Business & Growth

from Wilmington Today - 38th Edition - 2022-23

Wrightsville Beach

Wilmington is a hub of healthcare, hospitality, tourism, entrepreneurship and the film industry, with plans for continued growth and expansion.

Story by Pat Fontana

Wilmington’s growth has moved the city up on the most recent Forbes list of Best Places for Business and Careers to 30th in the country. With a median household income of $53,022 and a cost of living that is 3% below the national average, the city promotes entrepreneurship, education, and a pro-business environment. As a result, employment is solid once more as a number of major corporations call this beautiful coastal city home.

The unemployment rate in Wilmington rose during the COVID-19 pandemic, as it did in most of the rest of the country. Given the environment of business and growth in the city and throughout New Hanover County, though Wilmington’s unemployment rate is bouncing back as of April 2021, now at a promising 5.5%, well below the national rate of 6.2%. The current labor force in the city is just under 150,000 individuals.

Wilmington’s economic base includes a wide range of businesses and industries. Since job growth is not dependent on one industry in this area, recovery and continued increases in job opportunities are expected to continue over the next 10 years and beyond. Healthcare, hospitality and service, manufacturing, technology and construction and the film industry continue to be key players in the area’s economic stability and future progress.

The South Front District is full of new businesses, restaurants, work spaces, and more.

HEALTH INDUSTRY DRIVES GROWTH

The largest employer in the Wilmington area is Novant Health, which consists of New Hanover Regional Medical Center (NHRMC), Brunswick Community Hospital and Pender Memorial Hospital. With over 8,500 employees and a total operating revenue of over $4 billion, Novant Health’s impact on the region’s economy is enormous and continues to grow year after year.

Another large employer in the healthcare field, Wilmington Health, was established in 1971 and has quickly grown to serve the area as a physician-owned primary care and multi-specialty medical practice. Wilmington Health serves the region from Southport to Jacksonville and has recently expanded in the Wilmington area with new facilities in the growing Mayfaire area, Leland area, Porters Neck and Midtown Park.

TECHNOLOGY, FINANCE, AND MANUFACTURING

Industry continues to develop, strengthen, and prosper in the Wilmington area. The combination of an educated and trained workforce, temperate climate, financial incentives, readily available space and excellent transportation by water, rail, highway, and air make Wilmington a great place to build and expand technology and manufacturing facilities.

Thermo Fisher Scientific, a global contract research organization, is the fourth largest employer in Wilmington. Thermo Fisher Scientific works with pharmaceutical, biotech, medical device, academic, government and public health organizations and is a global leader in clinical testing and research.

Alcami is also a significant presence in the pharmaceutical and biotech world. A contract development, testing, and manufacturing organization, Alcami employs over 1000 people and its Wilmington operations account for approximately 35% of its overall business.

Another major employer in the Wilmington area, GE Hitachi Nuclear Energy (GEH), is an alliance created by GE and Hitachi to serve the global nuclear industry. Stating that they are boldly innovating to provide reliable carbonfree power to the world, GEH has also signed onto Equal by 30, a campaign devoted to equal pay, equal leadership, and equal opportunities for women in the clean energy sector by 2030.

Technology and finance have combined to inspire many of Wilmington’s successful business ventures. One of the more successful financial technology (fintech) companies is nCino, which was founded by a team of bankers and entrepreneurs. The company has twice earned the distinction of being included in the Inc 500 list of America’s Fastest Growing Companies. Today nCino employs 1700 people globally and continues to grow.

Digital banking platform Apiture has its headquarters in Wilmington, serving hundreds of banks across the country. Live Oak Bank is among Wilmington’s top 20 employers, supporting the country’s small businesses with loans and investment services. Other major Wilmington employers in the technology and manufacturing areas include Corning and CastleBranch.

RETAIL ON THE RISE

Downtown Wilmington is booming with development, including multi-use projects that feature the convenience of living, working, and shopping in this historic and growing area.

River Place bordering Front Street and Water Street now has 25,633 square feet of commercial space including retail shops and restaurant and bar space, primarily on the ground floor. Studio, one-bedroom and two-bedroom apartments and larger condominiums fill the upper floors of the building, which overlooks the scenic Cape Fear River.

Another new riverfront development, Pier 33, situated between the Wilmington Convention Center and Thermo Fisher Scientific, features 286 luxury apartments, 22,000 square feet of retail space and a 525-space parking garage. Pier 33 fronts the new Port City Marina and is within walking distance of Wilmington’s vibrant downtown district and the Riverwalk.

Independence Mall on Oleander Drive has experienced a major overhaul and the addition of an open-air shopping wing. The Collection at Independence now includes a number of new shops and restaurants as it continues to expand with additional retail stores and eateries.

In the Military Cutoff Road area, progress on mixed-use development projects continues, after some delays caused by the pandemic. CenterPoint will sit on the northwestern corner of Military Cutoff and Eastwood Road and will include 90,200 square feet of retail space 30,900 square feet of restaurant space, and 102,300 square feet of medical and office space. The Avenue, on Military Cutoff across from The Arboretum, will feature 196,100 square feet of retail, restaurant and residential space and a 133,500 square foot office building, in addition, Arboretum West, will feature 18,000 square feet of commercial space.

BREWING SMALL BUSINESSES SUCCESS

From gift shops to restaurants to breweries, Wilmington’s small businesses are growing and succeeding in an incredibly supportive economic development environment.

The area is fortunate to have many small businesses prospering and contributing to Wilmington’s economic growth, including those in retail, software, marketing, art, communications, law, medicine, food service, theater, accounting, architecture, engineering and fitness, just to name a few.

Microbreweries are a growing industry in Wilmington, with 17 breweries in the area. From the oldest, Front Street Brewery, which launched in 1995, to Wilmington’s first and only solarpowered brewery, Mad Mole Brewery, these entrepreneurial efforts are paying off for the innovators and for the community as a whole.

WORKSPACES FOR ENTREPRENEURS

Business growth in Wilmington depends on large companies as well as entrepreneurial ventures. Supporting entrepreneurs and freelance professionals is an important aspect of the successful business environment here. Providing inviting and innovative workspaces is one of the ways Wilmington encourages entrepreneurship to thrive.

New co-working spaces in downtown Wilmington include Common Desk on Front Street, Genesis Block on Wrights Aly, Blue Mind Coworking on Government Center Drive and a new, female-only space located on Independence Boulevard. Common Desk is located in the renovated, iconic Gaylord Building, and offers a flexible co-working community. Genesis Block focuses on community, collaboration, and creativity, offering business development services as well as entrepreneurial workspaces.

Additional area co-working spaces include Coworx, a shared co-working space for freelancers, traveling professionals and small start-ups, located in the innovative Cargo District. Landfall Executive Suites, conveniently located just off Military Cutoff and Eastwood roads, offers growing businesses an upscale, professional environment. Blue Mind Coworking, on Government Center Drive just off Racine, features a 7,600 square foot co-working space, as well as meeting rooms and event space for entrepreneurs and freelancers.

ILM EXPANSION

Wilmington International Airport (ILM) had a record-breaking year in 2019 when it served over one million passengers. Although 2020 started strong, with an additional 7% flying through the airport as of February 2020, ILM experienced some serious challenges during the pandemic in 2020, as did most other aviation-related businesses.

ILM did continue work on its $60 million terminal expansion project and now has a number of expanded ticket counters as well as an expanded outbound baggage system that incorporates more modern equipment. They’ve also added office space and ticket counters for an anticipated fourth airline to serve the greater Wilmington area.

Boasting a robust flight schedule and an easy curb-to-aircraft experience, ILM offers exceptional connectivity across the country and the world with three major airlines. Direct flights are available to twelve major hubs, including Atlanta, Baltimore, Boston, Charlotte, Chicago O’Hare, Dallas/Ft. Worth, New Haven, New York City, Newark, Orlando, Philadelphia and Washington National.

Expansion continues at the facility as well. New concession space, a restaurant and bar, and new amenities such as a service animal relief station, a mother’s area and other modern features are in the works for the third phase of ILM’s expansion plans.

PORT OF WILMINGTON

Wilmington sits on the Cape Fear River, just 26 miles from the open sea. It is the perfect spot for a strategic port linking the state’s businesses, industries and consumers to ports around the world. The state’s port system, including inland terminals, serves as a magnet for new business and industry.

The Port of Wilmington, one of the few Southern ports with readily available berths and storage areas for general cargo and containers, is equipped with nine container cranes, a multipurpose bulk/container crane, one gantry crane with a 150ton capacity, one gantry crane with a 100-ton capacity, specialized equipment available to accommodate over dimensional cargoes and 775 refrigerated plugs.

With a ready connection to major interstate highways and rail lines, as well as 150 additional acres available for development, the Port of Wilmington will continue to grow and expand as both exports and imports grow.

Get EXCLUSIVE discounts & offers.

Join the Birthday Club to get special birthday discounts!

You may receive up to 4 messages per week. Message and data rates may apply when sending & receiving text messages. Messages sent from an automated system. Consent not required to purhase goods and services. Text STOP to 833-471-2528 to opt-out. Text HELP to 833-471-2528 for assistance or call 800-211-2001. To view our Terms & Conditions and Privacy Policy, please visit www.sentextsolutions.com/privacypolicy.

RIVERFRONT CONVENTION DISTRICT

Drawing tourists and businesspeople alike to the Wilmington area, the riverfront convention district features meeting space, venues for weddings, and renovated hotel space with expanded capacity to meet the growing number of visitors to the city.

The Wilmington Convention Center is the largest on the North Carolina coast. It features exceptional views of the Cape Fear River and adjoining marinas. The 107,000 square foot building is LEED (Leadership in Energy and Environmental Design) certified, maintaining an eco-friendly design while capturing the essence of the historic riverfront area.

Also located on Nutt Street downtown, the Coastline Event Center was constructed in the late 19th century for the Atlantic Coastline Railroad (ACL). The center now offers over 10,000 square feet of versatile meeting, banquet and event space and can accommodate groups ranging from 10 to over 700 guests.

Several downtown hotels are newly opened or have been recently renovated, providing plenty of options for convention goers and tourists alike. The Embassy Suites by Hilton Wilmington Riverfront, completed in 2018, connects directly to the Wilmington Convention Center. Connecting to the Coastline Center is the Aloft Wilmington at Coastline Center, recently opened and offering spacious loft-inspired rooms for the business or leisure traveler.

The Hotel Ballast located between Water Street and the Cape Fear River recently completed an $11.5 million renovation project, transforming one of the first member properties of Hilton’s boutique Tapestry Collection.

RIVERFRONT RELAXATION

Whether it’s on the river, downtown or in the many growing areas of the city, construction and expansion projects are breaking ground at a feverish pace in Wilmington. One of those construction projects is the North Waterfront Park on the Cape Fear River in downtown Wilmington.

Construction on the park, estimated at $31 million, has gone through some revisions and adjustments over the past few years, but the park is finally open for everyone’s enjoyment as of Summer 2021. Located on a 6.6-acre tract of land along the northern downtown waterfront, the North Waterfront Park features plenty of greenspace and lawns, shade trees, trails, gardens, a large plaza, natural areas, a splash pad and playground and a large concert venue and festival space.

Wilmington and surrounding areas in New Hanover County consistently rank in “best of” lists for retirement, lower cost of living, places to work, restaurants, riverfronts and many more, all of which lead to the economic and housing growth the area is experiencing.

Wilmington continues to be a major player in the movie and television industry, with over 400 movies and television projects filmed in the region. EUE/Screen Gems Studios boasts some of the largest sound stages east of Hollywood. The Wilmington location sits on a 50-acre, full-service studio lot that offers 10 stages with 150,000 square feet of column-free shooting space.

Filming projects in 2021 included: Welcome to Flatch, a Fox comedy adaptation of a BBC Three series This Country and the first half-hour series to ever film in Wilmington; Hightown, a Starz opioid epidemic drama series that shifted its production from New York state to Wilmington for its second season; and two feature films, I.S.S. and Static.

The most recent installment of the Halloween series, Halloween Kills, was shot in Wilmington and at EUE/Screen Gems Studios in October 2019. The film stars Jamie Lee Curtis, who returned as Michael Myers' nemesis, Laurie Strode. Many visitors to downtown Wilmington saw Curtis in action during the filming.

In 2020 the economic impact of travel and tourism across the country was significantly reduced because of pandemic-related restrictions. In 2020 visitors to and within New Hanover County spent $598 million, a decrease of -22.6 percent from 2019 spending.

The travel and tourism industry directly employed 5,455 people in 2020 in New Hanover County. The total payroll generated by the tourism industry was $158.15 million with state tax revenue totaling $31.56 million and local taxes totaling about $26.35 million.

Travel and tourism has returned to Wilmington in a big way in 2021 as restrictions are eased amid declining COVID-19 numbers. Fortunate enough to have plenty of open spaces and fresh air to offer visitors, Wilmington has ample opportunities for tourists to relish a safe and enjoyable visit to sites such as Airlie Gardens, Riverwalk, neighboring island beaches and the 230-plus-block National Register Historic District. 