What Drives North Carolina's Economy?

For decades, North Carolina has been known for its strong agricultural industry. However, the state has seen a shift in recent years with food processing & manufacturing being major contributors to its economy. Learn more about what drives North Carolina's economy.

What Drives North Carolina's Economy?

For decades, North Carolina has been known for its strong agricultural industry, with tobacco being the state's main crop. However, the state has seen a shift in recent years, with the tourism industry experiencing growth and organizations such as the North Carolina Technology Association advocating for innovation. Small-scale manufacturers are the majority in the industry, and the North Carolina Outdoor Recreation Industry office works to support and grow the outdoor recreation economy. In addition, food processing and manufacturing are also major contributors to the state's economy, with Tyson, Campbell's and Smithfield being some of the largest companies in this sector.

The northwest mountains and foothills are home to cattle breeding and chicken farming, while small start-ups and information technology giants such as Google, IBM and Cisco have also made North Carolina their home. Ernst & Young and the State Revenue Board have ranked North Carolina as having the lowest state and local tax burden in the US. Geographically, North Carolina is a day's journey by truck both north of New York City and south to the rapidly expanding Florida market. North Carolina ranks fifth nationwide in manufactured goods production, accounting for 4.6% of all manufactured goods in the US.

Norris Tolson has held many leadership positions in North Carolina, including that of Secretary of Commerce under then-Governor Jim Hunt. All these factors have contributed to North Carolina becoming a leader in banking, food processing, tourism and biotechnology. The state is also a national leader in the production of sweet potatoes, dried beans, tobacco, pigs, broilers (chickens) and turkeys. Fraudulent activities should always be reported to your local law enforcement office. The following is additional information on how specific types of fraud complaints or suspected fraud cases can be submitted to state agencies.

Leave Message

Your email address will not be published. Required fields are marked *