Economic Development Growth in North Carolina from 2017 to Today
Since 2017, North Carolina has shown substantial progress in economic development, driven by strategic initiatives and consistent growth across multiple sectors. In 2017, the state was recognized as one of the best states for business, and its growth trajectory has continued to strengthen, characterized by significant investments, job creation, and a commitment to nurturing a skilled workforce.
Growth Milestones
1. Strategic Economic Planning: North Carolina's "First in Talent" plan, initiated in 2021, exemplifies the state's commitment to preparing its workforce and communities for competitive economic success. The plan focuses on enhancing work-based learning, expanding the number of businesses, and increasing broadband access, particularly in rural areas (NC Commerce).
2. Business Environment: The state's business-friendly policies have consistently attracted significant investments. North Carolina has maintained one of the lowest corporate income tax rates in the nation, fostering an environment that's attractive to a diverse array of industries (USAFacts). In 2023, Site Selection magazine awarded North Carolina the 'Prosperity Cup,' marking it as the leading state for business competitiveness for the third consecutive year. This recognition is based on factors like new and expanded facilities, capital investment, and job creation (NC Commerce).
3. Job Growth and Industry Expansion: North Carolina has seen impressive job growth, especially noted in 2022 as the best year for employment growth in over 30 years. The state has become a hub for industries such as life sciences, transportation equipment, and technology. Notable projects contributing to this growth include the expansion of companies like Alpitronic and Kempower in the electric vehicle sector, reflecting the state’s growing prominence in green technologies (NC Commerce) (Business NC).
4. Continued Economic Expansion: The economic output has been robust, with the real GDP growing significantly, making it one of the largest state economies in the U.S. North Carolina's GDP saw a notable increase, and in the third quarter of 2023, it accounted for 2.8% of the US economy (USAFacts).
From being ranked as a top state for business in 2017 to its current status as a leader in economic development, North Carolina's journey is marked by strategic planning, investment in workforce development, and fostering a business-friendly environment. The state's proactive approach to economic challenges and opportunities ensures it remains a preferred destination for businesses and job seekers alike, promising continued growth and prosperity in the years to come.