North Carolina Ranks 4th in the Nation for Tech Sector Growth - A Booming Economy in the Raleigh/Durham Area

North Carolina's Tech Sector: A Growing Force to be Reckoned With

According to a recent report, North Carolina has taken its place as the fourth strongest state in the nation for tech industry growth. The state, which has a population ranking of 9th in the country, has a long history of economic strength in traditional industries such as agriculture and furniture manufacturing. However, the tech sector has seen significant growth in recent years, outpacing the national average by a wide margin.

The report cites a 28% increase in tech occupations, with a growing number of technology companies setting up shop in the state. In fact, there are now over 25,000 tech companies operating in North Carolina, with the majority of tech sector jobs concentrated in the counties of Mecklenburg, Wake, and Durham.

Despite recent news of tech sector layoffs, the job growth trend in the tech sector of North Carolina remains strong, particularly in the life sciences and technology manufacturing industries. The state's tech sector growth is projected to level off in the future, but is expected to grow at the 17th fastest rate in the nation, as cited by the report.

North Carolina's tech sector is diversifying, with technology infusions spreading into companies across the state and permeating all industries. Technology roles are also increasing in most of North Carolina's 100 counties, as the state continues to attract skilled labor. The state's tech sector growth has been bolstered by recent investments from electric vehicle manufacturer VinFast, aerospace manufacturer Boom Supersonic, and Forza X1, which plans to manufacture electric watercraft. The state has also continued to add solar, wind, and other renewable energy jobs.

"We're seeing huge technology infusions into companies, all over the state," says Brooks Abernathy, adding that "North Carolina IT growth is critical to company growth, and the depth of the tech labor pool is one of the places that has depth in the tech labor force." The state has done a good job of seeding STEM trainings, including in high schools, which is expected to give it an advantage in the future.

North Carolina's tech sector is poised for continued growth, with the state's ranking moving up from 7th last year to 4th in the nation. The state is attracting skilled labor, has a strong and diverse industry base, and is well positioned for future growth, even though the rate of growth is expected to slow somewhat. "I am really bullish on the North Carolina economy," says Abernathy. "I believe we are about to enter a really dynamic period."

In conclusion, all of this makes North Carolina, and particularly the Raleigh/Durham area, a great place to live. The state's thriving tech sector, combined with its focus on preparing tech workers and attracting skilled labor, provides numerous opportunities for those in the tech industry. So, if you're considering a move, consider North Carolina as your next destination.