NC ranked 2nd best state to do business in 2024

RALEIGH, N.C. (WNCN) — After being named the best state to do business in both 2022 and 2023 by CNBC, North Carolina has fallen out of the top spot in this year’s rankings — but only just .

In what CNBC described as the “tightest finish in Top States history,” the Tar Heel State finished in second place, only three points behind the state ranked No. 1, Virginia.

North Carolina got high marks in many of the ten categories used to determine the rankings, scoring best in business friendliness (No. 2), workforce (No. 3) and economy (No. 4).

But the state fell back in infrastructure, which CNBC said was the heaviest-weighted category this year.

“The state’s utilities were a major culprit, possibly because of its rapid growth. North Carolina water utilities face more than $20 billion in repair and maintenance needs over the next 20 years,” CNBC said, citing the U.S. Environmental Protection Agency. “Electricity customers are dealing with nearly eight hours without power per year, according to the most recent data from the U.S. Energy Information Administration.”

Still, North Carolina leaders touted the fifth-straight top three finish, emphasizing where the state continues to excel while acknowledging the areas that need improvement such as quality of life.

“CNBC again ranking North Carolina as one of the top states for business in the nation is a testament to our state’s competitive advantages,” North Carolina Commerce Secretary Machelle Baker Sanders said in a release. “Successful states stay laser focused on improving their education systems, upgrading their infrastructure, and paying attention to critical quality of life issues like childcare. I’m confident we’ll continue to do the work that’s required to bring economic prosperity to all North Carolinians.”

According to a statement from Governor Roy Cooper’s office, over 115,368 jobs and $53.45 billion of promised capital investments have been announced since Cooper was sworn in in 2017. Major companies in industries like tech, manufacturing, energy and pharmaceuticals continue to invest in the state, bringing good paying jobs and recruiting highly-skilled workers.

“Investing in our people makes our continued success possible,” Cooper said in the release. “Thanks to our highly-skilled workforce built by our strong public schools and thriving economy with major investments from companies across all sectors, North Carolina continues to be a top destination for business.”

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