2023 Welcome
The Wright Brothers chose North Carolina for its sand dunes known as Kill Devil Hills. While their decision made history that’s still touted on state license plates, the state is attracting game-changers these days with much more than dunes.
Colorado-based Boom Supersonic picked Triad International Airport in Guilford County for the new manufacturing site of its Overture plane because of local aviation talent, key suppliers and the state’s strong support for its businesses. When the first Overture rolls out in 2025, it will fly at twice the speed of today’s jets and run on 100% sustainable aviation fuel.
Whether it’s aerospace, financial technology or another industry choosing North Carolina, companies are coming for a myriad of reasons.
Educational resources are at the top of the list with 52 colleges and universities, among which are three Tier 1 research universities, and 58 community colleges. North Carolina has the nation’s highest enrollment of students in Historically Black Colleges and Universities. When Apple chose Research Triangle for its 1-million-square-foot research, development and operations hub, the close proximity to three HBCUs was a factor in the decision. Businesses benefit from numerous partnerships with all schools and universities.
The military provides another talent pool. North Carolina has the fourth-largest active-duty military population in the country with 18,000 well trained personnel entering the civilian workforce each year.
The state is known for its friendly residents as well as for being business friendly. The corporate income tax rate of 2.5% is the lowest in the United States. Recent tort reform and streamlined practices mean less red tape and litigation. When there is litigation, the North Carolina Business Court allows for faster access to trials and specific judges that focus on complex business issues.
It’s easy to get clients, employees and products to and from North Carolina. Charlotte-Douglas International Airport, the fifth-busiest airport in the world, offers access to virtually any major city across the globe. Ten airports across the state also enable efficient domestic and international travel.
Two Class 1 rail carriers and two deep-water seaports in Morehead City and Wilmington move products throughout North America.
Boom Supersonic is just one of several large employers who decided last year to invest multiple millions and even billions of dollars in N.C. facilities. The state also, of course, values and caters to smaller startups and entrepreneurs.
We’ve come a long way since that famous first flight in 1903. Entrepreneurs Wilbur and Orville would be proud.
— Katherine Snow Smith, project editor