GOTTA BE NC

Economy and Business Climate

North Carolina has built a reputation as one of the best places in the United States to live, work, and do business. With a low tax rate, a skilled workforce, and thriving industries from banking and technology to farming and manufacturing, the state offers opportunities for both large companies and small entrepreneurs. Its fast-growing cities and world-class research hubs sit alongside strong rural traditions, creating a diverse and resilient economy that attracts newcomers from around the country and the world.

Overall Economic Strength

  • North Carolina has one of the strongest and most balanced economies in the U.S., consistently ranking among the top states for business.
  • In 2023, CNBC ranked NC the #1 state for business for the second year in a row, praising its low costs, strong workforce, and infrastructure.
  • The state’s Gross Domestic Product (GDP) is over $700 billion, placing it among the largest state economies.

Business-Friendly Environment

  • Corporate income tax rate is 2.5%—the lowest in the nation among states that levy one, with plans to phase it out entirely by 2030.
  • North Carolina’s regulatory climate, right-to-work laws, and competitive tax structure attract both large corporations and small businesses.
  • The state actively supports innovation through tax incentives, grants, and partnerships between universities and industry.

Key Industries

  • Banking & Finance – Charlotte is the second-largest banking hub in the U.S. after New York City, home to Bank of America, Truist, and major Wells Fargo operations.
  • Technology & Research – The Research Triangle Park (RTP), between Raleigh, Durham, and Chapel Hill, is one of the world’s largest R&D hubs, hosting 300+ companies in biotech, software, and pharmaceuticals.
  • Biotechnology & Life Sciences – NC is a national leader in biomanufacturing and pharmaceuticals, with strong links to UNC, Duke, and NC State.
  • Manufacturing – Once focused on textiles and furniture, NC now leads in advanced manufacturing, semiconductors, aerospace, and automotive parts.
  • Agriculture – Still vital, NC ranks high in tobacco, sweet potatoes, poultry, and pork production, while agribusiness continues to modernize.
  • Energy – The state is investing in renewable energy, especially solar, ranking among the top U.S. states for solar power capacity.

Workforce & Education

  • The state benefits from a highly educated workforce, thanks to universities like UNC, Duke, and NC State, plus 58 community colleges.
  • More than 40% of adults hold a college degree, above the national average.
  • Workforce development programs partner with companies to train employees in technical and advanced manufacturing skills.

Urban Growth & Innovation Hubs

  • Charlotte – Financial powerhouse, fast-growing metro with international connections.
  • Raleigh–Durham (Triangle) – Tech, biotech, education, and start-up culture.
  • Greensboro–Winston-Salem (Triad) – Logistics, manufacturing, and aviation.
  • Wilmington – Growing port city with film, shipping, and energy industries.

Global Connections

  • NC attracts foreign direct investment (FDI), with hundreds of international companies operating in the state.
  • Germany, Japan, and the UK are among the biggest investors, especially in automotive and advanced manufacturing.