CNBC has researched that North Carolina is the state where you can successfully open and run your business. Logistics is one of the most significant factors that contributes to that.
The warehouses in charlotte nc are strategically positioned to cater to the demand for products and materials. This article explores the subject and explains more about the role of logistics in North Carolina’s economy.
Logistics in North Carolina
North Carolina has excellent infrastructure, a business climate, and notable economic growth. The superb location, low logistics costs, and infrastructure improvements have a positive impact.
Good location
North Carolina is located in the middle of the East Coast, near Boston and Miami. Major highways like I-95, I-85, and I-40 cross this state, which is important to support the supply chain. With seaports in Wilmington and Morehead City, two inland ports, and freight rail systems, it’s easy to maintain a central hub for the transportation of goods. The Port of Virginia in Norfolk is also easily accessible.
Cost efficiency
FORBES ranked North Carolina fourth when assessing favorable business costs. The access to rail and being able to reach 70% of the U.S. population in one business day result in lower logistics costs. Add the low costs for labor and industrial space, and you have an excellent business landscape.
Infrastructure improvements
Even though North Carolina has excellent infrastructure, the government continues to invest. The new improvements, such as neo-panamax cranes, partnering with major container shipping companies, and adjusting ports to accommodate large ships, support the logistics processes.
What do stats and industry leaders have to say?
Discussions with industry leaders and stats analysis are presented in BusinessNC. Representatives from Piedmont Triad International Airport, Guilford Technical Community College, and the NC Department of Transportation expressed their opinions through their expertise. Some of the popular topics were having more capacity than needed, which had a negative impact on profitability. Adapting to the changes through mergers and acquisitions was one of the possible solutions to achieve a balance.
The experts shared important insights about the industry. For example, trucks transported 478 million tons of freight worth $741 billion. According to estimates, the freight weight is expected to rise by 64% and value by 97%. North Carolina is well equipped to handle that, with 17 cargo airports and an extensive rail system.
Changes in inventory strategies and their impact on businesses were also discussed. To fight supply disruptions during the pandemic, just-in-time was switched to just-in-case. Retailers reduced inventory, and the burden was on the manufacturers.
Infrastructure planning was seen as one of the factors contributing to growth. Continuous investments support transportation efficiency.
Students show more interest in pursuing a career in logistics, which provides them with a stable and fruitful job.
The industry experts also discussed how modern technologies can affect the industry. AI can help optimize the operations and streamline the work processes. The development of electric trucks and autonomous vehicles was also discussed.
Economy in North Carolina
One factor in North Carolina’s economic success is its talented and educated workforce. The state is doing great in attracting and keeping employees in various industries. Cities like Charlotte and Raleigh-Durham are experiencing a rise in workforce demand in the finance industries.
Tar Heel State welcomes businesses, and many big companies have set up their establishments there. For example, Apple established its first East Coast hub, which was worth $1 billion. Some other investments include the ProKidney biomanufacturing facility, Bosch expansion project, Select Genetics turkey production, and others.
