More pharmaceutical companies are choosing Charlotte for expansion. The business incentives, workforce availability, and infrastructure make the area a top choice for life sciences businesses.
Many pharmaceutical companies expanding in Charlotte partner with a local recruiting firm to fill staffing needs. Industry expertise, job market knowledge, and decades of experience support effective hiring solutions.
Business Incentives
North Carolina’s 2.25% corporate tax rate, the lowest in the country, will be phased out by 2030. Combined with annual decreases in state income tax, pharmaceutical companies have room to grow their bottom lines.
North Carolina offers targeted, performance-based programs supporting company growth:
- NC Biotechnology Center Partnership Development Grant: The North Carolina Biotechnology Center Partnership Development Grant provides performance-based grants centered on net new job growth as a part of a defined company expansion or relocation project.
- Job Development Investment Grant: The Job Development Investment Grant is a performance-based, discretionary incentive program that provides cash grants to new and expanding businesses to help offset the cost of locating or expanding a business facility in the state.
- One North Carolina Fund: One North Carolina Fund is a discretionary cash-grant program that lets the governor quickly respond to competitive job creation projects.
- NCEdge: North Carolina’s Customized Training Program is the premier workforce development initiative helping companies build and sustain a highly skilled, competitive workforce.
- Manufacturing: North Carolina offers sales and use tax exemptions for manufacturing machinery, equipment, electricity, fuel, natural gas, raw materials, and inventories.
Workforce Availability
North Carolina’s labor force has 5.5 million employees. The collaboration between state workforce development partners and institutions helps meet the pharmaceutical industry’s demands.
Top-tier universities and a strong community college system support North Carolina’s diverse workforce. Robust educational initiatives and a strong network of schools make the state a leader in workforce development.
Thousands of North Carolina’s active-duty military population reenter the workforce annually. Many have in-demand experience in life sciences, helping pharmaceutical companies attract and retain skilled talent.
Infrastructure
Site development programs assist with site identification and development to prepare for impactful economic development projects:
- Megasite Readiness Program: This initiative recruits large economic development projects and offers competitive site options for pharmaceuticals and other major manufacturing projects.
- Selectsite Readiness Program: This initiative complements the Megasite Readiness Program by offering sites less than 1,000 acres for major advanced manufacturing projects.
Need to Hire Pharmaceutical Professionals?
Element Staffing can provide your pharmaceutical company with experienced professionals to support business expansion in Charlotte. Contact us to discuss your hiring needs today.
