Banks and Finance in North Carolina

The banking and finance industry in North Carolina has experienced a skyrocketing growth rate in the last decade, growing by 25.5% since 2002 and at an average of more than 9% per year since 1997.4 As of 2006, finance was the third largest economic sector by gross state product in North Carolina, after manufacturing and government. An indication of North Carolina's growing role in this industry is the growth in the number of firms and employees. Since 1998, the number of banking offices has increased from just over 5,000 to more than 8,200, while employment has grown from just under 75,000 to nearly 104,000.5 In addition, average wages in the industry have more than doubled over this period, hinting at productivity increases and shifts in the stages of the industry North Carolina participates in, and industrial upgrading both into higher value-added niches in existing activities as well as higher value activities within the banking and finance value chain.

North Carolina has become a major player in the national banking field. Of the 52 banks licensed to operate in the state, 24 are headquartered here, including several major national and regional players like Wachovia, Bank of America and BB&T.6 In addition, banks like First Citizens Bank & Trust and RBC Centura have substantial interstate operations throughout the Southeast and Mid-Atlantic regions.

Source: http://www.soc.duke.edu/NC_GlobalEconomy/banks/overview.shtml