As a business leader, or employer of any type in North Carolina, you’re facing new challenges from the COVID-19 pandemic. EDPNC is here to help you navigate these unique economic challenges in the days ahead.
Analysis Finds North Carolina Still Levies Lowest Corporate Income Tax Rate
North Carolina’s 3 percent corporate income tax rate still ranks as the lowest of any state levying the business tax, according to a Tax Foundation analysis. This week the foundation, an independent nonprofit tax policy organization based in Washington, D.C., released its State Corporate Income Tax Rates and Brackets for 2017. North Carolina cut its corporate…
Alevo to Expand Concord Plant Making Large-Scale Energy Storage Systems
Alevo is launching a major expansion at its facility in Cabarrus County, creating more than 200 jobs in North Carolina over the next five years. The company plans to invest $251 million at its production operations in Concord. “It’s exciting that a global company like Alevo chooses to manufacture its cutting-edge energy storage products right…
Case Study: EDPNC Helps NC Manufacturer Increase Sales in Latin America
Otto Environmental Systems North America, a leading manufacturer of plastic waste bins for residential and commercial use, has turned to the EDPNC in recent years for assistance in expanding its foreign markets in Latin America. Otto employs roughly 300 people in Charlotte, where it opened its North American headquarters in 1988. The company, which traces…
In 2016, the Economic Development Partnership of North Carolina (EDPNC) and its partners helped close deals on 139 business recruitment and expansion projects, a large increase over the 97 projects supported and announced in 2015. The projects announced in 2016 called for creating 14,944 new jobs and investing $3.8 billion in North Carolina over the next several…
Case Study: Grants Help Unifi Meet Demand for High-Tech Fibers Recycled from Plastic Bottles
Your favorite jacket may have had its start in a bale of plastic water bottles recycled into fiber by a North Carolina yarn maker. In addition to being made in an environmentally responsible way, that jacket could be highly water repellent and offer superior moisture-wicking and odor control. The domestic and global market for high-performance…
Corning’s Growth to Bring 410 New Jobs to North Carolina
Corning Incorporated and its subsidiary Corning Optical Communications plan to invest $176 million in facilities in Newton and Midland, North Carolina, creating 410 jobs over the next two years. Corning Optical plans to build a new $67 million optical cable manufacturing facility in Newton, creating 210 new jobs in Catawba County. The jobs will pay…
Case Study: Who Do You Call When Your Shipping Container is Stuck in Port?
What must a small North Carolina business navigate in order to ship a container of valuable technical textiles to China? Besides more than 6,000 nautical miles of ocean? Paperwork. In February 2016, Scott Hay, owner of Mooresville-based Davy Textiles, called the Business Link North Carolina (BLNC) toll-free line seeking more than the typical guidance on how…
Productions including “Good Behavior” Receive Film Grants
The second season of the TNT series “Good Behavior,” the independent film “American Animals” and a national Audi commercial are receiving state grants to support their filming in North Carolina. Combined, the three projects awarded North Carolina Film and Entertainment Grants are expected to generate a direct in-state spending of approximately $46.2 million. The productions will…
Helping more companies enter and navigate export markets is more important than ever, because slowed economic growth globally and the strengthening U.S. dollar may continue to have a negative impact on exports nationwide in 2017. In 2016, the EDPNC’s international trade team helped more North Carolina companies enter foreign markets and increase their income from…
Case Study: EDPNC Helps Power Cord Maker Access Overseas Market
In 2013, Stay Online Corp. attended its first international trade show outside the U.S., just as it was beginning to explore overseas markets for its products. What a difference three years makes. The end assembly manufacturer of power cords, plug adapters and other power connectivity products has attended many more trade events, increased its exports…
Case Study: Why CSX Chose North Carolina for the World’s Most Technologically Advanced Rail Terminal
Local and state officials are calling CSX’s decision to build a massive intermodal rail terminal in Rocky Mount a “game changer” because it is expected to attract manufacturers and distribution centers to Eastern North Carolina while stimulating more shipping at the Port of Wilmington. Building the facility is expected to create roughly 250 to 300…
North Carolina Positioned to Rise to the Top of the Data Economy
Collaboration, proactive branding, and a focus on data science education and talent development will propel North Carolina to the top of the data economy, according to a new report published today by the North Carolina Board of Science, Technology & Innovation (BSTI). “North Carolina has significant assets to steam ahead in the data economy: marquee…
