How the Research Triangle has helped make North Carolina one of America’s fastest-growing economies

North Carolina’s Research Triangle is one of the fastest-growing areas in the U.S., with a population that’s boomed by 5.6% since 2020 to 2.4 million people, according to Census data. Its strong access to talent, a pro-business environment and a low cost of living have helped it get here. 

The area, also known simply as “The Triangle,” is anchored by Raleigh, Durham and Chapel Hill and their major universities: North Carolina State University, Duke University and the University of North Carolina at Chapel Hill. They all surround Research Triangle Park, or RTP, the largest research park of its kind in the U.S.  

RTP was created in 1959 by a cooperative effort between governments, businesses and universities as a way to lure companies to the talent there and also retain North Carolina’s highly educated and skilled students. And experts say it has transformed the state and the region’s economy, once heavily reliant on tobacco, textiles and furniture. 

“I’ve been here 50 years. And in that 50 years, North Carolina has totally restructured its economy,” said Michael Walden Reynolds, an economics professor at North Carolina State University. 

The Triangle region has about 4,000 tech and 600 life science companies, and more than 300 companies are headquartered in RTP alone, according to the Research Triangle Regional Partnership and Work In The Triangle.

Apple said it’s committed to building a $1 billion East Coast hub there, though it put a four-year pause on its expansion earlier in 2024. Other major companies such as Meta, Novo Nordisk and Amazon are growing their operations in the area as well.

“Companies are seeing the advantages of doing business here,” said Ryan Combs, executive director of the Research Triangle Regional Partnership. “Google and Apple in the tech sector, but you have companies like Novo Nordisk that have been here for over 30 years and continue to make incredible investments.”

The state’s corporate income tax of 2.5% is already the lowest in the country and will be eliminated by 2030.

CNBC ranked the state fourth when considering economic growth and job growth in 2024 and placed it second on its list of America’s Top States for Business. 

Watch the video to learn more.