North Carolina Economic Development Report 

Led by Life Sciences and Advanced Manufacturing, $15B in New Investment Demonstrates North Carolina’s Economic Strength

North Carolina in 2024 drew investments of more than $15 billion in corporate relocations, expansions, and other projects that will create more than 14,000 jobs, according to a compilation of announcements by the Economic Development Partnership of North Carolina (EDPNC).

These successes cannot erase the untold grief and $53.8 billion in devastation and pain caused by Hurricane Helene, but they demonstrate the strong base from which the state is mounting its recovery.

The data also illustrates why North Carolina maintained its leadership among the best states in which to do business, even if it relinquished the No. 1 spot it held in CNBC’s rankings in 2022 and 2023. In 2024, the cable business network ranked North Carolina No. 2 as measured across categories including infrastructure, workforce, economy, quality of life, cost of doing business, technology & innovation, and business friendliness.

I served as North Carolina’s secretary of commerce from 2017 through 2021, so I understand the challenges and opportunities companies and state and local officials tackle in launching these projects. In this report I will discuss my observations of the 55 deals listed on the EDPNC’s website in 2024.

Note that the EDPNC highlights 14 industry sectors on its site: advanced manufacturing, aerospace, automotive & EV, corporate headquarters, defense, film, financial services & fintech, food & beverage manufacturing, furniture manufacturing, life sciences, plastics & chemicals, technology, textiles & nonwovens, and tourism. Most of the projects fit into those categories, but I have placed 11 matters into six other areas that were distinct.

Life Sciences Led Investment Wins; Advanced Manufacturing Led in Job Creation

Projects involving life sciences brought in the most investment dollars, but the advanced manufacturing sector created the most jobs.

Source: Economic Development Partnership of North Carolina Inc.

EDPNC highlighted six life sciences projects that are expected to bring $8.6 billion and 2,861 jobs to North Carolina. The largest of these was Novo Nordisk’s $4.1 billion site in Johnston County aimed at producing current and future “injectable treatments for people with obesity and other serious chronic diseases” – a booming area in the pharmaceutical industry. Biologics drove the next four most lucrative projects on this list, coming from Johnson & Johnson ($2 billion), FUJIFILM Diosynth Biotechnologies North Carolina, Inc.  ($1.2 billion), Amgen ($1 billion), and Kyowa Kirin ($200 million).

The FUJIFILM project is particularly interesting. The new investment adds to $2 billion pledged in 2021 for the Holly Springs facility. When completed, it is expected to be one of the largest end-to-end biopharmaceutical manufacturing facilities in North America. For the Holly Springs area, just outside of Raleigh, it will bring 680 new jobs that average $109,923 per year – which is 46% more than the Wake County average, according to the governor’s office.

The advanced manufacturing sector brought in 21 highlighted projects that are expected to create 5,261 jobs and bring in $3.2 billion in investment. Energy and battery needs powered some of the biggest projects, including Natron Energy’s 1,000-job sodium-ion battery manufacturing plant, Boviet Solar’s 908-job solar technology and production project, and Siemens Energy’s 559-job facility to manufacture large power transformers (LPTs).

Alongside Natron, North Carolina added to its reputation of serving the EV industry, bringing in IONNA LLC to establish its global headquarters in Durham and battery component makers Fujihatsu & Toyotsu and Green New Energy Materials Inc.

Illustrating the breadth of advanced manufacturing projects North Carolina drew in 2024, hundreds of other jobs will be filled by people making, among other items: medical devices, specialty glass and material technology, veterinary diagnostic products, windows and doors, copper products, baby care products, waste collection trucks, rebar, attic ladders, cosmetics and personal care products, outdoor storage buildings, printed plastic packaging, and fabricated steel machine parts.

Food and Beverage Manufacturing

Food and beverage companies committing to North Carolina in 2024 ranged from making staples such as food packaging and shelf-stable meals to unique items such as confections and special slow-melting ice to cool mixed drinks. These food and beverage companies will bring $211 million in investment and 510 jobs to the state.

My firm and I were honored to work on the confections matter, in which we assisted Morinaga America Foods, Inc., with the expansion of its current operations in Orange County with an investment of $136 million, creating 204 new jobs. Morinaga makes the popular HI-CHEW candy.

Titanium and Semiconductors

Other significant projects announced this year include an $895.6 million facility to produce aerospace-grade titanium, a $450 million project for retailer Ross Stores and a $305 million site for IQE Inc. to produce semiconductors.

Three plastics and chemicals projects announced North Carolina moves in 2024 worth $38.1 million and 109 jobs. These included UNX-Christeyns, HEYCO-Werk USA, and Lynddahl Telecom America Inc.

Listed below are each of the projects announced by EDPNC in 2024, arranged by sector. They make an impressive portfolio, and I look forward to seeing how North Carolina competes for more in 2025.

Top Projects in 2024

Account Name	Location	Jobs Created	Investment	Industry
21st Century Software Technologies, Inc.	Carteret County	25	$455,000	Software
Abstract Ice Inc.	Rutherford County	26	$14.7 million	Specialty craft ice products manufacturing
American Titanium Metal, LLC	Cumberland County	304	$895.6 million	Aerospace-grade titanium manufacturing
Amgen	Wake County	370	$1 billion	Biologic manufacturing
Amrep Manufacturing Company	Rowan County	170	$21 million	Waste collection truck producer
Attindas Hygiene Partners	Pitt County	25	$25.2 million	Disposable adult incontinence, baby care and clinical products
Boviet Solar	Union County	908	$294 million	Solar technology and production
Briolf USA LLC	Union County	100	$30.5 million	International manufacturing
Cedar Direct LLC	Rutherford County	20	$925,000	Lumber distribution
Clearly Clean Products, LLC	Greensboro	80	$24.9 million	Food packaging manufacturer
Cosmetics & Cleaners International LLC	Guilford County	24	$8.4 million	Cosmetics and personal care products manufacturing
Crystal Window & Door Systems	Johnston County	501	$83.6 million	Window and door manufacturer
DEHN Inc.	Iredell County	195	$38.6 million	Electrical engineering and manufacturing
Drylock Technologies	Rockingham County	113	$26.9 million	Baby care product production
Duotech Services, LLC	Macon County	95	$6.5 million	Legacy defense equipment maintenance and repair
Excel Interior Door, LLC	Forsyth County	37	$10.5 million	Interior doors
FUJIFILM Diosynth Biotechnologies North Carolina, Inc.	Holly Springs	680	$1.2 billion	Biopharmaceutical manufacturing facility
Fujihatsu & Toyotsu Battery Components, North Carolina LLC	Randolph County	133	$60 million	EV battery manufacturing
GP Portable Buildings LLC	Richmond County	51	$7.4 million	Outdoor storage buildings manufacturing
Green New Energy Materials Inc.	Lincoln County	545	$140 million	Battery component manufacturer
HEYCO-Werk USA	Gaston County	34	$12 million	Plastic injection molding
IDEXX Laboratories, Inc.	Wilson County	275	$147 million	Veterinary diagnostic products
Innovative Construction Group, LLC	Chatham County	157	$39.8 million	Construction services manufacturing facility
IONNA LLC	Durham County	203	$10 million	EV charging station development
IQE, Inc.	Guilford County	109	$305 million	Semiconductor manufacturing
J&L Machine Fabrication	Gaston County	33	$2.1 million	Fabricated steel machine parts
Jewelers Mutual® Group	Wake County	200	$5.8 million	Insurance for jewelry and jewelry businesses
Johnson & Johnson	Wilson County	420	$2 billion	Healthcare, biologic pharmaceutical manufacturing
Kyowa Kirin	Lee County	102	$200 million	Biologic product manufacturing
LMFakro	Pasquotank County	23	$9.3 million	Attic ladder manufacturer
Lynddahl Telecom America Inc.	Gaston County	54	$5.6 million	Duct solutions, plastic extrusion production
Morinaga America Foods, Inc.	Orange County	204	$136 million	Confections manufacturing
Natron Energy	Edgecombe County	1,000	$1.4 billion	Sodium-ion battery manufacturing
NexGen Cabinets	Duplin County	42	$6.7 million	Cabinet manufacturing
Nipro Medical Corporation	Pitt County	232	$397.8 million	Medical devices
Novo Nordisk	Johnson County	1,000	$4.1 billion	Pharmaceuticals manufacturing
Nucor Rebar Fabrication	Davidson County	25	$20 million	Rebar manufacturing
Reckitt	Wilson County	289	$145.59 million	Health, hygiene and nutrition: Mucinex manufacturing
Reliance Packaging, LLC	Moore County	32	$7.4 million	Printed plastic packaging
Ross Stores Inc.	Randolph County	852	$450 million	Apparel and home fashion
Rural Infrastructure Authority	Multiple counties	2,876	$1.3926 billion	Building renovation
RXO	Mecklenburg County	216	$13.7 million	Freight transportation
SCHOTT Pharma USA	Wilson County	401	$371 million	Specialty glass and material technology
Siemens Energy Inc.	Mecklenburg and Wake Counties	559	$149.8 million	Large Power Transformer (LPT) manufacturing
Sovereign Aerospace	Bladen County	33	$4.15 million	Personal aircraft manufacture, sales, service
Steel Warehouse Company	Catawba County	58	$30.5 million	Steel service center
UNX-Christeyns	Pitt County	21	$20.5 million	Cleaning chemical products manufacturer
Veetee Foods Inc.	Johnston County	200	$35.7 million	Shelf-stable meal manufacturing
Weatherby Healthcare Inc.	Wake County	155	$7.6 million	Medical staffing
Wieland	Stokes County	50	$27 million	Global copper manufacturing

Source: Economic Development Partnership of North Carolina Inc.

Brooks Pierce’s Economic Development Services

Brooks Pierce attorneys provide thorough and effective counsel on all issues arising from economic development and business growth. We are well equipped to help our clients with mergers and acquisitions; tax incentives; real estate; licensing and permitting; employment law; government regulation, including land use; and other needs related to relocation or expansion opportunities.

Our goal is to improve the lives of North Carolina residents, create and attract jobs, and help the state become more economically diverse. We can help you start your business, grow your business, and give you the peace of mind that your business is taking full advantage of the economic incentives available.

At Brooks Pierce, our experience includes:

• Negotiating economic incentives, worker training, and infrastructure construction (highways, rail, broadband, utilities).
• Obtaining necessary environmental permits.
• Working effectively with both state and local leaders.
• Counseling on compliance with applicable local, state, and federal regulations, ordinances, and laws.
• Establishing businesses in North Carolina, including corporate structure, financing and real estate.

Our services extend to all areas of our clients’ businesses – from financing and mergers and acquisitions to complex regulatory matters to bet-the-company litigation. 

We are prepared to help any industry, and Brooks Pierce has vital experience in all pieces of the puzzle to help your business participate in North Carolina’s growing economy. 

Brooks Pierce’s Senior Economic Development & Corporate Strategist, Tony Copeland, is a highly accomplished attorney focusing on corporate strategy and business incentive solutions with a 30-year record of achievement on every side of the corporate relocation and site selection process. His real-world international experience as a corporate executive for more than a decade allows him to provide a higher level of insight few consultants can match. As a former North Carolina secretary of commerce, Copeland helped bring more than 81,000 jobs and $18.4 billion investment to the state. Under his leadership, North Carolina experienced the largest annual inward investment in its history. He believes that economic development is understanding the intersection of politics and law.