On this episode of Carolina Newsmakers, Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC), shares insights into the state’s continued economic success, highlighting major business developments, tourism growth, and strategic investments in education and infrastructure.
Chung begins by outlining recent business wins across North Carolina, including Boviet Solar’s new solar panel manufacturing plant in Greenville and Siemens Mobility’s $400 million passenger rail car factory in Davidson County. He emphasizes that these projects bring high-paying jobs and diversify the economic landscape, particularly benefiting rural and exurban areas.
Tourism remains a vital component of North Carolina’s economy. Chung celebrates record visitor spending in 2023, exceeding $35 billion. This success is attributed to North Carolina’s natural attractions, from the Blue Ridge Mountains to the Outer Banks, and strategic marketing efforts to attract travelers.
The conversation shifts to population growth, with North Carolina poised to surpass Georgia as the eighth-largest state by 2030. This rapid growth underscores the importance of maintaining a strong talent pool to support incoming businesses. Chung notes that the state’s diverse economy, temperate climate, and quality of life continue to attract residents and companies alike.
Chung also highlights the evolving focus of economic development efforts. While urban hubs like Raleigh and Charlotte previously dominated in attracting corporate headquarters and technology firms, there is now a shift toward manufacturing and industrial projects in rural areas. Industries such as electric vehicles, biomanufacturing, and clean energy are driving this change, supported by North Carolina’s robust community college system, which tailors workforce training to meet industry needs.
One challenge, however, is ensuring that the state does not rest on its laurels. Chung cautions against complacency, emphasizing the need for continued investment in education, infrastructure, and broadband access. He discusses the importance of K-12 and higher education in preparing a workforce that can sustain North Carolina’s competitive edge for decades to come.
Chung also addresses incentives, noting their reduced importance compared to past years. With limited high-quality industrial sites available nationwide, companies increasingly prioritize location and infrastructure over financial incentives. Nonetheless, incentives remain critical for attracting large-scale projects like Toyota’s electric vehicle battery plant.
The discussion concludes with a focus on tourism marketing and the need for expanded advertising efforts to reach untapped markets both domestically and internationally. Chung reaffirms the importance of North Carolina’s unique combination of business opportunities, cultural assets, and natural beauty in driving economic success.
