POPULATION: 9,861,952 (July 2013)
LABOR FORCE: 4,645,687 (September 2014 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) 26.8% (2008–2012)
BASIC BUSINESS TAXES:
Corporate Income Tax: 6 percent in 2014; rate will drop to 5% in 2015.
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 for a total of 7 percent: Alexander, Buncombe, Cabarrus, Catawba, Cumberland, Duplin, Durham*, Edgecombe, Greene, Halifax, Haywood, Hertford, Lee, Martin, Montgomery, New Hanover, Onslow, Orange*, Pitt, Randolph, Robeson, Rowan, Sampson, Surry and Wilkes. Mecklenburg County has a rate of 7.25 percent due to an additional 0.5 percent transit tax. Durham and Orange counties levy an additional .50% public transit tax, which makes the counties total sales and use tax rate 7.50 percent.
Property Tax: Real and personal property is assessed on a local level at 100 percent of appraised value. The state of North Carolina does not charge real and personal property tax on a state level. Real property is required to be revalued every eight years, although counties may revalue earlier.
BUSINESS INCENTIVES:
Job Development Investment Grant Program
One North Carolina Fund
One NC Small Business Fund
R&D Tax Credit
Customized training programs
CDBG Program
Industrial revenue bonds
Sales tax refunds and exemptions
Renewable Energy Property Credit
Source: D-4, QCEW 2013 Average Mfg. Employment
