Why Are Large Businesses Moving to North Carolina? The Shift for U.S. Companies

In the last few years, North Carolina’s welcomed some headline companies, from TTX Company to Johnson and Johnson. With more large businesses moving from different states all over the country to Charlotte, Raleigh, and other top NC cities, it’s worth looking into what North Carolina has that other states don’t. Illinois, California, and New Jersey are some of the top states with large firms fleeing their borders to make their new home in North Carolina. What makes a cross-country move worth it?

While North Carolina’s easy access interstates, skilled workforce, and top notch industrial real estate options are a few pulling factors for major corporations, they’re not the main reasons why these businesses and more have brought hundreds of jobs to NC.

North Carolina’s low corporate tax rate, JDIG incentives and state and local grants, low unemployment rate, and logistics triangle are a few more of the top reasons for companies relocating to the East Coast to make the Queen City and other NC neighborhoods their new home.

What Businesses are Moving to North Carolina, and Why?

Illinois companies are leaving Chicago at a surprising rate, while more and more California companies relocate east and New Jersey’s corporate exodus reflects the highest corporate tax rate in the entire country. Where are they turning? North Carolina.

Low tax rates, safe cities, and generous grants make NC an easy choice for corporate headquarters and small businesses alike. Let’s break it down and explore which companies are moving from IL, CA, and NJ to make their home in North Carolina’s sunny regions.

Illinois → NC

The exodus of major industrial businesses from Illinois to North Carolina is spurred on by a multitude of factors. However, the two that rise to the top are Illinois’ high corporate income tax rate of 9.5% and the state’s high crime rate, especially near Chicago.

In 2025, the 9.5% Illinois corporate tax rate ranks the 3rd highest in the United States, behind only Minnesota and New Jersey. In contrast, North Carolina ranks 45th, with one of the lowest corporate tax rates in the country, landing at just 2.25% in 2025.

The massive tax rate for IL corporations has given the state the reputation of being one of the least friendly for Midwest businesses, while many corporations flock to states with low corporate tax rates—like NC—instead.

In addition to the economic impact of these high taxes on corporate businesses, companies are also being driven out of the state by the high crime rate. While a few companies have held true to their Illinois roots and moved only from Chicago to more suburban areas of Illinois, many have moved out of the state altogether.

Recent moves include Boeing’s transition from Chicago to Virginia, Citadel’s big move from Chicago to Miami, and Tyson’s relocation from Chicago to Arkansas.

Chicago has one of the highest crime rates in America and the “most murders among all cities with 653, nearly double the second-highest city, Baltimore.” Sadly, this whopping crime rate is one of the main reasons why companies feel forced to move out of the area. Despite a deep talent pool, many of Chicago’s top companies have found it difficult to draw talent from a city that struggles with keeping its citizens safe.

TTX – The Railcar Giant’s Move from Chicago to Charlotte

Starting in 2023, TTX—a railcar pooling company—began the transition to Charlotte, NC from Chicago, which had been the company’s home for over 50 years.

Across the entire country, TTX zeroed in on Charlotte among many top cities for a number of factors, including the area’s top talent, the top-notch Charlotte Douglas International Airport, financial incentives, the overall business-friendly environment, and the draw of the area’s living and dining opportunities for young professionals.

Thomas F. Wells, President & Chief Executive Officer, shared: “We believe Charlotte presents TTX with a unique opportunity that provides for strategic partnerships to strengthen our business.”

California → NC

In 2025, California ranks 6th for corporate tax rates, with a rate of 8.84%. But this isn’t the only reason why companies are choosing to leave California for North Carolina. Other costs are going up, too, including the electricity rate, which rose 11% last year (2024).

The increasing costs in California make it difficult for companies to keep up. In addition to lower tax rates and other economic factors, corporations are choosing North Carolina for its incentive packages, talent, lower real estate costs, flight options, and overall affordability.

BuildOps Move from CA to Raleigh, NC

BuildOps, a software platform, chose Raleigh for its nearly 300-job business hub. One reason for the move is the large network of contractors on the East Coast. Alok Chanani, CEO of BuildOps, shared, “The East Coast is home to some of the biggest, most ambitious commercial contractors in the country, and they’re telling us they want BuildOps closer to home.”

Other reasons for the move to North Carolina included the talent pool, affordability, and flight availability that North Carolina offers. Plus, the state offered an incentive package worth about $2.8 million, on top of city incentives.

Astellas Gene Therapy’s Move from CA to Sanford, NC

Another recent move from California was completed by Astellas Gene Therapy, starting in 2022. The company’s new, 135,000 square-foot state-of-the-art facility in Sanford, NC is better designed for the needs of the company, and is helping to create 200+ new jobs by 2026.

The move was spurred on by North Carolina’s skilled workforce, healthy business environment, and trusted academic institutions.

New Jersey → NC

In 2025, New Jersey ranks highest in the nation for corporate business tax, with a whopping rate of 11.5% for sizable corporations. This rate is made up of the regular 9% base rate plus the new 2.5% “Corporate Transit Fee” on NJ businesses with an allocated taxable net income over $10 million.

This significant CBT rate has pushed several businesses to move their corporate headquarters or portions of the company into other states. Two examples of this are JTI USA and Johnson & Johnson.

JTI USA’s Move to Raleigh

JT International, a Swiss tobacco company, moved its headquarters in 2024 from New Jersey to Raleigh. JTI President Corrado Mautone shared, “Raleigh is an ideal location for our new headquarters because it is a vibrant and growing city with a top of its class talent pool for recruitment of new employees.”

The company employs 46,000 people globally and expects to bring more than 100 jobs to North Carolina.

North Carolina Governor Roy Cooper welcomed the company, saying, “It’s great to see another international company choose North Carolina for its top-flight workforce, number one business environment and extraordinary quality of life.”

Johnson & Johnson’s Investment in North Carolina

Johnson & Johnson is headquartered in New Brunswick, New Jersey, but recently made a significant investment in a new manufacturing facility in Wilson, North Carolina. This more than $2 billion investment will expand production and focus on efficient manufacturing operations. The site plans to provide ample job opportunities for North Carolina employees, with J&J saying they expect to fill approximately 420 full-time jobs.

Dapo Ajayi, Vice President of Innovative Medicine Supply Chain at Johnson & Johnson shared that this new location will aid in a strong global supply chain. He mentioned, “North Carolina is an important hub for biopharmaceutical manufacturing and talent, and we are pleased to join this thriving life sciences ecosystem and become part of the Wilson community.”

The Pull Package: Why North Carolina Wins

It’s no surprise that North Carolina continues to pull more corporate headquarters and business expansions into its borders. Between the low cost of living, low corporate tax rate, strategic location on the East Coast, and skilled workforce (largely spurred on by the University of North Carolina graduates and other NC alumni), the benefits that NC and the Charlotte area have to offer are unprecedented. Among the many advantages that NC holds, here are 3 of the top reasons why many businesses are choosing NC as the top pick for a major move.

1. Record low corporate income tax. North Carolina currently has an extremely low corporate income tax of 2.25% in 2025, which the state plans to reduce each year. “After 2029”, the state plans to eliminate this tax completely.
2. Grants and incentives. The state offers some significant grants and tax incentives in the Charlotte metropolitan area and around the state to encourage businesses to move to NC. Some of the top grants include the JDIG (Job Development Investment Grant) and the One North Carolina Fund.
3. Logistics triangle region and workforce pipeline. Between the Charlotte Douglas International Airport, I-85, I-40, and I-77 interstates, and the Port of Wilmington, North Carolina, is a logistics hub for industrial companies. In addition, the talent pipeline is a significant impactor to North Carolina’s top-ranked business climate.

In addition to these advantages to both large companies and small local businesses, NC is a top choice for employees looking for an exciting live-work-play community. With countless outdoor activities, beautiful weather, and dozens of restaurants, pubs, coffee shops, and entertainment venues in nearly every neighborhood, it’s no surprise that NC’s cities are ranked as some of the best places to live in the United States.

Impact on Industrial Real Estate

What impact are these company moves having on North Carolina’s industrial real estate pool? While there are hundreds of real estate opportunities still available around the metro area and beyond, the area has seen some tightening of vacancies as major employers close on large industrial buildings around the state.

Other impacts of companies moving to this prime location include a rise in 1-million SF spec builds and the need for companies to start their real estate search 18-24 months ahead of time.

The economic growth that North Carolina continues to experience still makes it one of the best states for business opportunities across industries.

Request Your North Carolina Relocation Options

Thinking of taking advantage of North Carolina’s economy in your upcoming business relocation? Our team knows the ins and outs of the real estate market all across the city of Charlotte and throughout the metro area. If you’re ready to explore the options, request your free market report today.

With over 10 years of experience in the metro area and nearly 1000 commercial real estate transactions under our belts, our team at Regent Commercial Real Estate knows what it takes to not only find the right property, but also negotiate the best terms for your business. We’ve worked with business owners and employers of all industries and understand that your industrial space has a profound impact on your company’s future.

As local leaders in the Charlotte real estate sphere, we offer a range of services in both North and South Carolina.

Ready to get started? Contact us today. We can’t wait to help you find a Charlotte property that propels your business forward toward even greater success.