Economy of North Carolina
North Carolina has the 10th-largest state economy in the US with a GDP of approximately $700 billion. The state has undergone one of the most dramatic economic transformations of any US state over the past 30 years — pivoting from a manufacturing and agriculture base to a knowledge economy anchored by technology, banking, and life sciences.
The Research Triangle — the triangle formed by Raleigh (NC State), Durham (Duke), and Chapel Hill (UNC-Chapel Hill) — is one of the most important research and technology corridors in the US. Research Triangle Park, established in 1959, was one of the first science parks in the country and now employs over 65,000 people at 300+ companies including IBM, Cisco, Biogen, and GlaxoSmithKline.
Banking and Finance — Charlotte is the second-largest US banking center by assets, behind only New York City. Bank of America (the second-largest US bank) and Truist Financial (formed from the merger of BB&T and SunTrust) are both headquartered in Charlotte. Wells Fargo has a major East Coast presence in Charlotte as well.
Life Sciences and Biotechnology are concentrated in the Research Triangle. North Carolina ranks in the top five states for pharmaceutical and biotech employment. The Duke University Medical Center and UNC Health Care system are major research and healthcare employers.
Manufacturing — though employment has declined, manufacturing remains significant. North Carolina is a major producer of furniture (particularly in the High Point area), textiles, chemicals, and electrical equipment. High Point is the "Furniture Capital of the World" — the High Point Market draws 75,000 buyers twice yearly.
Agriculture — North Carolina is the second-largest pork producer and the top turkey producer in the US. Sweet potatoes, tobacco (historically significant, still the #4 crop), and broiler chickens are major products.
Film and Television — Wilmington has a significant film industry anchored by EUE/Screen Gems Studios. Shows including One Tree Hill, Iron Man 3, and others have filmed here.
Sources
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