Ryan Combs, Executive Director, Research Triangle Regional Partnership

In an interview with Invest:, Ryan Combs, executive director of the Research Triangle Regional Partnership, discussed foreign investment, workforce development, industrial capacity, and the region’s opportunity to attract corporate headquarters. “The word is getting out that this is a great place to do business,” Combs said.

What changes are shaping investment interest in the Research Triangle?

The amount of foreign direct investment pouring into our region has grown. Traditionally, international companies think of California, New York, Massachusetts, or Illinois when considering U.S. markets because those are the places they know. We have done a good job promoting our region externally, and word is getting out that this is a great place to do business.

Our state government and legislature have also made North Carolina more business-friendly. The corporate tax rate has fallen from 7.5% to its current 2%, and it is projected to reach zero by 2030. We offer a strong quality of life, great schools, beaches, mountains, low individual and corporate taxes, and a pro-business environment. I have been excited to see more international investment coming into our region and state.

We host many delegations through our organization, many of which are international and government-led. They want to understand the secret sauce of the Research Triangle region. Our job is to showcase the region and explain why it is such a hotbed for investment.

What are corporate decision-makers asking about most?

They want to know whether the talent pool is available, from people with Ph.D.s to a highly skilled and trained workforce, and whether we can accommodate a company’s growth. Companies see other businesses investing here, but they still want to ensure they will have access to a high-quality workforce if they come.

How is the Triangle competing in life sciences and technology?

From a life sciences standpoint, Massachusetts is still an epicenter in the United States, especially for R&D. Silicon Valley and California also remain important, with a lot of commercialization and company growth there because of their proximity to investors. 

We are beginning to attract more early-stage companies that want to conduct R&D here because of the lower cost of doing business, for example, the cost of lab and office space compared with those higher-cost markets. We are punching above our weight and increasingly competing for R&D and early-stage companies against the traditional markets where startups have gone.

How are land, industrial space, and infrastructure affecting competitiveness?

We still have land, which is important. Within the 14-county footprint represented by our organization, a lot of R&D takes place inside Research Triangle Park, and we have the space available for companies to build manufacturing, warehouse storage, etc. Novo Nordisk is an example: It has R&D centers in RTP and manufacturing about 30 minutes outside of the research park. Most of our large-scale manufacturing is occurring within a 30-minute to one-hour window outside the urban core. Companies building a manufacturing facility in RTP is slowing, but we have ample room for growth in our surrounding counties with a much shorter drive between locations compared to competing markets. 

What workforce advantages support continued investment?

Workforce is our strong suit and a reason companies continue investing here. We have 12 colleges and universities within our region, nearly 200,000 students, and approximately 47,000 to 50,000 graduates annually. About 65% of our STEM graduates now remain here after graduation.

Our community college system is also a major strength, providing one of the leading customized workforce training programs in the country. When a large company plans to invest here and hire 500 or 600 people, the local community college works with that company to develop training programs that support them in that endeavor. The company does not have to handle the entire search and training process on its own. North Carolina has 58 community colleges, with approximately 500,000 to 600,000 students enrolled at any given time.

How are universities and community colleges responding to technology demand?

Universities and community colleges are actively investing and adapting to meet the growing demand from the technology sector. We see what markets are growing in our area and are investing so our educational institutions have room to grow with these companies.

North Carolina State University has an incredible College of Engineering, as does Duke University. Duke is private, while NC State is public. The legislature has funded more positions within university engineering programs to accommodate growth in the technology sector. 

We continue to invest heavily in community colleges. Seven are located in our region, including Wake Tech, the largest in the Triangle. Community colleges serve the business community by training students for jobs that exist now. There is also connectivity between community colleges and universities. High school students can enroll in community college courses, and community college students can transfer to a university. We want any child in North Carolina who wants an education to be able to pursue it to the level they choose.

How has the region improved its readiness for industrial projects?

We have become more proactive about ensuring industrial space is available when companies are ready to invest. Many counties are building speculative buildings because companies need availability now, while a large industrial building can take 18 to 20 months to complete. 

Local or county governments can support these projects in ways that give developers confidence. In one approach, a government guaranteed the lease for the first two years, which allowed the developer to move forward. By the time these buildings are completed, they are often already leased because speed to market is so important.

Available buildings are critical for industrial clients. The state has also been proactive in developing mega-sites and ensuring that large sites remain available for major investments. The legislature has invested in assembling those sites in counties across the state.

What could challenge the Triangle’s position in the coming years?

Other states are becoming creative with incentives offered to companies. North Carolina cannot be complacent, and our state leaders need to keep pushing so North Carolina remains competitive nationally.

CNBC has ranked North Carolina as a top state for business in recent years, and other states have taken notice. Even with the uncertainty in the market, companies that genuinely want to do business in the United States continue to invest. We wave the flag of the region and the state, ensuring that people know this is a great place to do business.

Where is the next major opportunity for regional investment?

One thing the Triangle lacks is Fortune 500 corporate headquarters. Many traditional headquarters are located in places that are not as business-friendly and where there is continuing discussion about taxes and higher corporate tax rates. We have an opportunity to attract more headquarters, and that is an important next step.

Charlotte is the country’s second-largest banking hub, and I am excited about what is happening there. Our region should lean in on our position as a technology and life sciences hub to secure some big-name companies headquartered in the Triangle.

The airport is also driving regional growth. When I started, we had international connections to Paris and London. Reykjavik, Frankfurt, and Dublin have since been added. Companies want to locate where they have direct flights to customers and headquarters. The airport’s success over the past decade has helped the Triangle grow and become better connected.