Defense spending in North Carolina rose 13 percent last year, according to the North Carolina Military Business Center. The announcement is good news for an industry expecting to take some hits when the military begins making more than $480 billion in planned spending cuts, nationally, over the next 10 years, reported the News & Observer.
Gov. Bev Perdue, along with the NCMBC, announced that North Carolina received $4 billion in federal contracts in 2011.
Contractors in North Carolina produce a variety of products for the military. North Carolina has made it a priority to help entrepreneurs take advantage of the state’s large military footprint.
Businesses in 87 of North Carolina’s 100 counties performed defense-related prime contracts in 2011. Twenty-two of those counties received over $20 million in defense-related work. Of all counties performing defense-related work, Onslow County received the most federal dollars in contracts with $1.2 billion.
According to a 2008 Department of Commerce study, the military has a $23.4 billion total annual impact on the state economy.