Business Climate

Durham's vibrant business community is growing increasingly more diverse.  A study conducted and presented by Harvard Business School Professor Michael Porter, an expert in strategy, identified several "clusters of innovation" within the Research Triangle area that power the regional economy.  Porter defines these clusters as "geographically close groups of interconnected companies and associated institutions in a particular field, linked by common technologies and skills."  For Durham and the Research Triangle economy, these clusters include biotechnology/pharmaceuticals; IT/communications; and chemicals, plastics, and textiles.  As these identified clusters continue to gain strength, several new clusters are beginning to emerge.  Local community and business leaders believe that clusters in environmental science/technology and automotives are developing in Durham as well.  The future of Durham's economy, powered by these cluster engines, remains bright.

Leaders of foreign-owned multinational firms have certainly taken notice of these economic clusters and have discovered all the advantages of doing business in Durham.  The diversity of experience, culture, talent and progress have all been a major draw to the hundreds of international companies operating right here in Durham.  And that's not to mention the ideal location of Durham on the central east coast, with two major interstate highways passing through, a major international airport, an extensive rail freight infrastructure and a major international port just a few hours away, all providing convenient access to markets the world over.  

Durham's economy has always been driven by people.  The workforce and talent pool available in Durham and the Triangle region are unmatched for a region this size anywhere in the country.  This comparative advantage in talent has enabled Durham to attract and grow an industry mix that appreciates and cultivates our workforce, making this locale all the more attractive for business expansion.  This is further fueled by the collaborative mentality of Durham's leaders; their willingness to work together in finding solutions that work for everyone and provide value to businesses and the greater community has enabled Durham to achieve exemplary results.  This is evidenced by several public/private projects that address the revitalization of Durham's downtown, the development and growth of myriad cultural assets, and most importantly, the talent needs of Durham's incumbent and future industry clusters.