State of Business: Reign at No. 1 ends with runner-up ranking
(The Center Square) – Unseated for the best, but clearly a prime destination, North Carolina is runner-up in the annual America’s Top States for Business as ranked by CNBC.
Virginia is No. 1, it’s third time in five years atop the list.
Among all 50 states getting measured in 128 metrics assigned to 10 categories, the Old North State was second in business friendliness, third in workforce and fourth in economy. Each of the past two years, North Carolina was No. 1 overall.
The state’s economic profile, as listed by the network, includes a population of 10.8 million; gross domestic product growth in the first quarter of 2024 at 2.3%; May unemployment 3.6%; corporate tax rate 2.5%; top individual income tax rate 4.5%; and a stable AAA bond rating from Moody’s and the S&P.
Other broad category rankings were 10th in education; 10th in access to capital; 11th in technology and innovation; 18th in cost of doing business; 20th in infrastructure; 31st in cost of living; and 32nd in quality of life.
A year ago, the category rankings included first in workforce, third in economy, seventh in education and 10th in business friendliness.
Rounding out the top five were Texas, Georgia and Florida. Last year’s top five was North Carolina, Virginia, Tennessee, Georgia and Minnesota.
There was no ranking in 2020 when COVID-19 broke out. With exception of three times ninth place (2009, 2015, 2018) and once 12th (2013), North Carolina has always been top five since the first ranking in 2007 and nine of 17 times been top four or better.
