Student Corner: Part III: The Start Up and Co-Working Scene in North Carolina

In the final post of this three-part series (Part I and Part II can be found here and here), the CED blog will explore the economic impact of startups on North Carolina’s economy and recent trends. If Amazon were to choose the Triangle for its HQ2, it is almost hard to imagine the impact it would have on this area. HQ2 touts a $5 billion in investment that will eventually create 50,000 jobs. It has been a source of controversy among many on whether local governments should be offering large incentives packages to lure in Amazon. Regardless, it is apparent that something like Amazon HQ2 would make a huge effect in an area like the Triangle which is why it has become such a hot news topic nationally. But when you look at the impact the startup community has overall, it far exceeds the potential impact that an Amazon HQ2 might have. There are over 300 NC-originated startups that employ over 8,000 employees throughout North Carolina. Small businesses (defined as a business with fewer than 10 employees) employ 1.6 million people in North Carolina, 32 times the number of jobs that would be created by HQ2. In terms of job creation, recently small businesses have created between 25,000 and 45,000 jobs across North Carolina per year, meaning small businesses create jobs at a rate that would require an Amazon HQ2 to open every one to two years to stack up. In fact, small businesses account for 97.9% of all business in North Carolina. In terms of investment, [...]