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.  Between 1989 and 1999, Durham ranked #2 in the United States in the number of major international facility investments!  Since 2000, Durham has had 18 more major international relocations and expansions.