North Carolina: Nothing Compares
9 Jul, 2015By: Governor Pat McCrory
North Carolina consistently ranks at the top among places to live and do business. From skilled workers and a comprehensive workforce development network to a nationally touted business climate, North Carolina offers businesses the tangible assets required and a lifestyle that helps employees flourish.
People are inspired by everything North Carolina offers. In this increasingly global economy, happy and inspired people are more productive, providing a key source of a company’s competitive advantage. The state offers high-quality education and health care, as well as a low cost of living and pace of life that lets people get out, enjoy their surroundings and reconnect with the important things in life.
North Carolina is the state that inspires its residents, visitors and businesses to do, see, create, experience and achieve more.
Recently, the state enhanced its attractiveness to business by implementing a series of regulatory and tax reforms. The state’s corporate income tax rate has been slashed, falling from 6.9 percent recently to 5.0 percent in 2015. Corporate tax rates are scheduled to be 4.0 percent in 2016. North Carolina has also moved to a flat personal income tax rate of 5.75 percent in 2015.
Productive, Available Workforce
In today’s global economy, people are the most important asset to any company and North Carolina offers companies a great labor environment with skilled, highly productive workers. In fact, North Carolina workers are 46 percent more productive than the average U.S. worker according to federal statistics and research conducted by Dr. Michael Walden, a respected economist at N.C. State University and an expert on the North Carolina economy. The state’s heritage in manufacturing in particular has cultivated a pool of dependable, hard-working people and they’re available in sufficient numbers to meet company demand. North Carolina is the No. 1 manufacturing employer in the Southeast and the ninth overall in the country, with 21 percent of the state’s gross product derived from the manufacturing sector. More than 445,000 people are working in manufacturing positions in North Carolina.
In addition, North Carolina is known as the most military-friendly state in the nation, with more than 100,000 active-duty personnel spread across seven military installations. More than 10,000 highly trained individuals are available to join North Carolina’s labor force annually as they complete military service. The state’s military installations continually train people in fields such as aviation and avionics, communications, electronics; engineering, heavy and specialized equipment operation, information technology and transportation and logistics.
One of North Carolina’s distinct advantages is its ready access to major markets in North America. North Carolina enjoys a central East Coast location with an extensive transportation infrastructure. Companies located in the state are within a 700-mile radius of more than 170 million U.S. and Canadian consumers and can maintain global supply chain connections via two deep water ports and a host of international flights.
Quality of Life
North Carolina is a beautiful state and people who live there never want to leave. From the moderate climate with excellent recreational opportunities to its culture-rich history and arts, there truly is something for everyone. The quality of life enables businesses to attract and keep skilled and knowledgeable workers.
Key Industries in North Carolina
Aerospace, Aviation, and Defense: In 1903, the Wright Brothers found the right conditions for success in North Carolina.
Today, North Carolina is an innovative and growing center for aerospace, with more than 180 aerospace and aviation companies engaged in manufacturing and service employing nearly 10,000 skilled workers in the sector. World-class companies such as Curtis-Wright, GE Aviation, Honda Aircraft Company, Honeywell, Spirit AeroSystems and UTC Aerospace are located in North Carolina.
GE Aviation operates facilities across the state, including a new 170,000 square-foot facility in Asheville which is the first in the world to mass produce engine components made of advanced ceramic matrix composite (CMC) materials.Cutting-edge composites are also the hallmark of production at Spirit AeroSystem’s Kinston facility, where major elements of the new Airbus A350 XWB are being manufactured.
Information and Communications Technology: North Carolina has world-renowned universities and community colleges as well as a highly skilled and productive workforce that’s particularly well-suited to the information technology industry. Combined with university partnerships with leading-edge tech companies and the state’s investments in infrastructure, such as an advanced broadband communications network, North Carolina offers IT firms a unique environment to succeed.
More than 100,000 workers are employed by more than 3,000 IT firms. Both Raleigh and Charlotte have made Forbes magazine’s “Most Wired Cities” list, and major companies such as Apple, Cisco, Facebook, Google, HCL, IBM, Lenovo, Red Hat and SAS call the state home.
Automotive, Truck and Heavy Equipment: With an extensive network of automotive suppliers and company headquarters as well as investments in advanced automotive research facilities, North Carolina offers many advantages to the automotive sector.
More than 160 companies employing more than 17,000 people lead North Carolina to rank 10th among all states in total automotive cluster employment according to the Harvard Business School’s Cluster Mapping Project. Thirty-four of the Tier One suppliers to the industry are located in the state, and 19 of those have more than one facility in North Carolina.
Personalized Site Selection Assistance
North Carolina recently reorganized its economic development system to be more responsive to the needs of site consultants and company relocation executives. A new public-private organization provides quick answers and assistance to site selectors.