With significant investments and job creation on the horizon, Concord, North Carolina is poised for a small business boom—discover what’s driving this growth.
By 2025, Concord, North Carolina, is expected to experience considerable growth in small businesses, fueled by key projects like the $4 billion VinFast plant and a $1 billion Eli Lilly campus, projected to create thousands of jobs. The employment rate stands at 3.5%, below state averages, while businesses anticipate positive economic shifts due to a 29% population rise since 2000 and a housing growth rate of 16.72% in five years. With various funding opportunities and local budget initiatives, such as targeted grants and workforce training, you can expect a supportive environment for small business success in the coming years. More details await.
Funding opportunities for small businesses in Concord, North Carolina, are readily available and can greatly boost your venture's growth. Several local and state-level grants can support your business expansion, particularly if you're located within the Municipal Service District (MSD). For instance, the Facade Grant Program provides up to $10,000 for exterior improvements such as lighting and signage, but you'll need to meet grant eligibility requirements, including a 50% private match on rehabilitation costs. Applications are processed on a first-come, first-served basis and must adhere to specific design standards.
At the state level, the One North Carolina Small Business Program offers non-dilutive funding for research and development activities. This program also features incentive funds that reimburse costs associated with preparing federal SBIR or STTR proposals, with a total of $444,444 available for the 2024-25 fiscal year. If you've received a federal Phase I award, you could qualify for matching grants of up to $3,655,556.
Additionally, community-specific programs like Spark Grants from the Cabarrus Center for Innovation and Entrepreneurship provide $5,000 to support entrepreneurial initiatives. Entrepreneurs in Cabarrus County can apply, and all applicants benefit from resources and coaching. The Cabarrus Center also offers free or low-cost education and networking programs that can further enhance your business growth prospects.
To navigate these funding applications effectively, consider utilizing educational resources available at the Cabarrus Center and the Small Business Center at Rowan-Cabarrus Community College, which offer workshops and mentoring opportunities designed to enhance your chances of securing funding.
Understanding the impact of economic development rankings is vital for small businesses looking to thrive in Concord. These rankings, which are based on factors such as unemployment rates, median household income, population growth, and property values, influence the overall business climate. Concord, located in Cabarrus County, maintains its tier designation, which affects access to various economic development programs and incentives aimed at fostering growth.
With an unemployment rate hovering around 3.5%, which is below both state and national averages, Concord has experienced a remarkable job growth of 22% over the past decade. This growth, driven by diverse sectors like manufacturing and healthcare, not only helps to lower unemployment but also attracts new businesses and investments to the area. Consequently, small businesses find themselves in an environment that fosters optimism and expansion, with 36% of owners anticipating economic improvements.
Moreover, Concord's population has surged by 29% since 2000, resulting in increased consumer demand that fuels the local economy. The housing growth rate of 16.72% over the last five years further supports this trend, as new developments, such as The Grounds at Concord, enhance both housing and commercial opportunities. Additionally, Concord's 12.60% change in population over the past five years showcases the city's continuing growth and appeal. Despite challenges like rising regulatory compliance costs, the overall economic trends indicate a promising business climate for small businesses in Concord, encouraging them to plan for future expansion and increased revenue. Understanding these dynamics is essential for steering through the local economic landscape effectively.
Significant projects are reshaping Concord's economic landscape, driving growth and creating numerous job opportunities. A prime example is the VinFast Automotive Plant, which, despite its location in Chatham County, will greatly influence regional growth. With a projected investment of $4 billion, this facility will generate 7,500 new jobs, underpinning substantial infrastructure investment in the area. This aligns with North Carolina's focus on electric vehicle production, further enhancing its reputation as a key player in the automotive industry.
Another major contributor to job creation is the Eli Lilly Manufacturing Campus, located on the former Philip Morris property. This $1 billion project is expected to create 600 jobs, focusing on manufacturing injectable medications, logistics, and quality control. Complementing these developments is the Amazon Customer Fulfillment Center, a 200,000-square-foot facility in Concord that brings a $92 million investment and 850 new jobs, utilizing advanced technologies like AI and robotics.
Additionally, the Rauch and Red Bull Manufacturing Hub will contribute 410 jobs over the next 12 years, with average salaries exceeding $50,000 per year. These projects, alongside renewable energy initiatives such as the Boviet Solar Manufacturing Facility, demonstrate a commitment to sustainable growth.
Transportation infrastructure is also being enhanced with projects like the Concord-Kannapolis Rider Transit System, which is essential for community mobility and funded primarily through federal dollars. Collectively, these major projects reflect a robust approach to infrastructure investment and job creation, positioning Concord as a burgeoning hub for economic activity in North Carolina.
Concord's local budget initiatives are strategically designed to support business growth and community development. With a total budget of $353,849,526 for FY 2024-2025, the city has made significant allocations to enhance infrastructure improvements and foster local partnerships. Remarkably, the budget maintains no fee increases for water, sewer, or stormwater services, and it features a 6-cent cut to the property tax rate, providing homeowners with lower annual taxes while encouraging local spending.
The city is investing in essential infrastructure, such as new automated metering systems for water services and a new Fire Station 13, which will enhance safety and emergency response for local businesses. Additionally, Concord has optimized solid waste services and is implementing new processes for waste collection. These improvements not only benefit residents but also create a cleaner and more attractive environment for businesses.
Economic development resources are abundant, with organizations like the Cabarrus Center for Innovation and Entrepreneurship offering low-cost educational programs, networking opportunities, and mentoring for small businesses. Partnerships with the North Carolina Small Business and Technology Development Center (SBTDC) and the Southeastern Trade Adjustment Assistance Center (SETAAC) provide vital advisory services for local entrepreneurs.
Furthermore, the city allocates funding for affordable housing initiatives, partnering with WeBuild Concord and other private organizations to create options for low and middle-income residents, thereby enhancing the local workforce's stability. These initiatives reflect Concord's commitment to fostering a thriving business community through extensive support and strategic planning.
Workforce development strategies in Concord play an essential role in driving economic growth and meeting the needs of local businesses. By utilizing free and customized job training programs offered through North Carolina's community college system, employers can considerably enhance employee training and skill enhancement initiatives. These programs provide tailored assessments, course designs, and delivery, guaranteeing that training aligns with specific business needs. Moreover, companies can receive reimbursement for up to 50% of an eligible new employee's wages during on-the-job training, increasing to 75% for smaller firms, thereby reducing financial burdens.
The ApprenticeshipNC program complements these strategies by allowing employers to mentor entry-level employees through a combination of classroom instruction and practical experience. By creating approved written agreements with the community college system, businesses can specify the training duration, required skills, and apprentice wages. This structured approach not only aids skill development but also helps to stabilize the workforce and reduce turnover.
Additionally, sectoral partnerships involving employers, educational institutions, and workforce boards play an imperative role in developing a diverse and skilled workforce. These collaborations examine regional education and training infrastructure to maximize talent pipelines and ascertain alignment with industry needs. By focusing on advanced manufacturing training and other specialized programs, Concord prepares its workforce to meet the demands of a knowledge-based economy. Ultimately, these workforce development strategies are essential for building a competitive edge for businesses in Concord, guaranteeing they have access to a well-trained and adaptable labor pool.
As Concord, North Carolina, strides toward 2025, the landscape for small businesses is poised for transformation. With targeted funding opportunities, strategic economic initiatives, and significant local projects, the environment is ripe for growth. The local workforce development strategies promise to cultivate a skilled labor pool, crucial for sustaining this momentum. By aligning resources and fostering collaboration, Concord aims to create a thriving ecosystem where small businesses can flourish, ultimately contributing to the region's economic vitality and resilience.
