North Carolina: Economic Greatness
North Carolina has a rich history in the finance industry. It was the last of the 13 colonies to establish a national bank in 1804. North Carolina is one of few states that allows it's banks to have multiple branches. This helped gain the state more capital than many of its neighboring states.
North Carolina holds a strong position in the IT industry. It is the 15th largest exporter of IT products to the rest of the world. It is also the 11 biggest importer of internationally produced IT products. In 1980 NC passed legislation for the state funded, non-profit organization Microelectronics Center of North Carolina.
Furniture production has been a key part of North Carolina's economy since the 17th century. North Carolina’s exports grew steadily from 2002 to 2008, increasing from $153 to $300 million. However, during the economic crisis, exports dropped by 38% between 2008 and 2009. In the Piedmont region of North Carolina, High Point hosted its first regional furniture trade fair in 1909. By 1980 High Point, North Carolina had earned the nickname of "The Furniture Capital of The World".
Textiles & Apparel
The textile industry of North Carolina plays a large role in the states economy. It provides thousands of jobs and revenue for local economies. In 1992 North Carolina's textile industry provided over 1.8 million jobs in 53,754 establishments. in 2012 13% of the U.S.'s exported textile components were from North Carolina. These components were worth $2.3 billion.
The tobacco industry is one of North Carolina's important industries. It also serves as the backbone for the state's agricultural heritage. Sadly employment has declined steadily in the United States and North Carolina across the whole tobacco value chain over the last two decades. Despite the fact that declines have occurred in North Carolina, the state is still currently the largest overall employer, representing 25.2% of U.S. employment.