The Carolinas remain a top market for manufacturing expansions
The Carolinas remain two of the top ten states for new manufacturing reshoring and foreign direct investment in 2024. The Charlotte market, which expands into both North and South Carolina, continues to experience the impacts of these efforts with projects like Eli Lilly’s $2.0 billion manufacturing project. The 1.3-million-square-foot (msf) campus in Concord was delivered and began manufacturing at the beginning of Q3 2024, creating 600 employment opportunities in the Charlotte region. Both states combined have announced 113,000 manufacturing jobs since 2021, with a large majority in the electric vehicle and battery sector. Looking ahead, as governments enact policies to incentivize reshoring, such as tax credits, subsidies, and carbon pricing, the Carolinas’ reshoring efforts are expected to continue in 2025 and beyond.