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 knowledge based industries, Durham’s economy continues to grow steadily due in large part to the strengths of the local workforce, the presence 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 North Carolina at Chapel Hill and eight other colleges and universities including rapidly ascending North Carolina Central University. Durham is home to the Research Triangle Park, the largest and most successful planned research park in the country, with its more than 140 high tech companies. We are also known as the City of Medicine for 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 2004 Boyd Company, Inc. report, the Triangle has the 32nd 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.