News Summary
North Carolina is experiencing significant economic growth driven by diverse industries and substantial investments. Recognized as CNBC’s Top State for Business, the state benefits from a skilled workforce, low energy costs, and competitive tax rates. Major investments from companies like Genentech and Toyota highlight the state’s expansion in biotechnology and clean energy, while Charlotte strengthens its position as a financial hub. With a projected $17 billion in capital investment creating over 20,000 jobs, North Carolina’s future looks promising as it attracts new business ventures.
North Carolina continues to experience robust economic growth driven by a diverse range of industries, strategic investments, and a business-friendly environment. The state has been recognized as CNBC’s Top State for Business in three of the last four years, underscoring its appeal to both established corporations and new ventures.
North Carolina’s economy is bolstered by its highly skilled workforce, low energy costs, and competitive tax rates, creating a favorable landscape for businesses. With a prime location on the East Coast, the state provides access to significant domestic and international markets, further enhancing its attractiveness for companies seeking operational bases.
The variety of industries rooted in North Carolina’s economy is impressive. The life sciences sector has been particularly active, exemplified by Genentech’s recent commitment to invest $700 million in a new manufacturing plant. This investment signifies a revitalization and expansion of the biotechnology landscape in the state.
In the aerospace sector, Pratt & Whitney has reinforced its operations with a $285 million investment in advanced manufacturing facilities in Asheville, resulting in high-tech jobs for local residents. Additionally, JetZero made headlines with the announcement of its manufacturing facility in Greensboro, bringing the largest job announcement in North Carolina’s history. The project is associated with a monumental $4.7 billion investment, expected to create over 14,000 new jobs.
North Carolina is also positioning itself as a leader in clean energy innovation. Toyota has committed $13.9 billion to establish a battery manufacturing facility in the state, which is projected to generate more than 5,000 jobs and enhance the state’s clean energy capabilities. This commitment reflects the growing importance of sustainable energy solutions across the economy.
Meanwhile, the financial services and fintech sectors are expanding rapidly, particularly in Charlotte, which is recognized as the second-largest banking center in the U.S. Citigroup Technology has announced a $16 million investment in Charlotte, expected to create over 500 jobs, further solidifying the city’s reputation as a financial hub.
As of 2025, North Carolina’s business climate remains robust and attractive, even amid political uncertainties. Recently, Governor Stein disclosed various business expansions and new projects that contribute to approximately $17 billion in capital investment, anticipated to create over 20,000 jobs across the state.
The Economic Development Partnership of North Carolina (EDPNC) has played a crucial role in securing economic investments. Since 2014, the partnership has attracted over $67 billion in investments, leading to the creation of nearly 200,000 jobs. This achievement showcases the state’s commitment to facilitating business operations and retention.
Furthermore, North Carolina’s infrastructure is reliable, with systems that streamline the transition for new businesses, enhancing its reputation as a desirable location for economic activity. The state’s investment in independent and homegrown businesses also plays a significant role in its ongoing economic diversification efforts.
With a quality of life bolstered by affordability, natural beauty, and vibrant communities, North Carolina enjoys a cost of living that is approximately 5% below the national average. This makes the state attractive not just for businesses but also for potential employees seeking a balanced lifestyle and career opportunities.
Looking ahead, North Carolina’s future is bright, with expectations of sustained growth across diverse and emerging sectors. The combination of a skilled workforce, strategic investments, and an accommodating business environment positions the state for continued prosperity and economic advancement.
Deeper Dive: News & Info About This Topic
- PR Newswire: McLaurin Bruce Named Business Development Director
- The Center Square: North Carolina Economic Growth
- News Observer: Job Growth in North Carolina
- Business North Carolina: Top State for Business
- WCNC: Record Job Growth in North Carolina
- Wikipedia: North Carolina
- Google Search: North Carolina business growth
- Google Scholar: North Carolina economy
- Encyclopedia Britannica: North Carolina
- Google News: North Carolina economic development
Author: STAFF HERE FLORENCE WRITER
FLORENCE STAFF WRITER The FLORENCE STAFF WRITER represents the experienced team at HEREFlorence.com, your go-to source for actionable local news and information in Florence, Florence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florence Festival of Lights, Pee Dee Pride, and agricultural expos at the Florence Center. Our coverage extends to key organizations like the Florence Regional Chamber of Commerce and the Pee Dee Area Council of Governments, plus leading businesses in healthcare and retail that power the local economy such as McLeod Health and Pee Dee Electric Cooperative. As part of the broader HERE network, including HERECharleston.com, HEREColumbia.com, HEREGreenville.com, and HEREHiltonHead.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
