A guide to help you understand the ins and outs of business in North Carolina
North Carolina is located on the Atlantic coast in the southeastern region of the United States. Raleigh is the state capital, while Charlotte is the most populated city. Although its land area is the 28th largest in the nation, the state’s population ranks in the top ten, with 10.49 million residents, making it the 9th most populous state. The GDP for North Carolina was $591,601,000,000 in 2019.
Manufacturing aerospace and defense, automotive, biotech, financial services, film, food processing, furniture, IT, plastics and chemicals, and textiles are North Carolina’s largest industries. There are over 1,000 food manufacturing companies in the state, with 178 million customers within a day’s drive. The state is the 2nd largest food processor in the US. The furniture industry accounts for 3,000 furniture companies and 36,000 manufacturing jobs, which is 3x more than the national average.
In 2019, North Carolina imported $62,631,218 from Qatar. Its top imports are: Fertilizers Special classification provisions Nuclear reactors, boilers, machinery, etc. In 2019, North Carolina exported $32,734,466 to Qatar with its top exports being: Special classification provisions Natural pearls, precious metals, precious stones, coins, etc. Furniture, bedding, lamps, etc. In 2019, Qatar Investment Authority has invested in Bank of America, which has its headquarters in Charlotte.
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In 2019, The corporate income tax rate in North Carolina is a low 2.5%. The state also has 37 incentive programs, such as the Economic Catalyst Program and the Carolina Small Business Development Loan Program. Charlotte, Raleigh, Morehead and Winston are where the state’s four free trade zones are.