FROM OUR GOVERNOR

For the second year in a row, North Carolina was named by CNBC as America’s Top State for Business in 2023. As governor, I am proud that our state has once again been recognized as a premier destination for dynamic and innovative companies to invest and create great jobs. We all get to share the credit for this honor, but real credit is due to our well-trained, dedicated and diverse workforce. Indeed, CNBC also ranked North Carolina’s workforce number one, and it’s the working people of this state that make our economy grow and thrive.

North Carolina has the largest manufacturing workforce in the Southeast and the best public and private university and community college systems in the country. We have three Tier-1 research universities, the most four-year historically Black colleges and universities (HBCUs) in the country, and a network of 58 community colleges dedicated to preparing our people for the workforce of tomorrow. North Carolina also boasts an affordable cost of living and lower business costs in a friendly and beautiful state with something for everyone.

Companies know that North Carolina is a top state for business, and the number of projects the state welcomed in 2023 is evidence of that. Our project wins in 2023 brought our state 14,114 good-paying jobs and more than $12.9 billion dollars in capital investment. Toyota announced a fourth expansion for its Toyota Battery Manufacturing North Carolina facility in Liberty. The additional $8 billion and 3,000 jobs announced bring the project’s total to $13.9 billion and 5,000 jobs, creating arguably the largest clean energy investment in the country and further paving the way for North Carolina’s leadership in the electric vehicle industry.

We saw tremendous growth through the clean energy and electric vehicle industries including Epsilon Advanced Materials’ choice of Brunswick County for its first manufacturing site in the United States to produce synthetic graphite for use in batteries; Kempower’s decision to locate a manufacturing facility in Durham County to build charging stations for electric vehicles; and Dai Nippon Printing Company’s selection of Davidson County for a new electric manufacturing facility serving the EV battery market.

Project activity in our state has remained consistent over the past three years, though 2023 was not without the challenges stemming from macroeconomic factors like higher costs and interest rates, which particularly affect manufacturers. Despite these challenges, North Carolina has remained a top business destination due to its highly skilled workforce, top-notch education systems, and business-friendly climate.

North Carolina’s successes are rooted in the partnerships among our state, regional, and local partners including the North Carolina Department of Commerce, the North Carolina General Assembly, the Economic Development Partnership of North Carolina, and other regional economic development and private-sector organizations that support our efforts.

Thanks to this team effort, North Carolina will continue to pursue its goal of being first in opportunity, so that all North Carolinians can share our economic success and have lives of purpose and abundance.

Sincerely,

Roy Cooper

FROM OUR LEADERSHIP

Last year was challenging for economic development across the nation due to high interest rates, persistent inflation, and other macroeconomic headwinds, but North Carolina’s dedication to improving the economic well-being and quality of life of its residents continued to attract companies of all sizes and from many different industries, as well as visitors seeking an authentic vacation experience. 

Momentum in North Carolina’s electric vehicle industry accelerated with announcements like Toyota’s fourth expansion of its Toyota Battery Manufacturing North Carolina facility in Liberty, Epsilon Advanced Materials’ first manufacturing site in the United States to produce synthetic graphite for batteries in Wilmington, and Kempower’s manufacturing facility in Durham County to build charging stations for electric vehicles.   

The state’s tourism industry in 2023 saw commercial lodging reaching $4.8 billion, surpassing 2022’s total, and the state’s film office saw $78 million of in state spending from productions filming in North Carolina. The EDPNC continued its national "All in North Carolina" business marketing campaign, which posted strong results across all key effectiveness measures, including increases in top-of-mind awareness, positive perceptions, and lead generation. North Carolina companies exported more than $40 billion of goods and services to 206 countries, and the EDPNC’s Small Business Advisors assisted nearly 4,800 minority, women, and veteran-owned businesses. Lastly, of the 111 projects announced in the state in 2023, 54 were new facilities and 57 were business expansions.  

In December 2023, the North Carolina Department of Commerce’s First in Talent plan entered its next phase with the creation of a Child Care Business Liaison to tackle the state’s shortage of high quality and affordable childcare. Childcare is a critical component of quality of life for North Carolina’s residents and an obstacle to workforce participation for many. The Liaison will work with businesses and local and state partners to develop strategies employers can utilize to provide childcare support to their employees, thus enabling more North Carolina residents to participate in our state’s growing economy. 

The EDPNC and the Department of Commerce work in partnership everyday with Governor Roy Cooper, the North Carolina General Assembly, the EDPNC Board of Directors, and other state and local public and private partners.  

Together, we are proud of our work to improve the well-being and quality of life for all North Carolinians through business recruitment, existing industry support, workforce development, tourism, and much more, and we look forward to continuing to serve the 10.8 million (and counting) residents of this great state we all love. 

edpnc.com