Businesses Boom in North Carolina
From Business Facilities
In 2022, North Carolina was recognized as the #1 in America’s Top States For Business by CNBC. With a tax rate of 2.5%, The Tar Heel State hosts one of the most competitive tax environments, with the goal of reaching 0% by 2030. In addition to having a low tax rate, the state also offers building costs, electricity costs, and cost of living all below the national average. Meanwhile, Business Facilities has named this southeastern locale its 2022 State of the Year.
Among the programs North Carolina has in place to foster business growth is the Job Development Investment Grant (JDIG). This grant is an incentive program that provides grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. JDIG also allows for additional incentives for businesses with qualifying project types, including High-Yield Projects, any company creating 1,750 jobs and investing $500 million; Transitional Projects, projects that occur in stages; and Transformative Projects, any business that creates 3,000 jobs and invests $1 billion.
‘Remarkable Trajectory’ For The Charlotte Region
Charlotte is now the 15th most populous city in the U.S., and the city’s population increase in the past decade has propelled it past Seattle, San Francisco, Denver, and Indianapolis. As a result, Charlotte is the nation’s fifth fastest-growing city, and the Charlotte Region—one of North Carolina’s most important economic centers—is the nation’s most vibrant, innovative, and healthy economy.
The Charlotte Region has seen $5.5 billion in capital investments and nearly 14,000 jobs announced since 2020, and the momentum is expected to continue for this 15-county, bistate region. More than 80 people move to the Charlotte Region—home to 3.1 million people—every day. They come for jobs in a healthy and growing economy with thriving healthcare, finance, and professional services sectors. Businesses come to start and grow in a region with an educated, talented, and innovative workforce, regularly ranked in the top three places to start a business. They come for a lower cost of living and affordable real estate in neighborhoods fit for any lifestyle—from vibrant urban centers to suburban cul-de-sacs to quaint small towns and rural areas. For more information, visit charlotteregion.com.