“A succinct regional economic development strategy in recent years has propelled North Carolina, and 2022 was another banner year for the state in capital investment and jobs creation,” Business Facilities Editorial Director Anne Cosgrove said in a statement. “Paired with world-class education and R&D resources, the support of incentives and programs from organizations at all levels for a variety of industries, including high-growth sectors such as electric vehicles, made the state our choice for top recognition this year.”
The magazine also named the Tar Heel State as the state with the best business climate in its 2022 Annual State Rankings Report, in addition to being named in the Top 5 for Tech Talent Pipeline and Foreign Direct Investment/Capital Investment.
The article cited the nearly 30,000 jobs announced last year, including those from Vietnamese automotive company Vinfast, Macy’s, Wolfspeed, Boom Supersonic, and Eli Lilly and Company that coincided with a business-friendly environment.
The recognition is the latest in a series of accolades for the state.
In July, CNBC named North Carolina as the best state for business. Pewtrusts.org profiled North Carolina in August as having one of the best rainy-day funds in the country. In November, The Tax Foundation ranked North Carolina 10th in the nation for its tax environment.
Legislators laid the groundwork in the 2021-22 state budget to encourage economic growth by lowering the corporate tax rate from 2.50% to 2.25% in 2025 before being phased out in 2030.
The state’s 4.99% personal income tax fell to 4.75% on Jan. 1. It is scheduled to reach 3.99% in 2027. That prompted Forbes in November to list the Tar Heel State among the top five for income tax reductions for 2023.