North Carolina's economy is far more diversified than it was a few years ago, but traditional industries, including hosiery, furniture, and textiles, are being buffeted by new forces.
The North Carolina Rural Initiative, led by the N.C. Rural Economic Development Center and modeled after a Michigan program, aims to channel $85 million of public and private funds to aid small businesses, local governments, and others in need.
Silverman highlights ten of North Carolina's most successful economic developers. These professionals are hired by counties and other government entities to recruit business and industry to a particular area.
Using figures from the U.S. Department of Commerce, the Employment Security Commission, and the N.C. Department of Revenue, Greenville economist Dr. James Kleckley, has projected growth rates for the state's 100 counties up to the year 2000.
Some of the state's industries, including furniture, textiles, and tobacco, have declined in recent years, but newer industries, including biotechnology, telecommunications, and auto-parts manufacturing, are rising stars in the state's economy.
According to the N.C. Department of Commerce, the state ranks first in the nation in economic development for 1996, with $7.4 billion in business relocations and business expansions by in-state companies.
Because of the William S. Lee Quality Jobs and Business Expansion Act, the state is more competitive with other states in industrial development. The act includes tax credits for companies creating new jobs and engaging in product research.
“The Currituck Plan†included controversial plans to create a large housing-commercial-recreational development called Ocean Sands on the 23-mile stretch of Outer Banks in Currituck County. Plans failed that included retaining 1,150 acres of open space as a state park for general public on Monkey Island, near Corolla.
Because the state was losing some big manufacturing plants to other states, the North Carolina General Assembly passed the William S. Lee Quality Jobs and Business Expansion (Lee Act) in 1996. This allowed the state to be more assertive in offering financial and tax incentives. Morgan assesses the pros and cons of incentives.
Competing with E.I. du Pont de Nemours & Company and the American Viscose Corp., Olin Industries will open a $20 million dollar plant in the Pisgah National Forest, for cellophane production.
To understand where economic development in the South is going, we must understand where it has been. This article examines past and current economic trends and state development practices.
Community appearance and aesthetics in general are becoming more important in historic preservation in North Carolina, and some argue may even correlate with increased economic development.