Kevin Burge of North Carolina covers local sports and business news. In the following article Kevin Burge discusses which NC industries are seeing decidedly increased growth recently. Even lifelong North Carolina residents may be surprised by a few of the verticals listed.
The past 20 years have worked wonders for North Carolina’s business growth. While the state was once famous for its tobacco and textiles, today, it’s home to over ten Fortune 500 companies.
Kevin Burge of North Carolina explains that from aerospace and defense to information technology to outdoor recreation to financial services, North Carolina and its diverse, well-skilled residents have created a hub for the world’s most innovative sectors.
#1 Aerospace and Defense
Leading defense, security, and aerospace companies like Honda Jet, Lockheed Martin, and GE Aviation call the beautiful North Carolina home.
Since the state boasts major military establishments like the Fort Bragg-Pope Army Airfield and the Seymour Johnson Air Force Base, Kevin Burge of North Carolina reports that it’s in a fantastic position to continue pushing this industry forward.
Alongside this, plenty of highly trained and accoladed veterans are ready to put their skills to use. Plus, N.C.’s universities are the aerial vehicles’ research leaders.
In essence, it’s the place to be for the aerospace and defense sectors.
#2 Food Processing and Manufacturing
Kevin Burge says North Carolina has a jaw-dropping 178 million customers within a day’s drive. The state’s premium East Coast location is even stronger thanks to the multiple transport links — road, maritime, and rail.
Although N.C. boasts a robust agriculture sector, it’s the U.S.A.’s second-largest animal processing and manufacturing region, hosting global companies like Campbell’s.
While today’s food processing and manufacturing industry is already booming, there’s considerable room for sector growth, as per the EDPNC’s recent report that concludes the state has the “perfect climate for growing talent.” This is largely down to:
- the North Carolina Community College System, which offers degrees and other certificates relevant to the industry, including science and technology, applied animal science, and horticulture technology.
- the customized training programs provided by North Carolina’s BioNetwork program.
- the targeted industry support.
#3 Biotechnology and Pharmaceuticals
Kevin Burge of North Carolina reports that the state sits proudly at the top of biomanufacturing in the United States of America by the total number of employees. Quite a claim to fame!
Four sector titans — BASF, LabCorp, Novo Nordisk, and Bayer — do business in the state and are supported by various partners, including the North Carolina Research Campus. The 350-acre scientific campus showcases the benefits of collaborative working to continue pushing the biotechnology and pharmaceutical industry forward.
#4 Information Technology
Industry lovers will understand why North Carolina has the second-fastest-growing IT sector in the country. After all, massive tech giants like SAS, Google, and Cisco call the state their base.
However, Kevin Burge of North Carolina says it isn’t just the big players that thrive here. The state’s ever-flourishing Information Technology industry leaves plenty of room for startups and SME businesses.
Many business advantages exist for those looking to take their IT company to the next level, including low taxes, research investments, and N.C.’s oh-so-active entrepreneurial environment.
In fact, Forbes ranked Raleigh the country’s number two tech hub. Reporters noted that millennials prefer the city thanks to its low living costs and the multitude of job opportunities.
#5 Business and Financial Services
As the U.S.’s third-largest financial center, Kevin Burge of North Carolina says companies like Wells Fargo, AT&T, Bank of America, and Microsoft enjoy the expansive talent pool (around 300,000 people work in the sector) and top-of-the-line global connectivity.
But, like the IT industry, N.C. boasts fantastic opportunities for startup businesses and financial service companies. Setting up shop here gives entrepreneurs access to the American Institute of Certified Public Accountants and the North Carolina Treasury Management Association.
Kevin Burge says it appears the state is all about driving innovation, enhancing sector growth, and ensuring new industry-relevant businesses thrive in their economic environment.
#6 Tourism and Outdoor Recreation
Put simply, tourists love NC — so much so says Kevin Burge that it’s ranked in the top 10 most visited states! 2019 saw visitor spending reach $26.7 billion and roughly one out of every 45 residents being employed directly in the industry. No wonder the state ranks so highly here.
Analysts deduce North Carolina’s Outdoor Recreation Industry Office’s attitude and commitment to increasing the statewide recreational environment have caused tremendous growth.
Kevin Burge of North Carolina reports that the state has a long-standing history of furniture production, and it has managed to keep its accolade as one of N.C.’s hottest industries to this day.
Over 600 wood product establishments live in the state, including well-loved brands like Ashley Furniture and Sealy.
As per North Carolina’s Department of Commerce, the state has the nation’s largest furniture industry, bolstered by 3,000 establishments and over 35,000 employees.
On top of that, it’s home to the High Point Market — the globe’s leading trade show for the sector. Around 75,000 people visit the show twice a year, helping the industry thrive.