North Carolina Once Again Ranked Among Top Three States For Business
For the fifth consecutive year, North Carolina remains in the elite echelons of states conducive for business operations, securing the second position in the latest national ranking
North Carolina – In a reaffirmation of the state’s business-friendly policies and thriving economy, North Carolina has once again secured a prestigious position among the top three states for doing business in America. This honor, declared by a prominent national media, marks the fifth year straight that the state has achieved this feat.
Back in 2019, the state stood third in the rankings, climbing to second position in 2021, and conquering the top charts in both 2022 and 2023. The 2024 ranking reaffirms the Tar Heel State’s continued commitment to creating an ideal business atmosphere aided by a well-trained and diverse workforce.
State Reacts to the Achievement
The ranking brought laurels to the state’s administration with Governor Roy Cooper expressing pride in this continued success. He commended the state’s well-educated workforce attributed to strong public schooling and a booming economy with major investments from companies across multiple sectors.
“Investing in our people makes our continued success possible,” Governor Cooper was quoted as saying. “North Carolina continues to be a top destination for business.”
Factors Contributing to the Ranking
The assessment, constituting of 128 metrics in ten categories of competitiveness, played an instrumental role in earning this national recognition. North Carolina achieved a commendable third rank in the workforce category. The state was also highly ranked in economy, business friendliness, access to capital, and education categories, thus solidifying their position as one of the nation’s top states to do business.
Since Governor Cooper assumed office in 2017, there have been over 115,368 jobs announced and about $53.45 billion pledged in capital investments. Major projects from giants such as Apple, Toyota, and Wolfspeed have fuelled this growth.
Economic Development Prioritized
With an aim to secure major investments and create good-paying jobs, Governor Cooper has remained consistent in prioritizing economic development. A delegation headed by the Governor visited Europe last year and met with companies and government officials in France, Germany, and Switzerland, promoting North Carolina as an investment destination.
In an aggressive push towards enriching North Carolina’s economy, the state will host the 2024 Southeast U.S./Japan Association 46th annual joint meeting in October. The meet aims to encourage foreign direct investments from Japanese companies and strengthen export ties.
Bolstering Public Schools and Workforce Investments
Attention has also been drawn to improving the education system and investing more in it. Governor Cooper has announced a plan to raise teacher pay by 8.5% and invest over $1 billion in public schools. His FY24-25 budget apparently aims to enhance the education system while curtailing taxpayer-funded private school vouchers.
The Governor has declared 2024 as The Year of Public Schools and is traveling across North Carolina to applaud the achievements and demand meaningful investments in public schools.
Bridging The Healthcare Gap
In December 2023, Medicaid was expanded to cater to over 600,000 uncovered individuals and bringing billions in federal dollars to North Carolina. Owing to this move, nearly 500,000 North Carolinians are now enrolled in this health care program.
The state, however, still has a long way to go. CNBC’s ranking clearly identified “Quality of Life” category as North Carolina’s Achilles heel. The availability and affordability of childcare, access to reproductive healthcare and rights, and voting rights were identified as areas in urgent need for improvement.
Despite these ups and downs, North Carolina’s resounding success in the business sphere exhibits the state’s commitment to fostering a business-friendly environment, a testament to its strong and vibrant economy.
