by Brian Balfour
Senior Vice President of Research, John Locke Foundation
North Carolina has earned the top spot in CNBC’s 2022 “Top States for Business” ranking.
According to the site, North Carolina has “rarely” finished outside the top ten since the ranking’s origin in 2007, but this is the first year NC garnered the top slot.
This is the first year NC garnered the top slot.
Describing NC as having “the nation’s strongest economy,” NC ranked #1 in CNBC’s “economy” category. NC was also strong in “access to capital” (#2), “technology and innovation” (#5), and “workforce” (#12). CNBC’s ranking consists of ten broad categories combined into one aggregate score.
CNBC disappointingly focuses on recent major corporate welfare deals struck by the state as a sign of a strong economy, while largely ignoring the decade-plus of conservative tax cuts and spending restraint that have significantly improved the state’s economic climate and has attracted investment and job growth.
To their credit, however, CNBC does highlight “North Carolina’s solid finances” as “the cornerstone of the nation’s top Economy as measured by the CNBC study.” They continue, “The state’s credit rating is pristine; its fiscal balance is sound. Economic growth, at 6.7% last year, and job growth at 3.6% were among the strongest in the nation, according to government statistics.”
Contrast this reality with the laughable, bizarro-world progressive commentary insisting that tax cuts “hurt the state.”
The economic growth facilitated by the state’s improved business climate provides much-needed opportunity for those on the margins of employment.
The CNBC ranking is the latest recognition of North Carolina’s robust economy, powered by conservative fiscal policies. Here’s hoping state legislators are paying attention, and continue us down the right path.