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 Tropical Storm 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
Source: Economic Development Partnership of North Carolina Inc.
