Fueled by a robust economy and a history of innovation, North Carolina has been named the top state for business in 2022 by a recent CNBC study.
This marks the first time North Carolina has reached the pinnacle of CNBC’s annual business competitiveness rankings, consistently placing within the top 10 since the list’s inception in 2007, and narrowly missing the top spot last year. The key to this year’s success? State leaders’ ability to bridge significant political divides for the betterment of business and economic growth.
A notable example of bipartisan cooperation occurred in March when Governor Roy Cooper, a Democrat, alongside Republican State Senate President Phil Berger and House Speaker Tim Moore, finalized a deal with VinFast, a Vietnamese electric vehicle manufacturer, to establish a $2 billion factory in North Carolina. This collaboration resulted in a $1.2 billion incentive package that helped secure the agreement.
Berger highlighted VinFast’s investment as a testament to North Carolina’s leading role in innovation and business support. This wasn’t the first time these leaders joined forces for major economic initiatives. Last year, they facilitated Apple’s decision to create its first East Coast hub in the state, supported by up to $846 million in incentives.
The efforts to work across party lines were emphasized by both Moore and Cooper, especially following the 2020 elections. Their willingness to collaborate has led to significant achievements, including the passage of a comprehensive state budget for the first time since Cooper’s 2017 inauguration and progress towards expanding Medicaid.
North Carolina’s economy, bolstered by such bipartisan efforts, stands as the foundation of its top ranking in the CNBC study. The state boasts a strong fiscal balance and credit rating, with economic and job growth rates among the highest in the nation.
Additionally, North Carolina excels in access to capital, ranking second nationally, partly due to being home to two of the country’s largest banks and attracting significant venture capital investments. Its commitment to technology and innovation places it fifth, supported by the renowned Research Triangle Park and substantial research funding. The state’s workforce quality, a crucial factor for businesses like Dale Earnhardt Jr.’s JR Motorsports, also received high marks, showcasing North Carolina’s comprehensive strengths as a top destination for business.
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