North Carolina tops CNBC’s state business competitiveness rankings for the second year in a row as workers flock to take advantage of a booming economy and the growing operations of companies including Apple within the state .At a time when companies are clamoring for workers while trying to navigate a treacherous economy, no state is meeting their needs more effectively than North Carolina. The Tar Heel State is America’s Top State for Business in CNBC’s annual competitiveness study. It is the second consecutive year at the top for North Carolina — a rare feat in the CNBC study, which launched in 2007. Business and the economy in the state have been on a tear since the pandemic, and the state has scarcely looked back. In 2023 alone, the state has amassed a trophy case full of economic development wins, ranging from a $130 million investment by Bosch to expand its power tool manufacturing facility in Lincolnton, to a $458 million biomanufacturing facility to be built in Greensboro by cellular therapeutics company ProKidney, and even a $58 million turkey production facility in Goldsboro by poultry breeder Select Genetics. The projects come on top of major wins last year, including Vietnamese electric vehicle manufacturer VinFast announcing it will build its first North American plant in the state, and Durham-based semiconductor materials manufacturer Wolfspeed expanding its operations there. Last month, Apple filed applications to begin work on its $1 billion facility in the famed Research Triangle Park announced in 2021, with 700,000 square feet of office space in its initial phase. It is Apple’s first hub on the East Coast. A common thread through all the projects is people. “Our talented, educated workers are the foundation of our economic success,” said Gov. Roy Cooper, a Democrat, in his state of the state address in March. The numbers bear that out. North Carolina ranks first in the all-important Workforce category of CNBC’s study. In particular, the state is a leader in attracting and retaining talent across a range of industries, said Josh Wright, an executive vice president with labor market analytics firm Lightcast, which provided some of the data for the CNBC study. Read the article in the link for more details.

Business analysis experts announced North Carolina best state for doing business in 2022.

North Carolina has been named 2022 State of the Year by Business Facilities for the state’s successful year in project announcements, capital investment and job creation. This is the second time North Carolina has been awarded this accolade since 2007 when the magazine’s highest state honor began. The state previously won in 2020.
“A succinct regional economic development strategy in recent years has propelled North Carolina, and 2022 was another banner year for the state in capital investment and jobs creation,” said Business Facilities Editorial Director, Anne Cosgrove. “Paired with a world-class education and R&D resources, the support of incentives and programs from organizations at all levels for a variety of industries, including high-growth sectors such as electric vehicles, made the state our choice for top recognition this year.”

Last year, North Carolina welcomed some of the biggest economic development projects in the state’s history. Vietnamese electric vehicle and battery company VinFast announced it is bringing its first North American automotive assembly and battery manufacturing plant to Chatham County, North Carolina. The project has a $4 billion capital investment and will create 7,500 jobs. Wolfspeed, a global leader in semiconductor manufacturing, announced in September it will build its newest semiconductor manufacturing plant in Siler City, North Carolina, investing $5 billion and creating 1,800 new jobs.

Other substantial projects include aviation giant Boom Supersonic announcing it is bringing its new Overture airliner manufacturing and final assembly facility to Greensboro, North Carolina, investing $500 million and creating 1,750 jobs by 2030. Global healthcare leader Eli Lilly and Company announced plans to build a new manufacturing site in Concord, North Carolina, investing $1 billion and creating 600 jobs.

“North Carolina is the best state in the nation to do business, and large companies like VinFast, Wolfspeed, Eli Lilly and Boom Supersonic have noticed and taken advantage of that. We have a world-class education system, a highly skilled workforce, a strong commitment to clean energy and sustainability, the most competitive tax environment in the country, and a demonstrated bipartisan approach to economic development policy,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC).

“We currently have 235 active projects, with a total of $111.8 billion in capital investment, and 100,112 total possible jobs in our pipeline, and our team is looking forward to assisting each one of these companies in choosing North Carolina. 2022 was another year of record performance, and we are confident North Carolina will continue that momentum into 2023,” Chung said.

Full coverage of the 2022 State of the Year and regional runners-up will be featured in the January/February issue of Business Facilities.

Business Facilities is a national publication that has been the leading location source for corporate site selectors and economic development professionals for more than 50 years.