Christopher Chung, CEO, Economic Development Partnership of North Carolina

Invest: sat down with Christopher Chung, CEO of the Economic Development Partnership of North Carolina, to discuss what is driving the state’s latest economic development momentum and what it will take to sustain it. Chung shared how the return of office-location deals is reopening opportunities for urban markets, while infrastructure readiness is becoming a make-or-break factor for future wins. “Manufacturing can’t operate virtually, and even the strongest business climate has limits if companies don’t have access to suitable land, infrastructure, and workforce proximity,” Chung said.

Over the past year, what major changes have you seen in the economic development landscape, and how are those changes shaping your strategic priorities?

026 was a record-setting year for economic development in North Carolina, as over 33,000 jobs and $24 billion in investment were announced during the year. These announcements typically involve companies either locating in the state for the first time or making significant expansions, often with some level of state or local support. When you look at those metrics, this is the strongest year North Carolina has had for as long as anyone has been keeping track.

One of the most notable shifts we’ve seen is the return of large office-location announcements. In the years immediately following COVID, many of those projects stalled due to uncertainty around remote and hybrid work. That changed in 2025. We began seeing a resurgence of companies announcing significant office footprints, particularly in markets like Charlotte and the Triangle. Announcements from companies such as Daimler Truck Financial Services, Scout Motors, and SoFi are good examples. That momentum is an encouraging sign for our urban centers and reflects renewed confidence in physical office environments.

How are you thinking about long-term infrastructure needs, especially for industrial sites and real estate availability?

If North Carolina wants to continue attracting advanced manufacturing in sectors like life sciences, automotive, aerospace, and consumer products, we have to make sure companies have somewhere to locate. That means either shovel-ready industrial sites or existing facilities that can be repurposed. Manufacturing can’t operate virtually, and even the strongest business climate has limits if companies don’t have access to suitable land, infrastructure, and workforce proximity.

Site readiness is a major focus for us. We’ve been tasked with deploying tools to identify large, promising industrial sites and move them closer to being market-ready. Power infrastructure is another critical priority. Between the growth of data centers supporting technologies like generative AI, energy-intensive manufacturing sectors, and strong residential population growth, electricity demand is increasing quickly. Our focus is on ensuring power is reliable, cost-competitive, and increasingly sourced from decarbonized options.

Water and sewer capacity also remain essential. As population growth accelerates, we need to ensure that residential needs don’t crowd out the infrastructure required to support industrial and commercial investment.

From an international perspective, what are you hearing from global companies considering U.S. investments, particularly in North Carolina?

Foreign direct investment plays a major role in North Carolina’s economy. About 320,000 people in the state work for companies headquartered overseas, which means roughly one out of every 20 workers is employed by a foreign-owned firm. That investment spans nearly every sector, from aerospace and automotive to pharmaceuticals, financial services, and food and beverage.

This year, having a new governor actively engaged in international outreach has been a real asset. The governor joined us at the Paris Air Show and later traveled with us to Japan and Taiwan. Japan, in particular, is our top source of foreign direct investment, employing about 36,000 people across the state. Those trips open doors and help position North Carolina early in conversations with companies shaping their U.S. expansion strategies.

What resonates most with both domestic and international companies is our workforce. North Carolina is the third-fastest-growing state since 2020, adding roughly 165,000 people in a single year. That growth is driven by in-migration from across the country, drawn by economic opportunity and quality of life. For employers, that translates into a deeper and more diverse talent pool.

What does demand for skilled talent look like across industries, and how is the state positioning itself to meet that need?

The demand is significant. Those 33,000 announced jobs represent roughly 100 economic development projects that now need to be staffed, and that doesn’t include the steady job growth happening at companies already operating in the state. Meeting that demand requires more than population growth alone.

Our education system is one of our strongest assets. In the near term, North Carolina’s network of public and private four-year universities, including a number of historically Black colleges and universities, provides companies access to a broad and diverse talent base. Our 58 community colleges are equally important, offering two-year degrees, skill enhancement programs, and customized training partnerships with employers.

Long-term workforce development starts even earlier. Investment in K–12 education lays the foundation for the talent companies will rely on 10 to 20 years from now. In addition, North Carolina’s large military presence creates another valuable pipeline. Each year, thousands of service members transition into civilian life, and we work to ensure employers recognize the experience and leadership those individuals bring to the workforce.

How are you approaching economic development outside the state’s major metros, particularly in rural or underserved areas?

Over the past several years, many of North Carolina’s largest wins have come from manufacturing projects, which tend to locate in ex-urban or rural areas where large tracts of industrial land and appropriate infrastructure are available. Sectors like biopharmaceuticals, clean energy, aerospace, and automotive electrification have driven significant investment into these communities.

Urban areas, by contrast, haven’t been able to compete as effectively for office projects until recently. With office-location deals returning in 2025, cities like Charlotte, Raleigh, and Durham are beginning to see new opportunities again. While many recent announcements clustered around Charlotte, the broader takeaway is that office projects are back, which helps rebalance economic development opportunities across both urban and rural parts of the state.

Looking ahead, what are your top priorities, and where do you see the greatest opportunity to expand North Carolina’s competitive edge?

It’s always difficult to predict exactly which industries or companies will drive growth five or 10 years from now, but we do have a sense of which sectors are better positioned for expansion. Our strategy is to focus our limited resources on those areas and build relationships early with companies that may be poised for significant growth.

North Carolina is currently developing its next five-year economic development strategic plan, which should be finalized around mid-2026. That process will help clarify which sectors to prioritize and what investments are needed to support them. That includes workforce development, infrastructure such as utilities and transportation, and continued refinement of our tax and regulatory environment.

The state’s recent results suggest we’re on the right track. North Carolina has been ranked the top state for business by CNBC three out of the past four years, including this year. The challenge now is to continue building on those strengths while addressing areas where we can improve. If we do that, we’ll remain well-positioned regardless of where the broader economy heads next.