What’s going on:
North Carolina has been named America’s Top State for Business in CNBC’s annual competitiveness study for the second consecutive year. The state’s success has been attributed to its strong workforce, robust economy, and significant investments from major corporations.
Virginia, Tennessee, Georgia, and Minnesota round out the top 5 states — in that order, respectively. The rankings are based on a comprehensive evaluation of all 50 states across 86 metrics in 10 broad categories of competitiveness, according to CNBC. These categories are:
- Life, Health & Inclusion
- Cost of Doing Business
- Technology & Innovation
- Business Friendliness
- Access to Capital
- Cost of living.
Why it matters:
The rankings provide valuable insights into the business environment of each state, which can influence decisions made by businesses and investors.
The recognition of North Carolina reveals the importance of a skilled and educated workforce in driving economic success. The state’s ability to attract and retain new talent across numerous industries has been instrumental in its economic growth during the post-pandemic economy.
The study shows how higher-ranking states are successfully promoting new job opportunities and it also highlights places where workers might have more potential for advancement in their careers.
How it’ll impact the future:
The study shows the importance of quality education, effective training programs, and policies that attract and retain a talented workforce. The economic growth in North Carolina is likely to continue attracting more businesses — leading to more job creation and positive economic development. The state’s ability to maintain its top position will depend on how it addresses its current challenges and continues to invest in its workforce.
The research could set a blueprint for how other states can invest in their workforce to ultimately boost their businesses and their economies.