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Gov. Pat McCrory announces ‘Partnership for Prosperity’ in Burlington

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BURLINGTON, N.C. -- Governor Pat McCrory visited Copland Fabrics in Burlington on Monday to announce plans to pursue a new effort to foster economic growth in the state.

The new legislation named "Partnership for Prosperity", will create a separate nonprofit corporation to center economic development functions for the state, according to the McCrory's office.

A board of directors will oversee the partnership and have governance of all recruitment and retention activities, including small business development, entrepreneurship, international investment and import/export, along with travel and tourism.

The new partnership will leverage existing state funds to get the private sector more involved in economic development.

McCrory's plan will help existing businesses, like Copland Fabrics, keep jobs.

Copland's CEO Jason Copland says this is the right thing to do for North Carolina.

"If we can't do it here in North Carolina, than we can't do it," he says.

More details on the plan will be released over the next 45 days, in order to allow time for the Department of Commerce to develop a plan for the public-private partnership that will include organizational structure, budget projections and a timeline for reform implementation.