June 24, 2024
North Carolina’s Economy is clearly among the best in the US. Below we’ve identified the Top 10 economic development organizations in NC, categorized their focus areas and summarized their outlooks and key initiatives for the coming year.
Business Growth and Investment
- North Carolina Department of Commerce
Outlook: Continued growth in high-tech industries, advanced manufacturing, and clean energy. Efforts to attract and support new businesses will result in significant investments in these sectors.
Key Initiatives: Enhanced incentive programs, business-friendly policies, and targeted support for high-growth industries.
- Economic Development Partnership of North Carolina (EDPNC)
Outlook: Strong pipeline of business recruitment and expansion projects, particularly in IT, life sciences, and aerospace. Resilience in these sectors will drive substantial economic activity.
Key Initiatives: Support for small businesses, startups, tourism, and international trade to sustain economic momentum.
Workforce Development
- North Carolina Economic Development Association (NCEDA)
Outlook: Workforce development remains a priority, addressing skill gaps in high-demand sectors such as healthcare, technology, and manufacturing.
Key Initiatives: Expanding training programs, apprenticeships, and educational partnerships to ensure a skilled and adaptable workforce.
- North Carolina Rural Economic Development Center
Outlook: Continued focus on improving workforce readiness in rural areas, with emphasis on education and training access.
Key Initiatives: Programs to reduce the urban-rural divide, enhance digital infrastructure, and support local entrepreneurship.
Regional Development
- Research Triangle Regional Partnership (RTRP)
Outlook: Substantial growth in the Research Triangle area, driven by strong research institutions and technology companies.
Key Initiatives: Collaborative projects between universities, businesses, and government to foster innovation and commercialization of research.
- Charlotte Regional Business Alliance
Outlook: Significant economic expansion in the Charlotte region, bolstered by the financial services sector and a growing tech industry.
Key Initiatives: Site selection assistance, industry support, and strategic initiatives to attract and retain businesses.
Infrastructure and Innovation
- UNC School of Government – Development Finance Initiative (DFI)
Outlook: Infrastructure development is crucial, focusing on sustainable and smart city projects to support economic growth.
Key Initiatives: Advisory services to local governments on financing and implementing infrastructure projects, including transportation and broadband access.
- North Carolina Biotechnology Center
Outlook: Biotechnology and life sciences sectors will continue to thrive, positioning North Carolina as a leader in these fields.
Key Initiatives: Funding, data, and networking opportunities to support biotech startups and research initiatives.
Advocacy and Policy
- North Carolina Chamber of Commerce
Outlook: Advocacy efforts will focus on creating a favorable business climate, addressing regulatory challenges, and supporting economic policies that foster growth.
Key Initiatives: Promoting legislative agendas that benefit businesses and workers, including tax reforms and workforce development programs.
- North Carolina State University – Institute for Emerging Issues (IEI)
Outlook: Policy and innovation will be at the forefront, with initiatives aimed at addressing key economic issues and driving sustainable growth.
Key Initiatives: Research and events bringing together leaders from various sectors to discuss and implement strategies for economic development.
Conclusion
North Carolina’s economic development outlook for the next 12 months is positive, characterized by strong growth in high-tech industries, advanced manufacturing, and life sciences. Key focus areas include workforce development, regional collaboration, infrastructure improvements, and favorable business policies. By leveraging the resources and support provided by various state and regional organizations, North Carolina is well-positioned to continue its economic expansion and address emerging challenges effectively.
Eddie Coleman is the Principal Investment Officer at NC Capital Group. With over 40 years of experience in Commercial Real Estate in North Carolina and South Carolina, his experience spans multifamily, retail, office, historic adaptation, etc. In addition to advising clients and brokering transactions, he has extensive knowledge of North Carolina through experience in corporate site acquisition, development, capitalization, HUD financing, etc. He holds the prestigious Certified Commercial Investment Member (CCIM) designation.