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North Carolina Direct Financial Incentives 2014

Area Development Online Research Desk (Q1 2014)
North Carolina's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. More

Public Power Communities: Future-Focused

Steve Stackhouse-Kaelble (Q1 2014)
America’s public power communities are places where local governments and other public entities have taken charge to deliver services their communities need to prosper. More

The Southland Delivers a Solid Economic Performance

Mark Crawford (Q1 2014)
The southern states have embraced the transition from traditional to knowledge-based economies and work hard to attract new projects and the high-paying jobs that come with them. More

Ports Jockey for Post-Panamax “Pole Position”

Tim Feemster, Managing Principal, Foremost Quality Logistics (Q1 2014)
East and Gulf Coast ports are gearing up to accommodate the supersized containerships that will be able to traverse the expanded Panama Canal — and the delayed expansion process has given them the advantage of time to get ready. More

Primer: The Impact of Taxes & Incentives on Data Center Locations

Chris Schastok, Vice President, Economic Incentives Group (EIG), CBRE, Inc. (Q1 2014)
Many states and communities are using incentives to lure data centers and establish clusters of these facilities, which, in turn, stand to benefit from tax breaks and cash grants for necessary infrastructure improvements. More

Regional Report: The South Atlantic Capitalizes on Its Pro-Business Climate

Beth Mattson-Teig (Directory 2014)
Customized incentives and work force training, as well as its right-to-work environment, are drawing auto, aero, life sciences, and other advanced manufacturers to the South Atlantic. More

A Look Back - and Ahead - at the 2013/2014 Legislative and Incentives Landscape

Jason Hickey, President, Hickey & Associates, LLC (Directory 2014)
From what we witnessed in 2013, we can only expect more dynamic developments in state incentive programs and a continued focus on additional transparency. More

Critical Location Decision Factor #3: Workers Who Have the “Right Stuff”

Mark Crawford (Q4 / Fall 2013)
Having a pool of highly skilled workers can tip the balance in a location’s favor. This is the Eighth in a series of articles examining the top-10 site selection factors as decided by the respondents to AD's Q1 Corporate Executive Survey. More
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Studies/Research

NORTH CAROLINA at a glance

POPULATION: 9,669,244 (July 2011)

LABOR FORCE: 4,708,952 (October 2012 seasonally adjusted)

RIGHT TO WORK: Yes

TRADITIONAL INDUSTRIES:Agriculture, textiles and apparel, wood products, furniture

EXPANDING INDUSTRIES: Alternative energy, green technology, defense, aerospace, pharmaceutical and biomanufacturing, nanotechnology, R&D, information technology, advanced manufacturing, banking and finance, automotive components, plastics, call centers, data centers

COLLEGE GRADUATES: (Age 25 and over) 26.5%

BASIC BUSINESS TAXES:
Corporate Income Tax: 6.9 percent of net income apportionable and allowable to the state

Sales and Use Tax: Combined general rate: 6.75 percent (state sales tax rate: 4.75 percent; local sales tax: 2.0 percent); additional counties with 0.25 percent local sales tax: Alexander, Buncombe, Cabarrus, Catawba, Cumberland, Duplin, Durham, Halifax, Haywood, Hertford, Lee, Martin, Montgomery, New Hanover, Onslow, Orange, Pitt, Randolph, Robeson, Rowan, Sampson, Surry and Wilkes

Property Tax: Local government levies on real and tangible personal property located within their jurisdictions; property assessed at 100 percent of appraised value; real property must be revalued every eight years but is revalued every four years in some jurisdictions.

BUSINESS INCENTIVES:
Job Development Investment Grant Program

One North Carolina Fund

One NC Small Business Fund

Job Creation Tax Credit

Investment Tax Credit

R&D Tax Credit

Customized training programs

N.C. Green Business Fund

Interactive Digital Media Tax Credit

CDBG Program

Industrial revenue bonds

Sales tax refunds and exemptions

Energy tax credits

Principal Manufacturing industries

  • Food Beverage & Tobacco Products
    14.3%
  • Textiles & Apparel
    10.8%
  • Chemicals
    9.6%
  • Computer & Electronic Products
    7.7%
  • Fabricated Metal Products
    7.6%
  • Furniture & Related Products
    7.6%
  • Rubber & Plastic Products
    6.7%
  • Machinery
    6.6%
  • Transportation Equipment
    6.1%
  • Electrical Equipment & Appliances
    4.9%
  • Wood Products
    3.5%
  • Other Manufacturing Industries
    14.6%