership for Economic Development 828-692-6373 gohendersoncountync.org

EMPLOYMENT

INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER AdventHealth Hendersonville

LARGEST CITY/TOWN Hendersonville: population 16,830 COUNTY PROPERTY TAX

cents per $100 value

HIGHER EDUCATION Blue Ridge Community College

HOKE

Raeford Hoke Economic Development Commission 910-875-6113 hokecounty.net

HALIFAX

Halifax County Economic Development Commission 252-519-2630

halifaxdevelopment.com

HAYWOOD

Haywood County Economic Development Council 828-456-3021 haywoodchamber.com

HERTFORD

Hertford County Economic Development 252-358-7801 hertfordcountync.gov

HYDE

Hyde County Office of Planning and Economic Development 252-926-4178 hydecountync.gov

LARGEST

Swan Quarter, unincorporated

HIGHER

Beaufort County Community College

IREDELL

Iredell Economic Development Corp.

704-663-1898

iredelledc.com

LARGEST PRIVATE-SECTOR EMPLOYER

Lowe’s

LARGEST

COUNTY

HIGHER

JOHNSTON

Johnston County Economic Development

919-205-1232

LEE

growwithjoco.com EMPLOYMENT

Sanford Area Growth Alliance 919-774-8439 growsanfordnc.com

LINCOLN

Lincoln Economic Development Association

704-732-1511 lincolneda.org

LARGEST

JACKSON

Jackson County Office of Economic Development, 828-631-2240 jacksonthrive.jacksonnc.org

Jackson County Chamber of Commerce 828-586-2155, mountainlovers.com

JONES

Jones County Economic Development 252-448-1315 jonescountync.gov

HIGHER

LENOIR

North Carolina Global TransPark Economic Development Region 252-775-6180 ncgtpedr.com

MACON

Macon County Economic Development Commission 828-369-2306 maconedc.com

MADISON

Madison County Economic Development Board

828-649-3766

investinmadison.com

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Ingles Markets

LARGEST CITY/TOWN Mars Hill: population 2,239

COUNTY PROPERTY TAX

HIGHER EDUCATION Mars Hill College; Asheville-Buncombe Technical Community College

MCDOWELL

McDowell Economic Development Association Inc. 828-652-9391 mcdowellgov.com

MITCHELL

LARGEST PRIVATE-SECTOR EMPLOYER Baxter International

LARGEST

MARTIN

Martin County Economic Development Corp. 252-789-4904 martincountyedc.com

MECKLENBURG

Charlotte Regional Business Alliance 704-378-1300 charlotteregion.com

MONTGOMERY

MOORE

Moore County Economic Development Partnership 910-246-0311 moorecountyedp.org

EMPLOYMENT

LARGEST

Mitchell County Economic Development Commission 828-537-1690 mitchellcountyedc.org EMPLOYMENT

HIGHER

Montgomery County Economic Development 910-576-4221, ext. 1308 montgomerycountync.com

NASH

Nash County Economic Development 252-462-2737, selectnashnc.com

NEW HANOVER

Wilmington Business Development 910-763-8414

wilmingtonbusinessdevelopment.com

Jacksonville Onslow Economic Development 910-939-7023 joednc.com

PAMLICO

Pamlico County Office of Economic Development

252-745-3081 pamlicocounty.org

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER

Novant Health New Hanover Regional Medical Center

LARGEST CITY/TOWN

Wilmington: population 123,756

NORTHAMPTON

Northampton County Economic Development Commission 252-534-1092 northamptonnc.com

HIGHER EDUCATION

UNC Wilmington; Cape Fear Community College

ORANGE

EMPLOYMENT

LARGEST PRIVATE-SECTOR EMPLOYER Walmart LARGEST

Orange County Economic Development 919-245-2326 orangecountync.gov

PASQUOTANK

Elizabeth City Pasquotank County Economic Development Commission 252-338-0169 elizabethcitypasquotankedc.com

HIGHER

PENDER

Wilmington Business Development 910-763-8414 wilmingtonbusinessdevelopment.com

PERQUIMANS

Perquimans County Economic Development 252-426-8484 perquimansecon.com

PERSON

Person County Economic Development Commission 336-597-1752 personcountyedc.com

EMPLOYMENT BY INDUSTRY Retail: 16.9% Manufacturing: 14.7%

LARGEST PRIVATE-SECTOR EMPLOYER

GKN Automotive Components

LARGEST CITY/TOWN

Roxboro: population 8,127

COUNTY PROPERTY TAX

cents per $100 value

HIGHER EDUCATION

Piedmont Community College

POLK

Polk County Office of Economic Development 828-894-2895 polkedc.com

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER

Tryon International Equestrian Center

LARGEST CITY/TOWN

Tryon: population 1,564

RICHMOND

Richmond County Economic Development Corp. 910-997-8190 richmondnced.com

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Perdue Farms

LARGEST CITY/TOWN Rockingham: population 8,943 COUNTY PROPERTY TAX

cents per $100

HIGHER

ROCKINGHAM

Rockingham County Center for Economic Development, Small Business & Tourism 336-342-8138 rockinghamcountync.gov

PITT

Pitt County Economic Development 252-902-2079 growpittcountync.com

RANDOLPH

Randolph County Economic Development Corp. 336-626-2233 rcedc.com

ROBESON

Robeson County Office of Economic Development 910-739-7584 robesoncountyoed.org

ROWAN

Rowan EDC Partnership for Economic Development 704-637-5526 rowanedc.com

RUTHERFORD

Rutherford County Economic Development 828-287-6200 rutherfordncedc.com

SCOTLAND

Scotland County Economic Development Corp. 910-266-4326

scotlandcountyedc.org

LARGEST PRIVATE-SECTOR EMPLOYER Walmart

LARGEST CITY/TOWN Forest City: population 7,394

SAMPSON

Sampson County Economic Development Commission 910-592-8921 sampsonedc.com

HIGHER

LARGEST

LARGEST

STANLY

Stanly County Economic Development Commission 704-986-3682 stanlyedc.com

STOKES

Stokes County Economic Development

336-593-2497 stokesedc.com

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER Walmart

LARGEST CITY/TOWN King (part): population

HIGHER

SWAIN

Swain County Economic Development

828-488-9273 swaincountync.gov

SURRY

Surry County Economic Development Partnership 336-401-9900 surryedp.com

TRANSYLVANIA

Transylvania Economic Alliance 828-393-4130 transylvanianc.org

TYRRELL

VANCE

Tyrrell County Economic Development 252-796-1371 tyrrellcounty.org EMPLOYMENT BY

Henderson-Vance County Economic Development Corp. 252-492-2094 vancecountyedc.com

EMPLOYMENT BY INDUSTRY

LARGEST PRIVATE-SECTOR EMPLOYER ASK Staffing

LARGEST CITY/TOWN Columbia: population 596 COUNTY PROPERTY TAX

HIGHER EDUCATION Beaufort County Community College

UNION

Monroe-Union County Economic Development Commission 704-282-5780 developunion.com

WAKE

Wake County Economic Development 919-664-7000 raleigh-wake.org

LARGEST

LARGEST

HIGHER

WARREN

WATAUGA

WASHINGTON

Warren County Economic Development 252-257-3115 warrencountync.org EMPLOYMENT

Watauga Economic Development Commission 828-264-2225 boonechamber.com

EMPLOYMENT

LARGEST PRIVATE-SECTOR EMPLOYER Glen Raven

LARGEST CITY/TOWN Norlina: population 907

COUNTY PROPERTY TAX

HIGHER EDUCATION Vance-Granville Community College

Washington County Economic Development 252-793-5823 washconc.org

WAYNE

North Carolina Global TransPark Economic Development Region 252-775-6180 ncgtpedr.com

HIGHER EDUCATION University of Mount Olive Wayne Community College

WILKES

Wilkes Economic Development Corp.

336-838-1501

wilkesedc.com

YADKIN

Yadkin County Economic Development Council 336-679-2200 yadkinedc.com

LARGEST

LARGEST

WILSON

Wilson Economic Development Council 252-237-1115 wilsonedc.com

HIGHER

LARGEST

YANCEY

Yancey County Economic Development Commission 828-682-7722 yanceyedc.org

SOURCES

Population, counties, largest city/town, employment and unemployment rate: N.C. Office of State Budget and Management. Hyde and Currituck counties have no incorporated towns. Employment share by industry sector and largest private-sector employer: N.C. Department of Commerce Labor and Economic Analysis Division, as of fourth quarter of 2023. 2024-25 property-tax rate: N.C. Department of Revenue. Per capita income: U.S. Bureau of Economic Analysis. Community colleges are listed for every county in their designated service area.

*Per capita income is for 2022, the most recent year available.

TOP OF THE LIST

After being named the top state for business by CNBC for two consecutive years, North Carolina fell to No. 2 in 2023. However, the state continues to land companies investing millions and billions of dollars, and its education system, quality of life, business incentives and collaboration between government agencies score high in rankings

REGIONAL ECONOMIC DEVELOPMENT PARTNERSHIPS

CHARLOTTE

REGIONAL BUSINESS ALLIANCE

ANDREA SMITH, INTERIM PRESIDENT AND CEO jlabar@charlotteregion.com 330 S. Tryon Street Charlotte, NC 28202 charlotteregion.com | 704-378-1300

Serves Alexander, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union counties in North Carolina and four South Carolina counties.

ECONOMIC DEVELOPMENT

PARTNERSHIP OF NORTH CAROLINA

CHRISTOPHER CHUNG, CEO clientservices@edpnc.com

150 Fayetteville Street, Suite 1200 Raleigh, NC 27601 edpnc.com | 919-447-7777

Serves the state, working with regional and local partners to help businesses relocate and grow.

MOUNTAIN WEST PARTNERSHIP

JOSH CARPENTER, DIRECTOR 828.276.2897

josh@gownc.org 125 Bonnie Lane Sylva, NC 28779 gownc.org | 828-586-1962

Serves Cherokee, Clay, Graham, Haywood, Jackson, Macon and Swain counties and Eastern Band of Cherokee Indians.

NORTH CAROLINA GLOBAL

TRANSPARK ECONOMIC DEVELOPMENT REGION

MARK POPE, PRESIDENT mark.pope@ncgtpedr.com 2780 Jetport Road Kinston, NC 28504 ncgtpedr.com | 252-775-6180

Serves Greene, Lenoir, and Wayne Counties and the North Carolina Global TransPark.

NCEAST ALLIANCE

VANN ROGERSON, PRESIDENT AND CEO rogerson@nceast.org 209 E. Fifth Street Greenville, NC 27858 nceast.org | 252-482-4333

Serves Beaufort, Bertie, Camden, Carteret, Chowan, Craven, Currituck, Dare, Duplin, Edgecombe, Gates, Greene, Halifax, Hertford, Hyde, Jones, Lenoir, Martin, Nash, Northampton, Onslow, Pamlico, Pasquotank, Perquimans, Pitt, Tyrrell, Washington, Wayne and Wilson counties.

NORTH CAROLINA’S SOUTHEAST

STEVE YOST, PRESIDENT locate@ncse.org

707 W. Broad Street, P.O. Box 2556 Elizabethtown, NC 28337 ncse.org | 910-862-8511

Serves Anson, Bladen, Brunswick, Columbus, Craven, Cumberland, Duplin, Hoke, Lenoir, Montgomery, Moore, New Hanover, Onslow, Pender, Robeson, Sampson, Scotland and Wayne counties.

PIEDMONT TRIAD PARTNERSHIP

MIKE FOX, PRESIDENT AND CEO info@ptpnc.com 416 Gallimore Dairy Road, Suite M Greensboro, NC 27409 piedmonttriadnc.com | 336-668-4556

Serves Alamance, Caswell, Davidson, Davie, Forsyth, Guilford, Montgomery, Randolph, Rockingham, Stokes, Surry and Yadkin counties.

RESEARCH TRIANGLE

REGIONAL PARTNERSHIP

RYAN COMBS, EXECUTIVE DIRECTOR rcombs@researchtriangle.org P.O. Box 110351

Research Triangle Park, NC 27709 researchtriangle.org | 919-670-2819

Serves Chatham, Durham, Franklin, Granville, Harnett, Johnston, Lee, Nash, Person, Wake, Warren and Wilson counties and Research Triangle Park.

EDPNC BUSINESS / INDUSTRY DEVELOPMENT AND RECRUITMENT

CLIENT SERVICES

919-447-7744

clientservices@edpnc.com edpnc.com

EDPNC EXPORT ASSISTANCE

Mike Hubbard, director of international trade

919-447-7757

mike.hubbard@edpnc.com edpnc.com/start-or-grow-a-business/ export-assistance

EDPNC TOURISM

Wit Tuttell, vice president 919-447-7740

wit.tuttell@visitnc.com visitnc.com

GOLDEN LEAF FOUNDATION

Scott Hamilton, president 252-442-7474

shamilton@goldenleaf.org goldenleaf.org

N.C. DEPARTMENT OF COMMERCE

Susan Fleetwood, executive director of economic development

919-814-4605

sfleetwood@nccommerce.com nccommerce.com

N.C. BOARD OF SCIENCE, TECHNOLOGY & INNOVATION

John Hardin, executive director 919-814-4639

jhardin@nccommerce.com nccommerce.com/sti

NORTH CAROLINA ECONOMIC DEVELOPMENT ASSOCIATION

Liz Dobbins-Smith, managing director 888-246-2332 liz@nceda.org nceda.org

STATE LIBRARY OF NORTH CAROLINA

Susan Forbes, assistant state librarian 919-814-6786

susan.forbes@ncdcr.gov statelibrary.ncdcr.gov

UNC SYSTEM General administration 919-962-1000 northcarolina.edu

N.C. COMMUNITY COLLEGE SYSTEM

Bruce Mack, vice president of economic development 919-807-7150 mackb@nccommunitycolleges.edu nccommunitycolleges.edu

NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES

A. Hope Williams, president 919-832-5817

williams@ncicu.org ncicu.org

NORTH CAROLINA ASSOCIATION OF REALTORS

Andrea Bushnell, CEO 336-294-1415 abushnell@ncrealtors.org ncrealtors.org

NORTH CAROLINA LEAGUE OF MUNICIPALITIES

Rose Vaughn Williams, executive director 919-715-3930 nclm.org

NORTH CAROLINA CHAMBER

Gary Salamido, president and CEO 919-836-1403

gsalamido@ncchamber.com ncchamber.com

N.C. STATE PORTS AUTHORITY

Brian Clark, executive director 910-763-1621 brian.clark@ncports.com ncports.com