North Carolina’s
Distinctive Advantages
North Carolina’s Distinctive Advantages
• Great Labor Environment and Skilled,
Productive Workers
• Comprehensive Workforce Development
Network
• Exceptional Educational Opportunities
• Unequaled Proximity to Markets
• Global Connectivity
North Carolina’s Distinctive Advantages
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Competitive Operating Cost Structure
A Great Place to Live
A Government that Works for Business
Performance-Based, Targeted Incentive
Programs
• Professional Economic Development
Assistance
Great Labor Environment and Skilled,
Productive Workers
• Right-to-work state – lowest unionization rate
in the nation
• Population of nearly 9 million – 10th largest in
the US
• Diverse labor force of more than 4.5 million –
ranges from bus assembly to
biopharmaceutical research
• Largest, most productive, and skilled
manufacturing workforce in the Southeast
Comprehensive Workforce Development
Network
• Customized employee recruitment
• Screening and training services by
professional employment consultants
• First in the nation to provide free customized
training through a 58-campus Community
College System
• Programs range from orientation to skillbuilding, incumbent worker and
on-the-job training
Exceptional Educational Opportunities
• Preschool programs designed to ensure
readiness for all children
• Increasingly competitive, accountable public
schools
• Affordable, accessible programs through 58campus network of community colleges
• First public university in the nation is one of 16
campuses of the University of North Carolina
• Highly respected private institutions
Unequaled Proximity to Markets
• Central east coast
location with the nation’s
2nd largest highway
network
• Within a 700-mile radius
of more than 170 million
US and Canadian
consumers
Transportation Infrastructure
• Highway network – spanning more than 98,000 miles –
connecting 7 major interstates; rail system with 3,600 miles and 20
carriers; two modern deep-water ports
• Three international airports provide non-stop service to over 100
cities including Frankfurt, London and Toronto
• Global Transpark – accommodates the world’s largest cargo jets
Global Connectivity
• Statewide accessibility to high-speed
internet with 100% digital switching
• Technology and telecommunications
network includes rural areas
• Advanced, reliable, voice, data and
video communications
Competitive Operating Cost Structure
• Below national average cost of living
indexes
• 6th lowest business costs in the US
• Low electric and natural gas costs
• Economic incentives for large power
users
• Among the lowest building costs in
the nation
A Great Place to Live
• Moderate climate with scenic beauty in three
geographic regions – coast, mountains and Piedmont
• Culture rich in history and arts – first state-supported
symphony and art museum in the nation
• Well-known for motorsports, professional football,
basketball and hockey teams, minor league baseball,
and famous inter-collegiate rivalries
A Government that Works for Business
• Commitment to consistent investments in education,
infrastructure and technology
• Maintain constitutionally mandated balanced budget
• Sound AAA bond rating
• Innovative state leadership exemplified through
– development of the Research Triangle Park in 1959
– creation of the North Carolina Biotechnology Center and the
Microelectronics Center of North Carolina (MCNC) in 1981
– investment in Bio and Pharmaceutical Training
Consortium in 2003
Performance-Based, Targeted Incentives
Tax Credits
• Article 3J Tax Credits – tax credits for job
creation, investment in business property, and
investment in real property
• Research and Development Tax Credit –
credit based on a percentage of qualified
research expenses, with enhancements for
research performed by NC universities
• North Carolina State Ports Income Tax Credit
– tax credit earned on incremental increases of
ports usage and handling fees over three years
Performance-Based, Targeted Incentives
Discretionary Programs
• Job Development Investment Grant –
provides sustained annual grants to new and
expanding businesses, measured against a
percentage of withholding taxes paid by new
employees
• One North Carolina Fund – grant available for
new or expanding companies in conjunction
with local government match
Performance-Based, Targeted Incentives
Other Cost-Saving Programs
• Sales and use tax discounts and exemptions –
available on certain parts and accessories
• Community Development Block Grants and
Industrial Development Fund – provide grants for
infrastructure development in economically challenged
areas of the state
• Industrial Revenue Bonds – provide tax-exempt
financing
• Foreign Trade Zones – provides opportunities
to defer, reduce and/or eliminate import duties
Professional Economic Development
Assistance
• Division of Business and Industry – leads state’s
recruitment efforts with dedicated, professional
staff
• Full-service support includes site evaluation and
selection, research and analysis, human
resources, environmental assistance and
financial program guidance
• Specialized services include regional economic
development offices, international offices,
industry sector teams and Business ServiCenter
North Carolina Profiles of Industry
• Biotechnology, Pharmaceuticals and Life Sciences –
third largest biotechnology industry in the US
• Information and Communications Technology – among
the top national and worldwide centers in
telecommunications, networking and software development
• Motor Vehicle and Heavy Equipment – more than 1,000
manufacturing operations supply parts, accessories and
components for automotive, truck, bus and heavy
equipment industries
• Business and Financial Services – second largest
financial center in the nation, one of the state’s largest
economic sectors employing nearly 200,000 workers
• Chemicals and Plastics – more than 550 US and
international companies provide a solid base for
manufacturing materials, equipment, parts and molds
Biotechnology, Pharmaceuticals and
Life Sciences
• Third largest biotechnology industry in the
nation with more than 40,000 highly skilled
workers
• 300 contract research organizations, medical
device and bio and life science-related
companies
Information and Communications
Technologies
• 1,300 IT companies – employing more than
218,000 highly skilled workers
• Major center for telecommunications,
networking and software development
Motor Vehicles and Heavy Equipment
• Among the largest auto parts manufacturers
with more than 1,000 companies and
140,000 skilled workers
• Racing and motorsports – a $5 billion
industry in North Carolina
Business and Financial Services
• One of the state’s largest economic sectors – employing
nearly 200,000 workers
• 2nd largest financial center in the nation
• Headquarters for Bank of America, Wachovia Corporation,
and BB&T – three of the nation’s 10 largest banks
• Credit Suisse and TIAA-CREF have major operations and
processing centers in state
• Nearly 200 customer service centers
Chemicals and Plastics
• National leader in plastics, rubber and
chemical industries with more than 550
facilities
• 42,000 skilled employees ranking among the
top 10 nationally
Business and Industry Development Division
North Carolina Department of Commerce
919.733.4977 phone
919.733.4563 fax
www.nccommerce.com