For the second year in a row, North Carolina has been named by CNBC as the No. 1 state for business in the country. The business news cable channel called it “a rare feat in the CNBC study, which launched in 2007. Business and the economy in the state have been on a tear since the pandemic, and the state rarely looked back.” Treasurer Dale R. Folwell, CPA, praised the North Carolina General Assembly, both current and past, for setting the conditions for this amazing feat.
“When you lower taxes, are fiscally responsible and govern conservatively, that creates an atmosphere where the economy can flourish,” Treasurer Folwell said. “We see this sentiment echoed every time we go to issue debt. The bond rating agencies have consistently cited our strong history of conservative fiscal policies, low debt and pension burdens and healthy reserves as being the reason we continue to be one of only 13 states with a “AAA” rating with all three major rating agencies. In fact, our debt is projected to be reduced by 60% in the next three years from a high in 2017. Now, we are the only state to be voted No. 1 for business by CNBC two years in a row.”
That superior credit rating allows governments at every level to be able to borrow at lower interest rates, so more money is available for public safety, education, transportation and infrastructure, which are cited as being significant contributors to the state’s consistent high ratings.
CNBC notes the state finished third in its economic rating with a $560 billion gross domestic product that grew by 3.2% last year, also saying its debt rating is “top-notch.”
The CNBC study measured all 50 states in 10 categories for competitiveness. Out of a total of 2,500 points, North Carolina scored 1,628 points to win. The CNBC competitiveness rankings measured 10 categories. They are workforce; infrastructure; cost of doing business; economy; life, health and inclusion; technology and innovation; business friendliness; education; access to capital; and cost of living. North Carolina has been in the Top 10 almost every year since the comparisons began in 2007.
“This ranking is a credit to the taxpayers and employers of North Carolina and the discipline of General Assemblies past and present to balance budgets, build surpluses and to establish Rainy Day Funds that bring certainty to any business that desires to expand and relocate to North Carolina,” Treasurer Folwell said. “I have been honored to have played a role the last 16 years, as a legislator, North Carolina Treasurer and keeper of the public purse, in operationalizing of the unemployment system reforms and as author of the legislation to reshape the workers compensation system,” Treasurer Folwell said.
Treasurer Folwell said he has worked with North Carolina legislative leaders to steer a decade-long course toward much-needed reform. Disciplined tax and spending policies, reducing regulatory restraints on business and industry, combined with the principles of effective limited government, have been the linchpin to the state’s shining performance.