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North Carolina: America's Top State for Business
Exceptional Economic Development
North Carolina has been named America's Top State for Business in CNBC's annual competitiveness study for the second consecutive year. The state has experienced significant economic growth and development since the pandemic, attracting major investments and companies.
One of the notable economic wins for North Carolina this year includes a $130 million investment by Bosch to expand its power tool manufacturing facility in Lincolnton. Additionally, ProKidney, a cellular therapeutics company, plans to build a $458 million biomanufacturing facility in Greensboro. Select Genetics, a poultry breeder, is also investing $58 million in a new turkey production facility in Goldsboro.
These recent projects add to the success the state achieved last year, such as VinFast, a Vietnamese electric vehicle manufacturer, announcing its plans to build its first North American plant in North Carolina. Wolfspeed, a semiconductor materials manufacturer based in Durham, also expanded its operations in the state.
A key strength of North Carolina is its highly talented and educated workforce, which has been instrumental in driving the state's economic success. In CNBC's study, North Carolina ranks first in the Work
North Carolina's Business Potential
North Carolina's designation as America's Top State for Business for the second consecutive year is a testament to the state's exceptional economic development and workforce. For new businesses considering establishing themselves in North Carolina, the current business landscape offers promising opportunities and growth potential.
The state's recent economic wins, such as Bosch's power tool manufacturing facility expansion and ProKidney's biomanufacturing facility plans, highlight the growing interest and investments pouring into North Carolina. With major companies recognizing the state's advantages, new businesses can tap into a thriving ecosystem and leverage the existing infrastructure to accelerate their own growth.
Coupled with the state's exceptional economic development, North Carolina boasts a highly talented and educated workforce. The workforce's proficiency and contribution have been instrumental in attracting and sustaining economic growth. CNBC's recognition of the state's workforce further emphasizes the quality of talent available for businesses to tap into and cultivate.
In conclusion, North Carolina's status as America's Top State for Business bodes well for new ventures considering establishing themselves in the state. The favorable business climate, supported by outstanding economic development and a skilled workforce, presents an environment conducive to growth and success. Aspiring entrepreneurs and established companies alike can find ample resources, opportunities, and potential partnerships to thrive and prosper in North Carolina.
Article First Published at: https://www.cnbc.com/2023/07/11/north-carolina-is-top-state-for-business-led-by-workforce-economy-.html