A Decade of Prosperity

EDPNC Annual Report 2024

Download PDF
View of mountains from Chimney Rock State Park, North Carolina.

As my term begins as Governor of North Carolina, I am excited to build off the economic development success the state achieved in 2024. With an emphasis on continued economic growth, my administration’s priorities will focus on further strengthening our workforce, investing in rural communities, and natural disaster recovery efforts.  

Under Governor Cooper’s leadership, North Carolina continued its long-running streak of economic development success in 2024, attracting new investment from companies representing a diverse range of industries. This year, the state recruited 58 companies and assisted 82 existing companies with expansions, all of which will create 16,555 new jobs for North Carolinians and invest $14.8 billion in local communities across the state. Billion-dollar investments from companies like Novo Nordisk, Natron Energy, and Johnson and Johnson will transform communities and create nearly 2,500 new jobs. 

Our world-class workforce is the driving force behind our state’s economic growth. North Carolina is the third-fastest growing state in the country, attracting ambitious professionals from around the world who are seeking a prosperous career and exceptional quality of life. The state’s 58 community colleges and 52 universities are training a diverse and adept talent pipeline, preparing students for careers in advanced technologies across all sectors. 

In September, Hurricane Helene swept through the western region leaving unprecedented and widespread destruction in its wake. North Carolina’s residents, business community, and civic leaders came together quickly, rallying around neighbors and small businesses to ensure they had shelter, power, and supplies needed for short term relief. We will continue to invest in long term recovery efforts in Western North Carolina, providing support for housing, infrastructure, and business repairs. 

North Carolina’s sustained growth is dependent upon partnership and collaboration among our state, regional, and local partners including the North Carolina Department of Commerce, the North Carolina General Assembly, the Economic Development Partnership of North Carolina, and other regional economic development and private-sector organizations that support our efforts.  

I look forward to advancing North Carolina’s success in economic development, ensuring that all regions of our state share in economic prosperity. 

Sincerely,

The Economic Development Partnership of North Carolina had much to celebrate in 2024, most notably commemorating its 10-year anniversary. Since its inception in 2014, the EDPNC has strived to improve the economic well-being and quality of life for all North Carolinians through business recruitment and retention, supporting and growing international trade, counseling small business and startups, and promoting the state as a tourism destination.

Over the last decade, the EDPNC has delivered formidable results within each of these pillars, assisting more than 1,300 companies with relocations and expansions that brought 178,000 new jobs and $67 billion in capital investment across North Carolina. Our Small Business Advisors team helped more than 183,000 small businesses navigate the startup process, and our International Trade team supported manufacturers across the state as they sought to grow their international export capabilities. The tourism team secured $269 billion in visitor spending and $1.4 billion in film production spending.

2024 rounded out the EDPNC’s first decade of existence with a strong performance. In partnership with the North Carolina Department of Commerce, the EDPNC assisted 140 companies that located or expanded in the state, creating 16,555 new jobs. The tourism team helped spur over $4.9 billion in commercial lodging revenue and secured more than $302 million in in-state film production spending.

In a landmark year for the state’s life sciences sector, more than 3,500 new jobs and over $8 billion in capital investment were announced by companies in biopharmaceutical manufacturing, medical equipment, and biotechnology. Momentum continued in the energy sector, with Natron Energy and Boviet Solar announcing major projects in eastern North Carolina. The food and beverage industry saw 28 announced projects, the most of any sector, led by expansions from Morinaga America Foods, U.S. Foods, and Foster Caviness.

When Hurricane Helene hit Western North Carolina in September, the EDPNC mobilized quickly, convening local tourism partners, communicating what areas of the region were accessible and open for business, connecting small businesses with local support organizations, and amplifying statewide resources and donation platforms. Recognizing there is a long road to recovery ahead, much of the EDPNC’s focus will remain on helping the region’s tourism and small business economy recover.

The EDPNC and the Department of Commerce work in partnership everyday with the Governor’s Office, the North Carolina General Assembly, the EDPNC Board of Directors, and other state and local public and private partners.

Who We Are

About the EDPNC

Our Mission

The Economic Development Partnership of North Carolina improves the economic well-being and quality of life for all North Carolinians. We do this by collaborating with state, regional, local, and private sector partners in new business recruitment, existing employer support, international trade and export assistance, small business start-up counseling, and tourism promotion.

grandfather mountain bridge at sunset

Our Core Values

Our values are what motivate and inspire our team to better the communities and lives of people across North Carolina.

Accountability

Performing at a high level and holding ourselves accountable for our results.

Partnership

Building strong partnerships and collaborating both inside and outside the organization.

Customer Service

Providing excellent customer service through every interaction.

Dependable

Being an accessible, innovative, and knowledgeable resources for all our stakeholders.

Advocate

Serving as ambassadors for North Carolina through our work.

Our Teams

handshake icon

Business Recruitment

Attracts and recruits new businesses to the state by identifying, cultivating, and managing corporate recruitment prospects and projects.

business meeting icon

Business Development

Identifies and nurtures investment projects, both domestically and abroad, and develops and qualifies leads for the business recruitment team.

manufacturing plant icon

Existing Industry

Facilitates the growth and expansion of established North Carolina companies by providing counseling and access to state and local resources for workforce development, manufacturing support, environmental and infrastructure issues, grants, and loans.

research icon

Marketing & Research

Promotes North Carolina as the premier state for doing business, working to attract new businesses and talent; provides research support to EDPNC teams and state and local organizations; and maintains consistent messaging through media relations and social media.

suitcase icon

Tourism

Unifies and leads the state in positioning North Carolina as a preferred destination for leisure travel, group tours, meetings and conventions, sports events and film production, maximizing economic vitality statewide.

film icon

Film

Recruits film projects to North Carolina and provides guidance for incentives as well as assists productions on the ground with permitting and logistics.

world icon

International Trade

Provides international trade and export assistance to North Carolina companies through trade show assistance; e-commerce and digital marketing; market entry strategy; finding agents, distributors and buyers; market research; and more.

small business icon

Small Business Advisors

Assists small business owners, and those wanting to start a business, by providing education opportunities and one-on-one counseling regarding business licensing and regulations.

people icon

Investor Relations

Engages a supportive investor community and fosters strategic partnerships to empower dedicated economic development professionals and secures financial resources to support the EDPNC’s business operations and mission.

bank icon

Finance

Provides financial and budgeting support so that the EDPNC can continue its mission of improving the economic well-being of all North Carolinians.

Board of Directors

Gene McLaurin

Chairman, EDPNC Board of Directors
President,
Quality Oil Company

Rolf Blizzard

Managing Director, Turnpike Properties

Sam Bowles

Managing Director, New Republic Capital

Spence Broadhurst

President, Eastern North Carolina, First National Bank

Pam Cundiff

Vice President and Chief Operating Officer, Travel Consultants, Inc.

Keith Holtsclaw

Consultant and Retired President/CEO, Blue Ridge Hospital

James R. Jordan

Executive Vice President & Chief Operating Officer, Hornets Sports & Entertainment

John Kane

Founder and CEO, Kane Realty Corporation

Vimal Kolappa

Entrepreneur and Founder, East Coast Hospitality

Sheila Knight, CCIM

Consultant, SK Strategies, LLC

Karen Levert

CEO and Co-Founder, Ag TechInventures,, Inc.

Shaylah N. Jones

Director, Public Affairs & Communications, Novo Nordisk

William P. Morgan, Jr., RFC

CEO, Capital Management Group, Inc.

Andrew Schmidt

President & CEO, Visit Greenville, NC / Play Greenville, NC Sports

Lee Lilley

Secretary of Commerce, NC Department of Commerce

Aaron Thomas

President and CEO, Metcon, Inc.

Richard C. Reich, PH.D.

Retired Assistant Commissioner, North

Bhaskar Venepalli, PH.D.

Founder and CEO, CiVentiChem

Who We Are

Investors & Financials

Investors

Through the generous support from our investors, the Economic Development Partnership raised $1,525,156 in cash and in-kind contributions in 2024, surpassing the total for 2023.

Blue ridge mountains at sunset

New Investors

As the state's premier economic development organization, we take pride in our mission to boost economic growth. When you are part of the EDPNC investor community, you play a pivotal role in shaping the economic success of North Carolina. In 2024, we welcomed 22 new investors to the EDPNC.
Dan Gerlach Logo

Dan Gerlach LLC

Duke Fuqua Executive Education Logo

Duke Executive Education

evans general contractors logo

Evans General Contractors

Ramboll logo

Ramboll

American Airlines logo

American Airlines

colliers engineering and design logo

Collier Engineering & Design

comerica bank logo

Comerica Bank

csx logo

CSX

dewberry logo

Dewberry

HIPP Engineering & Consulting logo

Hipp Engineering & Consulting

Mcadams logo

McAdams

McGough construction logo

McGough Construction

McguireWoods Consulting logo

McGuireWoods Consulting LLC

Rimon Law logo

Rimon Law

TD Bank logo

TD Bank

Wayne Brothers Companies logo

Wayne Brothers Companies

eas logo

Environmental Air Systems, LLC

FHI logo

FHI, LLC

graycor logo

Graycor Construction

Landmark Builders logo

Landmark Builders

Wydham Championship logo

Wyndham Championship

Financials

The Economic Development Partnership of North Carolina receives state funding through its contract with the North Carolina Department of Commerce as well as private investment from companies, individuals, and foundations.

lighthouse at sunset

Revenue & Expenses

In fiscal year 2024, running from July 1, 2023, through June 30, 2024, the partnership received $41,523,225 in total revenue and had expenses totaling $40,104,406.

  • 01
    Total Revenue

    Income received by the EDPNC through state and private funding, federal grants, and more.

  • 02
    Total Expenses

    Operating costs and expenses for the functions of the EDPNC.

Income received by the EDPNC through state and private funding, federal grants, and more.

Operating costs and expenses for the functions of the EDPNC.