North Carolina’s economy remained one of the strongest in the country this July. The month brought a new state budget, a major life sciences milestone, and continued evidence that the Triangle and Charlotte regions are growing on increasingly distinct but complementary tracks. State rankings, corporate deal activity, and real estate fundamentals all pointed to a market that continues to attract capital and talent even as affordability and infrastructure pressures build. From Raleigh’s job market to Charlotte’s office towers, the state’s growth story this month was defined as much by breadth as by any single headline.
Statewide Economic Momentum
North Carolina placed second overall on CNBC’s annual ranking of the best states for business, slipping one spot from the prior year but climbing to first in the economy category, up from third (WRAL). The state has now ranked in the top three for seven consecutive years and in the top two for five straight years, with unemployment well below the national rate even as its cost of living ranking slipped. Governor Josh Stein pointed to the ranking as validation of the state’s approach while cautioning against complacency, calling on state leaders to keep investing in infrastructure and affordability rather than resting on the result.
The rankings placed heavy weight on infrastructure this year, reflecting rising corporate demand for power and water access to support data center growth nationally (CNBC).
Underpinning that ranking, the General Assembly passed a 34 billion dollar budget this month, the largest in state history, following more than two years without a full budget agreement (Nelson Mullins Riley & Scarborough). The package includes major funding for hurricane recovery, a substantial addition to the state’s reserve fund, and a phased personal income tax cut, along with new revenue directed toward university athletic programs.
Governor Stein signed the budget shortly after its passage, highlighting the pay increases it delivers to teachers and public safety personnel (NC Governor’s Office). The legislation marked the state’s first full budget in more than two years and included full funding for Medicaid alongside the salary increases.
“This budget delivers the largest starting teacher pay raise in nearly 50 years and overall teacher pay raise in fifteen years, fully funds Medicaid for the year, and provides historic salary increases to public safety officers who sacrifice to keep our communities and prisons safe.”
Josh Stein, Governor of North Carolina
Financial Services, Tech, and Corporate Deal Activity
Charlotte’s role as a financial and technology hub continued to draw dealmaking this month. Valstone, a firm backed by Viking Global Investors, acquired Nascent Technology, a Charlotte-based provider of terminal operations software used by railroads and ports, marking the buyer’s fourth acquisition in the industrial transportation technology space (PR Newswire). The deal reflects continued private equity interest in the Charlotte area’s specialized software and logistics technology companies.
Elsewhere in the Triangle, SAS Institute marked fifty years since its founding out of NC State University, a milestone that underscored the region’s long history as a technology hub even as newer companies capture more attention (Axios Raleigh, SAS Institute). The Cary-based analytics company remains privately held and has minted several billionaires over its history, with its founder still serving as chief executive. The anniversary drew renewed attention to the Triangle’s role as an incubator for technology talent long before the current wave of biotech and software investment.
Life Sciences and the Research Triangle Economy
The Research Triangle’s life sciences sector received a significant vote of confidence this month. Fujifilm Biotechnologies’ Holly Springs facility was selected for the Food and Drug Administration’s new PreCheck Pilot Program, one of only seven manufacturing sites nationally chosen for the initiative (Fujifilm). The designation is expected to accelerate the facility’s ongoing capacity expansion by roughly six months. The site, a 3.2 billion dollar contract manufacturing operation, has already surpassed 800 employees on its way toward a goal of 1,400 local hires.
“As our customers continue advancing innovative biologic therapies, manufacturing readiness and regulatory predictability are increasingly important. Our participation in the program reinforces our commitment to providing customers with high-quality manufacturing capabilities.”
Laurie Braxton, Senior Vice President and Site Head, FUJIFILM Biotechnologies Holly Springs
Raleigh’s broader job market reinforced the region’s momentum this month. A new regional research report found that Raleigh-Cary metro job growth outpaced nearly every other metro area in the country over the prior six months (Axios Raleigh). Gains were spread across education, healthcare, professional services, and hospitality rather than concentrated in a single sector. Durham’s economy, which had lost jobs the prior year amid federal research funding cuts, also showed signs of stabilizing.
“I don’t want to call Raleigh a unicorn, but in current terms, a lot of local economies are specializing and therefore becoming high-tech markets or financial centers. To have a well-rounded local economy is a rarity these days, and to have one that’s firing on all cylinders is rarer.”
Kurt Rankin, Senior Economist, PNC
Office, Retail, and Multifamily Real Estate
Charlotte’s office market reached its fullest occupancy level in more than three years this month, with the Midtown and South End submarket emerging as the most in-demand in the metro (Axios Charlotte). Leasing momentum was driven in part by Capital Group’s move into Bank of America Corporate Center and a new lease signed by SMBC downtown, alongside a temporary sublease taken by Scout Motors while its permanent headquarters is under construction.
Retail investment also remained active, with a New York-based investor paying more than 36 million dollars for an open-air shopping center anchored by national retailers across from Northlake Mall (Bisnow). The deal was part of a larger multi-property portfolio acquisition and reflected continued investor preference for open-air centers over enclosed malls, a shift that has become more pronounced nationally.
On the multifamily side, a new market report found Charlotte’s apartment sector rebalancing after a heavy period of new supply pushed occupancy below 90 percent entering the year (Marcus & Millichap, via Yield PRO). Well-located submarkets near major employment centers are tightening as new deliveries moderate, even as outer suburban submarkets continue to lag, with the city’s strong 2025 job growth cited as a key driver of ongoing apartment demand.
Infrastructure, Energy, and Local Governance
Charlotte’s new mayor addressed several of the region’s most pressing growth issues this month, including a contested toll lane project, an expiring data center construction moratorium, and the balance between growth and affordability as the city’s population approaches one million (Axios Charlotte). He framed rapid growth as preferable to stagnation while acknowledging the strain it places on long-term residents.
“I’d rather be in a city that’s growing rapidly than a city that’s stagnant. We also need to make sure that folks who have lived here and whose families have lived here for generations continue to be able to live here.”
Rob Harrington, Mayor of Charlotte
Duke Energy also outlined the scale of its planned Carolinas investment this month, describing a ten-year, 13 billion dollar grid modernization program expected to generate thousands of jobs annually along with billions in wages and economic output (HERE Rock Hill). New generation projects in the pipeline include a large natural gas plant in Person County and additional turbine capacity at Marshall Steam Station, both targeted for service by 2028.
Population, Housing Policy, and Opportunity Zones
State officials moved forward this month with North Carolina’s nomination of more than 200 census tracts for a second round of federal Opportunity Zone designation, a program that grants capital gains tax benefits for qualifying real estate investment (Axios Raleigh). The new round’s criteria favor rural areas and lower-income tracts, building on more than 250 zones designated in the state during the program’s first round. Policy researchers have described the selection process as one of the most consequential place-based funding decisions the state will make this decade, given the billions of dollars in investment the designation can attract.
In Chapel Hill, town officials released a long-awaited rewrite of the local land use ordinance this month, the first comprehensive update since 2003 (Chapelboro.com). The draft targets transportation, affordable housing, and transit-oriented development as part of the town’s broader planning framework, with implications for future density and zoning across the community. Town leaders framed the rewrite as part of a longer-term effort to align Chapel Hill’s regulatory framework with its growth as a university and research hub, a process expected to continue with public review in the months ahead.
Conclusion
North Carolina’s July reflected a state operating on multiple, reinforcing tracks. A state budget finally cleared after a two-year impasse, a life sciences sector deepened its federal ties, and real estate markets in Charlotte and the Triangle each worked through their own supply and demand adjustments. Job growth in Raleigh and stabilization in Durham suggest the Triangle’s economy remains diversified and resilient, while Charlotte continues to balance rapid population growth against long-standing affordability concerns. Taken together, the month’s developments reinforce North Carolina’s position among the nation’s most closely watched growth economies.
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Rise48 Equity is a Multifamily Investment Group with local offices in Phoenix, AZ, Dallas, TX, and Charlotte, NC. “At Rise48 Equity, we provide opportunities for accredited and non-accredited investors to protect and grow their wealth and achieve passive cash flow. Our team brings expertise to acquire, reposition, and return capital to investors upon reaching our business plan. Through our research and strategically formed partnerships, we acquire commercial multifamily apartment properties, strategically add value to the properties, and create passive income for our investors through cash flow and profits from the sale.”
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