Sustaining Success in North Carolina

For several years, North Carolina has been building on the momentum of successful economic development announcements, where it has continued to attract companies and job opportunities in the electric vehicle (EV), aerospace and manufacturing industries, among others. 

“North Carolina is a model for economic development growth and innovation,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC). “With a track record of groundbreaking business ventures and continued expansions, the state shows no indication of slowing down.”

In 2024 alone, North Carolina has announced 86 new projects and expansions for more than 11,000 jobs and $10.3 billion in investment. In April, Boviet Solar, a Vietnamese tier-one solar technology company specializing in producing photovoltaic solar modules and solar project developments, selected Pitt County as its first U.S.-based solar panel manufacturing facility. The company will invest $294 million in the new Greenville, North Carolina, facility, creating 908 new jobs. FUJIFILM Diosynth Biotechnologies North Carolina, Inc., a world-leading contract development and manufacturing organization (CDMO), announced in April it will invest $1.2 billion to expand its biopharmaceutical manufacturing facility in Holly Springs, North Carolina, creating 680 new jobs in Wake County. Initial investments of the FUJIFILM’s Holly Springs operation included $2 billion in 2021, making it the largest end-to-end biopharmaceutical manufacturing facility in North America.

In June, leading global pharmaceutical company Novo Nordisk announced it would invest $4.1 billion to build a second fill and finishing manufacturing site in Clayton, North Carolina, creating 1,000 new jobs in Johnston County. The new facility will expand Novo Nordisk’s current operations, growing the company’s ability to produce current and future injectable treatments for people with obesity and other serious chronic diseases. This announcement is one of the largest manufacturing investments in Novo Nordisk’s 101-year history.

More recently, Natron Energy, Inc., the only commercial manufacturer of sodium-ion batteries in the U.S., announced it would invest $1.4 billion to establish a sodium-ion battery giga-factory at the Kingsboro CSX Select Megasite in Edgecombe County, North Carolina, creating more than 1,000 jobs. The new facility will add to the company’s Michigan-based production capabilities.

Foreign Direct Investment 

North Carolina has also seen increased foreign direct investment (FDI). In 2023, 26 of the 111 projects announced in the state were sourced from overseas, contributing more than $1.8 billion to the year’s announced capital investment. Japan was the most productive, with projects totaling $10.35 billion in capital investment and 3,396 new jobs. These totals include Toyota’s two announced expansions of its “Toyota Battery Manufacturing North Carolina” (TBMNC) facility, one in May for $2.1 billion and another in October for $8 billion and 3,000 additional jobs. Including an earlier expansion announced in 2022, the project is now valued at $13.9 billion and will create more than 5,000 jobs. 

Dai Nippon Printing Co., Ltd. announced it would create 352 new jobs in Davidson County and will invest $233 million to build its first U.S. advanced manufacturing facility in Linwood, North Carolina, producing lithium-ion battery pouches, which encase and protect EV battery cells. In February 2024, Global Specialty Pharmaceutical company Kyowa Kirin selected Lee County as the location for its new pharmaceutical manufacturing complex, creating 102 new jobs. The company will invest $200 million in the new Sanford, North Carolina complex, serving as a Center of Excellence.

North Carolina is also seeing FDI from Germany. In February 2024, Siemens Energy, Inc., one of the world’s leading energy technology companies and a long-standing North Carolina employer, announced that it would expand its operations in the state, creating 559 jobs. The project brings an investment of $149.8 million. It will establish the company’s first manufacturing site in the United States in Mecklenburg County to build Large Power Transformers (LPTs), a critical component of the nation’s power grid.

Let’s look at some of the factors contributing to North Carolina’s continuing success:

A Top-in-the-Nation Workforce

A region’s economic success depends on its workforce, and North Carolina’s workforce is consistently ranked as one of the top in the nation. In fact, North Carolina earned the coveted title of CNBC’s Top State for Business for the last two years, receiving top marks for its workforce above all other states. The ranking comes at a critical time for economic development. 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. The state’s labor force of 5.2 million is growing daily. North Carolina is one of the fastest-growing states by population, with more than 340 new residents moving to North Carolina daily. 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.

A World-Class Education System

North Carolina ranks among the top states for postsecondary education enrollment, offering companies unmatched access to skilled talent. Nearly 700,000 students seeking certifications to postdoctoral degrees are enrolled in the state’s colleges or universities, the fourth-highest postsecondary enrollment in the country.

The University of North Carolina at Chapel Hill was founded in 1789, marking the first public university established in the country. Since then, 51 other distinguished colleges and universities have opened their doors to serve students across the state and world. Today, 16 institutions, including North Carolina State University, the University of North Carolina at Charlotte and East Carolina University, make up the public University of North Carolina system. Collectively, the UNC System ranks as the third-most affordable tuition rate in the nation. North Carolina also has 36 private and independent universities, including Duke University, Wake Forest University and Davidson College. Notably, North Carolina has 11 historically Black colleges and universities (HBCUs) and boasts the largest HBCU student enrollment in the country. Over 328,600 students are enrolled in the 52 public and private universities, with approximately 89,000 students graduating annually with bachelor’s degrees or higher, steadily filling roles in engineering, technology, life sciences, finance and business and management.

Low Cost of Doing Business

Businesses that move to or expand in North Carolina find that the cost of doing business in the state is excellent for the bottom line. North Carolina’s current corporate income tax is 2.5 percent, the lowest rate among the 44 states that levy this tax. In 2025, the tax will decrease to 2.25 percent and continue declining until it reaches zero percent in 2030. The state is one of four to receive a AAA bond rating from Standard & Poor’s for over 55 years. North Carolina’s business climate has been nationally recognized. In addition to being ranked America’s Top State for Business by CNBC in 2022 and 2023, Business Facilities magazine ranked the state’s business climate second in the nation for 2024, with Site Selection ranking North Carolina in the top five for business climate, also for 2024.

The state’s average construction costs in our metropolitan areas are almost 17 percent below the national average, and industrial electricity costs are about 26 percent below the national average. North Carolina is also one of 27 right-to-work states. The cost of living is low, five percent below the national average, but the state’s personal satisfaction ranking is high. Some cities — Raleigh, Durham and Asheville — are among the top 10 cities for quality of life as ranked by Business Facilities magazine. 

The Right Ingredients for Success

North Carolina’s economic development successes are a product of the many partnerships formed between Governor Cooper, the North Carolina General Assembly, the North Carolina Department of Commerce, the EDPNC and its Board of Directors, among many other local, state and even federal partners. These partnerships have helped North Carolina become one of the nation’s top business relocation and expansion destinations.

Those interested in expanding or locating in North Carolina, contact the Economic Development Partnership of North Carolina by visiting edpnc.com. T&ID