Raleigh, N.C.

North Carolina has been named the #1 Best Business Climate in Business Facilities’ annual rankings, rising from last year’s second place ranking. This announcement from the national economic development magazine comes on the heels of the state being ranked #1 in CNBC’s “America’s Top States for Business” list.

“We appreciate Business Facilities Magazine for recognizing North Carolina as the Best Business Climate,” said North Carolina Commerce Secretary Machelle Baker Sanders. “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.”

“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,” said BF Editorial Director Anne Cosgrove. “This ranking also looks beyond the sheer numbers, evaluating diversity of growth sectors, incentives, workforce development and training, and education partnerships.”

Multiple large investments were the driving force in North Carolina's #1 ranking. In March, the N.C. Department of Commerce announced a deal with VinFast, a Vietnamese auto manufacturer building a new line of electric vehicles. VinFast’s $2 billion investment is the largest economic development announcement in the state’s history, and will create 7,500 jobs.

“These achievements are the result of our strategic and diligent work that continues to propel North Carolina toward a more resilient future,” said Secretary Sanders. “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.”

The Annual Rankings Report highlighted North Carolina in several additional categories, placing the Tar Heel State 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; and Foreign Direct Investment for both project and capital investment.

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