North Carolina Is a Top State for Business
The new economic development projects North Carolina has welcomed in recent months show that our state is a premier destination where innovative companies are investing capital and creating new job opportunities – and people are noticing.
In 2022 and 2023, CNBC named North Carolina as America’s Top State for Business. The annual CNBC study measures states across 10 categories of competitiveness, including workforce, infrastructure, economy, health, cost of doing business, technology and innovation, business friendliness, education, access to capital and cost of living. Last year alone, North Carolina “amassed a trophy case full of economic development wins,” in addition to being a leader in attracting and retaining talent across industries and having one of the country’s most competitive community college systems in the U.S.
The Economic Development Partnership of North Carolina (EDPNC) continued its “All In North Carolina” business marketing campaign, which saw strong results in top-of-mind awareness, positive perceptions and lead generation. In its 2023 annual report, the EDPNC reported that North Carolina closed on 111 corporate relocations and expansions, brought $4.89 billion in capital investment and created 10,855 new jobs.
NC Economic Development 1st Half 2024
- Total Jobs Created: 5,187
- Total Investment: $3.9 Billion
Significant Economic Developments
Halfway into 2024, North Carolina has seen significant developments in its manufacturing and production economy. Innovative and powerhouse corporations have announced plans to make North Carolina its new home, furthering the state’s reputation as a site for clean, renewable energy and large-scale manufacturing projects. Consider these examples:
- Boom: This manufacturer of supersonic airplanes announced in January 2022 its plans to build a plant, called the Overture Superfactory at Piedmont Triad International Airport in Greensboro, NC. The company is currently working to build the world’s fastest and most sustainable supersonic airliner, and the factory will serve as a primary manufacturing and production site. Boom plans to break ground on the facility later this year, bringing an investment of more than $500 million through 2030 and creating more than 1,750 new jobs by then.
- Crystal Window & Door Systems: The company recently announced it will establish a new manufacturing facility in Selma, NC. The facility will produce aluminum and vinyl extrusion and window and door fabrication, along with in-house finish capabilities. Crystal Window & Door Systems is one of the top 25 window manufacturers in North America and has five plants across the US. The company plans to invest $84.6 million and create 501 new jobs in Johnston County.
- FUIJIFILM Diosynth Biotechnologies North Carolina Inc.: FUJIFILM is investing $1.2 billion to expand its biopharmaceutical manufacturing facility in Holly Springs, NC, creating an estimated 680 jobs in Wake County. FUJIFILM is a world-leading contract development and manufacturing organization and has the largest end-to-end biopharmaceutical manufacturing facility in the state. More than 30,500 North Carolina residents work for Japanese companies such as FUJIFILM, HondaJet, Morinaga and Sumitomo Forestry.
- Ross Stores Inc.: The Fortune 500 company is building its ninth distribution center in the city of Randleman, investing $450 million and creating 852 jobs. Ross is the largest off-price apparel and home fashion chain in the U.S. and is valued at $20 billion. The distribution center will be a 1.7 million-square-foot facility for warehousing, fulfillment and packing operations. The project is facilitated in part by a Job Development Investment Grant approved by the North Carolina Economic Investment Committee. Over the course of the grant’s 12-year term, the distribution center is estimated to grow the state’s economy by $1.4 billion.
Renaissance of the Textile Industry
North Carolina’s textile industry dates back to the early 1800s when mills began moving into the state. By the mid-1900s, the state was considered a hub of textile manufacturing in the U.S. In the 1990s, there were textile and apparel mills in nearly every county, with 2,000 companies employing some 280,000 workers. The push toward globalization caused North Carolina textile mills to suffer. However, the state is experiencing a renaissance of sorts, producing $1.6 billion in textile goods annually.
Currently, North Carolina leads the nation with nearly 20% of U.S. textile exports. Approximately 13 jobs are created for every $1 million increase in the textile manufacturing economy, with companies offering competitive pay for one of the most viable and significant parts of the country’s economy.
Companies such as Sports Solutions, Recover Brands, TS Designs, Repreve, Material Return, Hempsmith Clothing and Keel Labs are leading North Carolina’s textile industry with innovative and sustainable technologies. The performance sock company Feetures recently broke ground on a larger distribution warehouse in Catawba County – a former center of hosiery and sock manufacturing. The Charlotte-based company has doubled its sales in the last three years and is planning on increasing its number of employees.
North Carolina’s textile industry is set to receive as much as $160 million in funding over the next 10 years from the National Science Foundation (NSF). President Biden established 10 North Carolina Textile Innovation and Sustainability Engines to drive innovation with a focus on developing processes for recycling waste materials into new fibers.
North Carolina as a Renewable Energy State
As one of the first states in the Southeast to adopt a renewable energy portfolio standard, North Carolina is a leader in the green economy. The state has one of the largest manufacturing workforces in the Southeast, coupled with workforce development programs. Last year saw an increase in clean energy projects – a trend that is continuing into 2024.
- Green New Energy Materials Inc.: The company recently announced that it will be constructing a new lithium-ion battery separator manufacturing facility in Denver, NC. Green New Energy Materials is a leading global battery component manufacturer that supplies products across the globe to customers such as LG and Samsung. The company will invest $140 million in its new facility and create approximately 545 new jobs. This will be its first manufacturing company in the U.S.
- Boviet Solar: This solar energy technology company has named Pitt County as the location for its first U.S.-based solar panel manufacturing facility. It will invest $294 million in the facility and create an estimated 900 new jobs. Boviet Solar specializes in the production of photovoltaic solar modules and solar project developments. The Pitt County project will be divided into two phases: assembling solar panels shipped from overseas and manufacturing photovoltaic cells.
- Amazon Wind US East: In addition to the new projects, it is worth noting that Amazon Wind US East, also known as the Amazon Wind Farm North Carolina – Desert Wind, is going strong. The wind farm is the first large industrial-scale wind farm in North Carolina and one of the first in the Southeast. Generating enough capacity to power 61,000 homes per year, it represents a significant and continued commitment to renewable energy.
New Developments in the “Battery Belt”
In addition to advancements in North Carolina’s green economy, the state has also seen an increase in projects related to the production of electric vehicles (EVs) and batteries. North Carolina’s partnerships have earned the state the nickname the “Battery Belt.”
- John Deere: Deere & Co. is constructing a new manufacturing facility in Kernersville, NC. The 115,000-square-foot factory will expand production of Kreisel Electric products, which includes innovative battery technology for e-mobility and stationary systems plus Level 3 charging stations. John Deere acquired Kreisel Electric in 2022.
- Toyota: This auto manufacturer has announced plans to open its first-ever battery plant in North America. Toyota Battery Manufacturing, North Carolina (TBMNC) will be located in Liberty, NC, and will have six battery production lines for hybrid electric vehicles and battery electric vehicles. TBMNC is scheduled to begin production in 2025. Toyota will invest $13.9 billion in the plant, and TBMNC is expected to create approximately 5,100 new jobs. Toyota’s investment is one of the largest clean energy investments in the country and is paving the way for North Carolina’s leadership in the electric vehicle industry.
The state has experienced tremendous growth in the clean energy, electric vehicle and battery industries, including Kempower’s new charging station production facility in Durham County, Epsilon Advanced Materials’ synthetic graphite manufacturing site in Brunswick County and Dai Nippon Printing Company’s new electric manufacturing facility in Davidson County.
Top Projects in 2024
Source: Economic Development Partnership of North Carolina Inc.
