North Carolina is the leader for Best Business Climate in Business Facilities’ 18th Annual Rankings Report, published in the upcoming issue of the magazine.
“North Carolina hit a new level for business attraction and retention over the past 12 months, and our ranking of the state for Best Business Climate recognizes what an increasing number of companies have recognized by locating or expanding there,” BF Editorial Director, Anne Cosgrove said.
Virginia, Utah, Texas, and Tennessee round out the top five, respectively, in the Annual Rankings Report for States with Best Business Climate.
In 2021, North Carolina stood out in BF’s Annual Rankings Report—capturing second place in the Best Business Climate category. “The state’s move to the top of the leaderboard this year is a recognition of the success of a broad-based economic development approach from teams across the state,” Cosgrove added. “This ranking also looks beyond the sheer numbers, evaluating diversity of growth sectors, incentives, workforce development and training, and education partnerships.”
In 2022, the Tar Heel State has already announced significant investments from expanding companies — $104M from four companies within one week in May alone — as well as attracting new business, including those from the rapidly growing electric vehicle industry. In March, Vinfast selected North Carolina for its first North American automotive assembly and battery manufacturing plant. The Vietnam-based automotive manufacturer plans to create 7,500 jobs and invest up to $2 billion in phase 1 of the project.
“We appreciate Business Facilities Magazine for recognizing North Carolina as the Best Business Climate,” North Carolina Commerce Secretary Machelle Baker Sanders said. “Despite the economic impacts of the pandemic, 2021 was a record year for North Carolina with 185 economic development projects, announcing more than 24,000 new jobs and $10.1 billion in investments. These achievements are the result of our strategic and diligent work that continues to propel North Carolina toward a more resilient future. Our diverse, world-class workforce, shovel-ready locations, and top-tier education system combined with a stellar quality of life and low-cost of living and doing business has attracted innovative projects and global companies like Apple, Fujifilm, and Toyota. These big wins are ushering North Carolina to an even brighter future.”
In this year’s Annual Rankings Report, the Tar Heel State shined in 10 additional categories, placing in the top 10 for: Tech Talent Pipeline; Customized Workforce Training; Food Processing; BioPharma; Semiconductors; Manufacturing Output (GDP); Offshore Wind Power (MW by 2030); Solar Installed Capacity; as well as Foreign Direct Investment for both project and capital investment.
“North Carolina’s economic successes in 2021 are direct results of the collaboration of many individuals and groups, who worked day and night to make those successes happen,” said Gene McLaurin, chair of the Economic Development Partnership of North Carolina’s (EDPNC) Board of Directors. “We appreciate Business Facilities Magazine’s recognition of North Carolina as the Best Business Climate, showing that public and private partnerships and collaboration at all levels set our state up for success for years to come.”
This recognition comes on the heels of North Carolina being named America’s Top State for Business by CNBC last week, powered by an economy that has hit its stride, a long track record of innovation, and leaders putting aside partisanship to achieve common goals.