North Carolina has solidified its position as a leading economic force in the United States, propelled by substantial investments in technology, manufacturing, and healthcare sectors. The state’s strategic initiatives and business-friendly environment have attracted major corporations and fostered significant job growth.
North Carolina has climbed to the No. 7 spot for the best economy in the country and No. 5 for best growth, according to recent rankings. The state’s GDP is projected to reach approximately $839 billion in 2025, marking a 3.7% increase over the previous year.
Significant corporate investments have been a cornerstone of North Carolina’s economic surge:
- Toyota is advancing a $13.9 billion battery manufacturing plant in Greensboro, expected to employ over 5,000 workers upon completion.
- Apple has included North Carolina in its $500 billion U.S. expansion plan, focusing on data center enhancements and establishing an East Coast R&D campus.
- Wolfspeed is nearing completion of a $5 billion semiconductor facility in Chatham County, set to commence production in June and create approximately 1,800 jobs.
In total, over $15 billion in corporate relocations and expansions were announced in 2024, promising more than 14,000 new jobs.
Employment growth has been particularly strong in the education, health services, and government sectors, which accounted for 97% of the state’s net job growth in 2024. The information and durable goods manufacturing sectors are projected to grow by 5.2% each in 2025.
UNC Health and Duke Health have announced plans to construct North Carolina’s first standalone children’s hospital in the Research Triangle region. The $2 billion project is expected to enhance pediatric care and generate thousands of jobs.
The North Carolina Senate has advanced a two-year budget plan emphasizing income tax reductions, aiming to lower the individual rate to 3.99% in 2025 and eventually to 2.99% by 2028. The plan also includes modest raises for public employees and consolidates certain state agencies.
North Carolina’s strategic investments and policy initiatives have positioned it as a burgeoning economic leader in the United States. With continued focus on innovation and infrastructure, the state is poised for sustained growth in the coming years.
