Economy lauded for growth

After a long drought, North Carolina’s economy received national recognition for its 2004 growth.

Southern Business & Development magazine released its annual Top 100 issue this past month and named North Carolina state of the year.

Mike Randle, editor and publisher of the Alabama-based magazine, said North Carolina made key business decisions that deem the state worthy of its top ranking.

“There’s nothing arbitrary about it,” Randle said. “You make deals and you turn points. North Carolina made the right deals.”

The per capita point system has not always been easy for North Carolina to overcome. In the past, the state hardly stood out on the list and garnered a low score of 160 in 2003.

The most recent ranking reflects a 300 point jump from the previous year.

“North Carolina’s point jump in 2004 is the largest in the 13-year history of running this feature,” Randle said.

Randle said several large business investments led to North Carolina’s success. Some of these investments include a new $29 million call center for Verizon Wireless in Wilmington, Credit Suisse First Boston’s $100 million global financial center in the Research Triangle Park and Merck & Co. Inc.’s $300 million vaccine plant in Durham.

But the most influential investment for North Carolina is a new Dell Inc. manufacturing facility in Winston-Salem, Randle said.

Dell spokeswoman Michele Blood said the company was impressed by the opportunities North Carolina offers.

“The quality and heritage of the workforce in the Triad area is impressive,” Blood said.

Blood said Dell hopes to employ 700 people within the first year and 1,500 within the first five years.

Blood also said she believes North Carolina will benefit from the job opportunities at the factory and could see an increase in suppliers.

“It is never a guarantee, but suppliers tend to follow the manufacturing facilities,” she said.

Randle said he believes this is only the beginning for North Carolina’s success.

However, he expressed some concern. Even though the state brought in $2.8 billion in investments in 2004, Randle said there is room for improvement.

Due to skepticism and lack of information, Randle said North Carolina has missed out on key business opportunities in the past.

In 1993 N.C. legislators passed on an investment opportunity with Mercedes-Benz that later grossed $6 billion for Alabama.

“North Carolina cannot afford to miss opportunities like that again,” he said.

With the new recognition, state officials remain positive about North Carolina’s progress.

Gov. Mike Easley said in a press release that he attributes the high ranking to the state’s low cost of business, quality workforce and positive business environment.

“We will continue to make the necessary investments in education, worker training and infrastructure to bring quality jobs and businesses to our state,” he said in the release.

Randle also has some advice for continued success.

“In order to continue this economic run, North Carolina must educate its people,” Randle said.

“The success of the state is up to its people and the state should take advantage of this critical jump-start year.”

Contact the State & National Editor at stntdesk@unc.edu.