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Economy/Cost of Living
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Over 8 million people call North Carolina home, making it the 11th most populous and 9th fastest growing state, having increased in population by 21.4 percent from 1990 to 2000. In 2003 North Carolina had a per capita personal income (PCPI) of $28,301. This PCPI ranked 37th in the United States and was 90 percent of the national average, $31,459. The 1993-2003 average annual growth rate of PCPI was 3.8 percent. The average annual growth rate for the nation was 4.0 percent. North Carolina has a homeownership rate of 70 percent and an annual unemployment rate of 6 percent. The median family income in 2004 was $53,000 and the cost of living index for key cities in the state nears the national average with Chapel Hill at 110, Charlotte at 86 and Raleigh-Durham at 93.
The Raleigh-Durham-Chapel Hill area often ranks high on "best places to live" lists with its above average scores in nearly every category evaluated. The area has the charm of a small town with the amenities of larger cities, great air quality, affordable health care, a 91 percent high school graduation rate and a healthy economy.
North Carolina has one of the fastest growing technology economies in the U.S. and the government and industry backing to continue the trend. The state offers many resources for new businesses including incentives and programs administered by the Commerce Finance Center. The state has the infrastructure to take businesses to the next level offering research campuses, certified industrial sites, permit assistance, early stage financing and comprehensive facility location services. North Carolina’s educational institutions provide the state's life sciences companies and workforce with the most comprehensive training opportunities in the country. The North Carolina Community College System provides one of the state's greatest incentives by developing customized training programs for new and expanding employers. Other compelling reasons for locating new businesses in North Carolina include a large and productive labor force, an excellent labor environment, low energy and construction costs, proximity to major markets, a comprehensive transportation network, a great place to live and a low tax burden.
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Back to Destination North Carolina
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