Investing in Cabarrus County
Successful economic development programs offer multiple benefits, including a better standard of living for citizens, more job opportunities, a diversified business base, smarter use of technology, and more. What are some of the ways Cabarrus Economic Development strives to foster investment in the county?
Business Incentives and Grants
Businesses interested in relocating to or expanding in Cabarrus County can take advantage of a number of incentives designed to attract new ventures to our region. Competitive grants, discretionary funds and other types of incentives help attract new businesses to the area, creating jobs and strengthening the overall business environment.
The state of North Carolina, Cabarrus County and the five municipalities within Cabarrus sponsor a variety of training and financial assistance programs for new and existing businesses. Program offerings include:
- Cabarrus County Economic Development Grant Program
- Economic development grant programs from the City of Concord, the City of Kannapolis and the Town of Mount Pleasant
- Variety of incentives from the state
The Town of Mount Pleasant recently took an additional step to attract business investment by lowering the threshold for investment or improvement to $100,000 from $1 million. Town administrators noted that the lower threshold is expected to attract new businesses and make renovations and expansions easier for existing organizations in the town.
The N.C. Department of Commerce offers four types of tax credits for businesses in Cabarrus County. Economic development team members can assist businesses with obtaining additional funds for activities including:
- Research and development
- Use of state ports at Wilmington and Morehead City
- Creating jobs and investing in business or real property
- Using renewable energy
In addition, the state offers cost-savings programs related to community development block grants, foreign trade zones, industrial revenue bonds, film and television production, biotechnology, and other areas.
A Positive Business Atmosphere
Cabarrus County, its five municipalities and the state of North Carolina strive to create a welcoming, engaging atmosphere conducive to business development.
For the second year in a row, North Carolina has been ranked as the third-best state for business by Chief Executive Magazine. Since the magazine’s annual “Best & Worst States for Business” survey that began 13 years ago, North Carolina has ranked among national commerce leaders. In the most recent survey, the state placed sixth for quality of workforce and seventh for living environment.
In addition, North Carolina also recently won the Prosperity Cup after placing first in 2015 and tying for first in 2016. The Prosperity Cup measures the effectiveness of state economic development organizations.
Within Cabarrus County, municipalities are taking positive steps toward creating a thriving business atmosphere. Mount Pleasant is planning significant renovations to its town hall and is developing a comprehensive long-term land use plan.
The Town of Harrisburg, which ranked among MONEY magazine’s top 50 Best Places to Live for 2015, recently approved a plan to encourage mixed-use development and has developed structured incentives for attracting new businesses.
With a variety of tax credits, incentives and an environment conducive to business, Cabarrus Economic Development is encouraging investment in the county.