North Carolina’s Research Triangle is one of the fastest-growing regions in the United States, with a population increasing 5.6% since 2020 to 2.4 million people, census data shows. Its strong talent pipeline, pro-business environment and low cost of living have helped it get to where it is today.
The area, also known simply as the “Triangle,” is centered around Raleigh, Durham, and Chapel Hill and its major universities: North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill. They all surround Research Triangle Park (RTP), the largest research park of its kind in the United States
RTP was created in 1959 by a partnership of government, business and universities to attract companies to recruit talent there and to retain North Carolina’s highly educated, skilled students. Experts say it transformed the state and region’s economy, which was once heavily dependent on tobacco, textiles and furniture.
“I’ve been here 50 years. In those 50 years, North Carolina has completely restructured its economy,” said Michael Walden Reynolds, an economics professor at North Carolina State University.
According to the Research Triangle Regional Partnership and Work In The Triangle, the Triangle region is home to approximately 4,000 technology companies and 600 life sciences companies, and RTP alone is home to more than 300 corporate headquarters.
apple It said it was committed to building a $1 billion East Coast hub there, although it put a four-year pause on expansion in early 2024. Yuan, Novo Nordisk and Amazon Also expanding operations in the region.
“Companies are seeing the advantages of doing business here,” said Ryan Combs, executive director of the Research Triangle Regional Partnership. “Google There are Apples and Apples in the tech world, but companies like Novo Nordisk have been around for over 30 years and continue to make incredible investments.
The state’s 2.5% corporate income tax, already the lowest in the nation, will be eliminated in 2030.
CNBC ranks the states fourth When thinking about economic growth and job growth in 2024, and placing that in second Named to the list of America’s Best Business States.
