Business in Morrisville
It's no secret that Morrisville has been growing fast, with citizens, visitors and business owners coming here from all over the world. People value the connection they feel here. A connection to global businesses, opportunities, the great outdoors and, most importantly, to each other. Morrisville is a warm and welcoming spot – the community of a small town with all the conveniences and amenities of a metropolitan city. Morrisville is a place where diverse people and businesses connect to a world of opportunity – and are better for it.
Morrisville features excellent office and industrial parks, conveniently located minutes from Raleigh-Durham International Airport and a short drive from downtown Raleigh, Durham and Chapel Hill and adjacent to Research Triangle Park.
EDUCATION & WORKFORCE:
Wake County and the Raleigh-Cary MSA have a highly desirable workforce, particularly for industries seeking highly trained workers.
The anchor universities of the Research Triangle – The University of North Carolina, North Carolina State University, and Duke University – offer an unmatched talent pool in a variety of areas including technology, engineering, programming and business disciplines. In addition to these leading educational institutions, the Raleigh-Cary MSA has seven more four-year colleges. For a complete list, click here.
Wake Technical Community College is the state community college in Wake County, and features seven campuses. In addition to serving its students, Wake Tech is business and industry’s go-to place for specialized training and services as well as serving as the small business development center affiliated with the Small Business Administration. Wake Tech is in the process of expanding to an eighth campus located in Morrisville’s Perimeter Park. Wake Tech can assist in job profiling using Work Keys and (when eligible) connect businesses to workforce grants to assist in training.
Within Morrisville, there are currently four university and college satellite campuses.
Wake County, particularly Western Wake County where Morrisville is located, has some of the best K-12 schools in the country.
Morrisville Elementary School and Cedar Fork Elementary School located in Morrisville are part of the Wake County Public School System. The primary public high schools for Morrisville residents are Green Hope High School and Panther Creek High School, both of which are Schools of Excellence. Green Hope has a 94 percent graduation rate and Panther Creek has a 95 percent graduation rate.
Population growth: 28,933 (2019). 54% growth from 2010 - 2019¹
Educational attainment: 67.7% received their bachelor’s degree or higher.²
Median household income: $96,489²
Median home price: $317,700²
Unemployment rate: 3.6%³
INCENTIVES & TAXES:
North Carolina regularly appears at the top of lists of best states to do business in. The Raleigh-Cary MSA also ranks high for its pro-business climate and outstanding quality of life, and Morrisville is proud to offer the best of all worlds for its resident businesses.
Minimum Requirements for Consideration of Incentives
- $10,000,000 taxable value in buildings and equipment
- Minimum of 50 new jobs
- Average hourly wage must be higher than Wake County’s rate set for the most recent quarter by the Employment Security Commission
- Jobs must be full-time (at least 35 hours per week and wages subject to withholding)
- Employer must offer health insurance to full-time employees and pay at least 50 percent of employee premium
- Retail excluded from consideration
- $5,000,000 in taxable value in building expansion/equipment
- Some sustainable new job creation
- Retail excluded from consideration
Additional criteria considered
- Whether there is State or County participation in the project
- Eligibility for One North Carolina Funds
- Timeframe for investment/job creation
- Stewardship of the natural environment, including incorporation of alternative energy technologies, use of recycled materials in construction, as well as other “green” concepts
- Incentives offered may be up to 1 percent of the total new capital investment
- Corporate headquarters incentives offered may be up to 1.5 percent of total new capital investment
- Incentives paid out in the year following criteria compliance, as outlined in a contract for the project
- Incentives paid in any given year not to exceed property taxes paid the year prior
- When appropriate, the incentive pay-out schedule will be aligned to the requirements of the state or county incentives, not to exceed eight years
In order to expand economic development opportunities for the Town of Morrisville that could diversify or expand the tax base, offer improved employment opportunities for its citizens, and promote the economic growth and welfare of the business and industrial community, the Morrisville Town Council establishes incentive guidelines to encourage new industry location decisions within the Town, as well as to assist existing business expansions.
The Town of Morrisville will consider incentives for projects bringing a minimum capital investment of $10 million and 50 new jobs paying higher than the Wake County average wage. Click here for a summary of Town of Morrisville Economic Development Incentives.
For more information regarding economic development incentives, please contact Wake County Economic Development.
Town of Morrisville
For questions related to existing development policies and regulations, long range growth and development policies, please visit the Town of Morrisville.
The corporate tax rate for North Carolina is 2.5%. There is no local income tax.
For North Carolina Tax Rate information, visit the North Carolina Department of Revenue.
For information regarding property tax information for Wake County, visit the Wake County Department of Revenue.
Morrisville’s available space, talent pool and infrastructure make it the ideal location for any business but certain industry clusters will find it to be a perfect fit. In partnership with Wake County Economic Development, the Morrisville Chamber has identified the following sectors as target clusters.
Advanced Medical Technologies
Companies in this sector may be engaged in anything from healthcare related software development to medical
Biotechnology and Life Sciences
Thanks to the Research Triangle, North Carolina has the third-largest concentration of biotech companies in the
country. Several corporations including FujiFilm Diosynth, Clinipace, and PPD have chosen Morrisville as a location
for their business.
The Research Triangle has become a hub for businesses streamlining the delivery of power throughout the country.
Morrisville is close neighbors to many leaders in this industry including Sensus, Siemens and ABB.
North Carolina not only supports its military but uses it to attract economic development. Morrisville’s proximity to
North Carolina’s major military installations makes it a desirable location for businesses seeking to do contract
business with the military.
The Research Triangle has become a powerhouse for software development, with industry leaders like SAS (the
largest privately-held software company in the US) and Red Hat. Companies in the Triangle are leading the way in
developing mobile applications, healthcare IT, cloud computing and cyber security.
1. U.S. Census Bureau, EMSI estimates for 2019
2. U.S. Census Bureau, Esri forecasts for 2019
3. Wake County - Local Area Unemployment Statistics
(LAUS) - March 2019