North Carolina Secures 204 Opportunity Zone Designations to Boost Economic Growth
North Carolina has taken a significant step towards revitalizing its economically distressed areas with the recent certification of 204 census tracts as Opportunity Zones by the U.S. Department of the Treasury. This development comes after extensive collaboration with local communities and leaders, aiming to leverage enhanced federal tax treatments to attract private investment, create jobs, and foster business growth across the state.
The Opportunity Zone initiative, as emphasized by Governor Josh Stein, is designed to stimulate new investments in distressed rural and urban areas. “The new Opportunity Zones will position federal, state, local, and private partners to work together to maximize their potential to attract investment, strengthen communities, and help build a stronger economic future for North Carolinians,” he stated.
This federal economic development program allows state governors to nominate up to 25% of eligible low-income census tracts for designation as Opportunity Zones. North Carolina’s thorough evaluation process involved reviewing 340 nominations, considering factors such as organizational roles and alignment with state principles, with a focus on areas with significant development potential and economic need.
Lee Lilley, the N.C. Commerce Secretary, highlighted the collaborative nature of identifying these zones, stating, “Over the next 10 years, these designations can serve as a tool to attract private investment and improve conditions in distressed and disaster-impacted communities across North Carolina.”
The state’s methodology, based on the latest 2020-2024 American Community Survey (ACS) data, initially identified 807 eligible census tracts, allowing for 202 nominations. Subsequent updates in eligibility criteria added six more tracts, raising the nomination cap to 204. This comprehensive approach ensures that the state’s selections align with federal eligibility and maximize the potential benefits for North Carolina communities.
The details of the nominated census tracts are accessible on Commerce’s Opportunity Zone website. These new designations, which have been formally announced by the Treasury, will come into effect on January 1, 2027.
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