CNBC’s annual enterprise rankings are in, and North Carolina wins the prize for America’s greatest state for enterprise in 2023. It is the second straight yr the Tar Heel State has earned the highest spot.
The research measures all 50 states throughout ten classes of competitiveness, together with workforce, infrastructure, healthcare, the price of doing enterprise, and the price of residing.
North Carolina’s success at attracting and retaining expertise throughout varied industries was an enormous think about its excessive rating.
“Corporations in determined want of expert staff are going the place the individuals are, and individuals are going to North Carolina,” mentioned CNBC Particular Correspondent Scott Cohn. “The state’s well-balanced financial system is dealing with the expansion effectively.”
North Carolina has additionally attracted a bucketload of investments from companies.
In 2023, Bosch made a $130 million funding within the state to develop its energy software manufacturing facility. Mobile therapeutics firm ProKidney invested $458 million in a biomanufacturing facility in Greensboro.
Apple not too long ago filed paperwork to construct a $1 billion facility in Analysis Triangle Park. It might be the corporate’s first company hub on the East Coast.
Researchers additionally identified that North Carolina is killing it in profession schooling.
“You’ve one of the vital aggressive group school methods in America as effectively in North Carolina, that’s attuned to the wants of their business,” mentioned Josh Wright, an govt vp with labor market analytics agency Lightcast, which labored with CNBC on the research.
Struggles with well being care and crime
However North Carolina additionally has its share of issues, which could possibly be dangerous for enterprise if not addressed.
In accordance with FBI knowledge, violent crime surged in NC in 2022. The state additionally ranks close to the underside in well being care, with low public well being funding and many voters with out medical health insurance.
Rising political turmoil may additionally injury the state’s standing. North Carolina’s Democratic Governor, Roy Cooper and Republican legislators have battled on a number of key points. And this week, state Rep. Tricia Cotham modified her political affiliation from Democrat to Republican, weakening Cooper’s veto energy.
Different highs and lows
Virginia got here in second place on CNBC’s best-states-for-business checklist. Tennesee was third, and Georgia was fourth.
The worst state for enterprise? Alaska. Final yr, Alaska’s GDP dropped by 2.4%, with oil manufacturing plummeting to Seventies ranges. In the meantime, the state ranks third as the most costly to do enterprise — simply behind Hawaii and Massachusetts.