Top Industries Contributing to GDP and Opportunities for Entrepreneurs
Total GDP (2023)
5-Year Growth Rate
Year-over-Year Growth
Healthcare GDP Share
GDP Overview
Wilmington, North Carolina has experienced strong economic growth over the past five years, with GDP reaching $21.99 billion in 2023. The region's diverse economy is anchored by healthcare, retail, professional services, and construction sectors, with emerging opportunities in technology, advanced manufacturing, and clean energy.
Wilmington's GDP has shown consistent growth, with particularly strong performance following the pandemic recovery period.
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Industry Contribution to GDP
Top 5 Industries by GDP Contribution
| Industry | % of GDP | Est. Value (millions) |
|---|---|---|
Health Care & Social Assistance | 15.2% | $3,343 |
Retail Trade | 10.5% | $2,310 |
Professional & Technical Services | 10.1% | $2,222 |
Construction | 9.8% | $2,156 |
Finance & Insurance | 8.5% | $1,870 |
Healthcare remains the dominant industry in Wilmington, while Professional Services and Finance sectors contribute disproportionately to GDP relative to their employment shares due to higher productivity and wages.
Key Players by Industry
Industry Leaders
| Industry | Key Players |
|---|---|
Healthcare | Novant Health New Hanover Regional Medical Center, Brunswick Novant Medical Center |
Education | UNCW, Cape Fear Community College, New Hanover County Schools |
Financial Services | Live Oak Bank, nCino, First Carolina Bank, Alpha Mortgage |
Retail | Walmart, Harris Teeter, Whole Foods, Reeds Jewelers |
Construction | Monteith Construction, ARCO Design-Build, Thomas Construction Group |
Technology | nCino, Apiture, Geo Owl, Montani Consulting |
Manufacturing | Corning, Acme Smoked Fish, Interroll |
Startup Ecosystem
Innovation Hubs & Incubators
Network for Entrepreneurs in Wilmington (NEW) - Connects startups to resources, offers Precelerator Program
UNCW Center for Innovation and Entrepreneurship (CIE) - University-based innovation hub nurturing high-impact startups
NC IDEA - Provides grants and support for North Carolina startups
Notable Startups
Fintech: nCino, Apiture, Live Oak Bank
Healthcare: LifeGait, Recovery Platform, Artemis Immersive
Technology: Geo Owl, Montani Consulting
Other:
Ecosystem Statistics
Ranks #61 globally and #22 in United States for startup ecosystems
358 top startups identified (as of April 2025)
27.6% growth in tech hub from 2019 to 2022
22% increase in tech jobs in recent years
Underserved Industries & Opportunities
Top Opportunities for Entrepreneurs
1. Clean Energy - High potential with low competition, supported by NC's $24B investment in clean energy
2. Advanced Manufacturing - Specialized manufacturing, advanced textiles, and manufacturing technology
3. Supply Chain & Logistics - Port-related services, logistics technology, and supply chain optimization
4. Support Services for Entrepreneurs - Services targeting underrepresented entrepreneurs and small businesses
5. Life Sciences - Biotech support services, medical devices, and pharmaceutical innovations
Wilmington aims to reach $100 million in annual venture capital (compared to Charleston's recent $100 million in six months), creating significant opportunities for entrepreneurs in these underserved sectors.
Sources
- Federal Reserve Economic Data (FRED) - St. Louis Fed
- Data USA (datausa.io)
- Wilmington Chamber of Commerce Economic Scorecard
- Bureau of Economic Analysis (BEA)
- Network for Entrepreneurs in Wilmington (NEW)
- UNCW Center for Innovation and Entrepreneurship (CIE)
- StartupBlink Ecosystem Rankings
- Wilmington Business Development
- NC Department of Commerce
- Economic Development Partnership of NC
- NC's Southeast Regional Economic Development
- Built In Tech Company Database
Data compiled and visualized April 2025. GDP percentages by industry are estimates based on employment data, industry wage data, and economic indicators from multiple sources.