What is North Carolina's Main Source of Income?

North Carolina is a state with a diverse and dynamic economy, boasting a variety of business sectors that are stable, successful, growing and committed to innovation. Healthcare and social care is the largest sector by employment with nearly 620,000 jobs, followed by retail with more than 500,000 jobs and manufacturing with about 475,000 jobs.

North Carolina

is also home to the tenth largest automotive job in the country, thanks to its many industrial and research centers that drive innovation in the automotive industry. The state is also a base of industrial innovation as the headquarters of the North Carolina Global TransPark in Kinston.

Food and beverage processing is the second largest industry in North Carolina with nearly 1,000 companies in the sector. Campbell's, Butterball, Smithfield and Sierra Nevada are some of the major players in this industry. Small start-ups and information technology superpowers such as Google, IBM and Cisco are also based in North Carolina due to its low taxes, active business environment and significant investments in research and capital funding. The state is also home to a variety of wood and wood stores, including household names like Ethan Allen, Ashley Furniture, Lexington Home Brands and Sealy.

The furniture industry in North Carolina has more than 3,000 stores and more than 35,000 employees. Financial services is another major industry in North Carolina with more than 300,000 people employed in this sector. Bank of America, Wells Fargo, Fidelity Investments, Lending Tree and Credit Suisse are some of the major players in this industry. Tourism is another major source of income for North Carolina with more than 250,000 people employed in industries related to tourism or outdoor recreation.

The state receives more than 30 million tourists each year who contribute significantly to the economy. The automotive manufacturing industry employs 388,000 people while biotechnology and pharmaceutical manufacturing are supported by numerous industry partners such as the North Carolina Research Campus at Kannapolis. Plastics and chemicals are also important industries in North Carolina with internationally renowned companies such as DuPont, Dow and PPG operating in the state. These resources are used in the construction industry along with dimensional and construction stone, crushed granite, common clay (for bricks), gravel and sand.

Cattle breeding and chicken farming are also practiced in the northwest mountains and foothills of North Carolina. In conclusion, North Carolina has a wide range of industries that contribute significantly to its economy. Healthcare and social care is the largest sector by employment followed by retail and manufacturing. Food and beverage processing, furniture manufacturing, financial services, tourism and outdoor recreation are also important sources of income for North Carolina.