Business/Economic Development

Durham has successfully transformed its economy from one based upon tobacco and textile products to a modern, cutting-edge economy with strong industry clusters in the life sciences, electronics and software, nanotechnologies, pervasive computing, advanced medical care, analytical instruments, nanoscale technologies, informatics, vehicle component parts, environmental product design and manufacturing, and financial services. With its strong foundation in knowledg-based industries, Durham’s economy continues to grow steadily due in large part to the strengths of the local workforce, the utilization of advanced technologies and the location of three nationally and internationally-recognized doctoral research universities including Duke University in Durham, North Carolina State University (Raleigh) and the University of North Carolina at Chapel Hill and eight other colleges and universities including rapidly-ascending North Carolina Central University.  Durham is home to a majority of The Research Triangle Park, one of the largest and most successful high-technology R&D science parks in the world, with its more than 170 companies employing over 40,000 full-time knowledge workers with another 10,000 contract employees. RTP serves as the economic engine for the Triangle region.  Durham is often referred to as the City of Medicine due to the major contributions that Durham’s biotechnology, health care, and medical related industries make to the city's economic base. 

While considered a leading technology center in the US, a wide range of cutting edge products are also manufactured here. Durham has restructured its manufacturing base in the past decade, becoming one of the few communities in the country where manufacturing employment is increasing. In fact, since 1993, manufacturing employment has increased by more than 6,000 workers. 

Yet Durham’s costs remain low compared to other technology centers in the United States. According to the 2007 Milken Institute Cost of Doing Business report, North Carolina has the 20th lowest operating cost for business. Construction cost factors as prepared by R.S. Means Company are approximately 75% of the national average. The cost of living as calculated using the American Chamber of Commerce Research Association numbers historically place Durham 10% below the national average.