The Research Triangle Park Foundation
Research Triangle Park has become the largest research park in North America, occupying 7,000 acres and hosting more than 300 companies with 65,000 workers. The strategic location connecting three premier universities creates a perfect storm of innovation and talent. As the Research Triangle Foundation celebrates its 65th anniversary as stewards of the park, their mission remains clear: create a thriving business environment and promote economic development through strategic partnerships. What started as a bold experiment to save North Carolina’s declining economy has transformed into one of America’s most successful science and technology hubs.
Corporate Tax Advantages That Companies Can’t Ignore
North Carolina’s corporate income tax stands at just 2.5%, already the lowest in the country, with plans to eliminate it entirely by 2030. This aggressive tax strategy has become a magnet for major corporations looking to reduce operational costs. The Research Triangle Region maintains this distinction as having the lowest corporate tax rate in the United States. Companies like Apple, Google, and Meta have taken notice of these fiscal advantages when making expansion decisions. The state’s commitment to maintaining this competitive edge demonstrates how serious North Carolina is about attracting and retaining tech businesses.
Universities Producing Tomorrow’s Tech Workforce
Twelve colleges and universities, along with nine nationally renowned community colleges and four HBCUs, produce 65,000 local graduates each year. The educational ecosystem feeds directly into the region’s tech economy with remarkable efficiency. NC State alone awarded about 5,500 STEM degrees in 2020, representing a 42% increase over ten years, while educating one-third of all STEM students in the UNC System with more than half of NC State students enrolled in STEM majors. This pipeline of skilled graduates provides companies with immediate access to fresh talent trained in cutting-edge technologies and methodologies.
Major Tech Companies Making Multi-Billion Dollar Bets
Apple committed to building a $1 billion East Coast hub in the area, while other major companies like Meta, Novo Nordisk, and Amazon continue growing their operations in the region. These aren’t small satellite offices but substantial investments that signal long-term confidence in North Carolina’s tech ecosystem. Recent announcements include Novo Nordisk’s $4.1 billion investment in a new 1.4 million square foot facility creating 1,000 new jobs, and Johnson & Johnson’s $2 billion biologics manufacturing facility in Wilson creating over 500 new positions. The scale of these investments demonstrates that companies view North Carolina as a strategic location for major operations, not just regional offices.
Explosive Job Growth Numbers Tell the Story
North Carolina now employs 312,000 technology workers statewide, meaning roughly seven in every 100 workers are in the tech industry, with the state adding nearly 100,000 new tech industry jobs in just over 10 years. The momentum shows no signs of slowing down either. Projections indicate North Carolina’s technology sector will boost employment by 10.5% through 2029. This sustained growth pattern reflects not just current success but confidence in the state’s ability to continue attracting tech companies and supporting their expansion needs.
Raleigh Emerges as America’s Top-Performing Large City
A bustling job market, lively tech sector, and relatively equitable economic landscape have made Raleigh the “best-performing” large city in the United States, jumping from No. 2 to No. 1 in the Milken Institute’s annual assessment, backed by solid job and wage growth and a diverse range of tech industries. This recognition validates the region’s comprehensive approach to economic development. Even facing rapid population growth, Raleigh has preserved housing affordability relative to many top-performing peers, with about three-quarters of residents spending less than 30% of their income on housing. The combination of economic opportunity and livability creates a sustainable growth model that other cities struggle to replicate.
State-Level Business Climate Recognition
CNBC declared North Carolina “America’s Top State for Business in 2025,” noting the state “is on a roll” after capturing top honors in 2022 and 2023, with recent wins including JetZero’s plans for a factory with 14,500 jobs and Amazon’s $10 billion data center investment. This consistent recognition from major business publications reflects systematic advantages rather than temporary trends. Recent government statistics showed North Carolina’s economic growth hit 6.7% with job growth at 3.6%, while Business Facilities ranked it first for having the best business climate. These accolades help reinforce the state’s reputation and attract additional companies considering relocation or expansion.
Rapid Population Growth Driven by Opportunity
North Carolina added nearly 165,000 residents in 2024, good for fourth-highest total growth among states and pushing its population past 11 million, while the Raleigh metro area’s population alone grew by more than 30% to roughly 1.5 million between 2010 and 2023. This dramatic population surge reflects the magnetic pull of economic opportunity and quality of life. Regional officials report about 40,000 graduates annually with a large portion staying in the region, while the area grows by about 51 people per day with 17 being born locally and 34 moving from elsewhere. The retention of graduates combined with continued in-migration creates a virtuous cycle of talent accumulation that benefits the entire tech ecosystem.
STEM Education Pipeline Feeding Industry Demands
North Carolina ranks 16th nationwide for the percentage of people in science and engineering jobs, with the state’s science and engineering workforce increasing by 50% between 2003 and 2020, which is 25 percentage points higher than the national average. The state’s educational institutions are responding to industry needs with targeted program expansion. NC State plans to enroll about 4,000 more students in engineering and computer science over the next five years, bringing the College of Engineering’s student population to around 14,000 through a state legislative initiative providing $50 million in funding. This coordinated effort between government, universities, and industry ensures the talent pipeline continues meeting growing demands.
Women Leading Tech Participation Nationally
North Carolina has the highest percentage of women in tech nationally, setting an important precedent for diversity in the industry. This leadership in gender representation helps attract companies focused on building diverse, innovative teams. The state’s commitment to inclusive growth extends beyond just recruiting – it encompasses creating environments where diverse talent can thrive and advance. This reputation for inclusivity becomes increasingly important as companies face pressure to demonstrate meaningful diversity in their operations and leadership structures.
Hub RTP Mixed-Use Development Creating Live-Work Environment
At full build-out, Hub RTP will feature up to one million square feet of modern office and lab space, a 279 Marriott hotel, 1,200 luxury apartment homes, and 50,000 square feet of restaurants and retail, with 2024 welcoming RTP’s first residents through MAA Nixie’s 400+ apartment homes. This transformation from a traditional research park to a mixed-use community reflects evolving workforce expectations. Modern tech workers want the convenience of living, working, and socializing in integrated environments rather than commuting between separate zones. The Hub RTP concept represents a new model for research parks nationwide, combining professional facilities with residential and recreational amenities that support both productivity and quality of life.
Strategic Location and Infrastructure Advantages
The region sits at a crossroads of rail and road corridors, connected with direct flights to major airports throughout the US and Europe. This connectivity proves crucial for companies with global operations and supply chains. The State of North Carolina stays committed to growth by investing significant resources in road and infrastructure improvements. The combination of geographic advantage and continued infrastructure investment creates a platform for sustained growth that extends beyond the immediate Research Triangle region to benefit the entire state’s economic development strategy.
The transformation of North Carolina from a tobacco and textile economy to a global technology powerhouse didn’t happen overnight, but the accelerating pace of change suggests the best may be yet to come. With major corporations making billion-dollar commitments, universities expanding STEM programs, and infrastructure continuing to improve, the state has created a self-reinforcing cycle of growth and innovation. What started as a bold experiment to save a struggling economy has become a model other regions struggle to replicate. Makes you wonder – how many other states are looking at North Carolina and asking themselves what they’re doing wrong?
