North Carolina

Economic policy

North Carolina's government has actively stimulated economic growth ever since the beginning of the 19th century. During the administration of Governor Luther H. Hodges (1954–61), the state began to recruit outside investment directly, developing such forward-looking facilities as Research Triangle Park. Since the 1970s, other policies and legislation have been aimed at the fostering of development in rural areas, where per capita income is lower and unemployment is higher than elsewhere in the state. In 1996, under the administration of Governor James B. Hunt, the General Assembly adopted the William S. Lee Quality Jobs and Business Expansion Act. The act groups North Carolina's 100 counties into Enterprise Tiers, and provides for graduated tax credit amounts, depending upon Enterprise Tier location, for specific company activities including job creation, machinery and equipment investment, worker training, and research and development. The North Carolina Economic Development Board's goal in 1999 was to help the transformation of the economy from manufacturing to more high-technology enterprises.

The state also actively participates in programs involving industrial revenue bonds, state and federally assisted loan and grant programs, business energy loans, and assistance to local communities with shell buildings that can be customized to meet the needs of a company in a shorter period of time. In 2003, North Carolina's life-sciences industry was showcased at the industry's annual conference in Washington DC. More than 50 participants were included in the state's public-private collaboration. In February 2003, the Business and Industry ServiCenter, a one-stop information and resource center for businesses, began pilot operations. Later in the year, it was announced that it would expand to seven new locations.