North Carolina Holds Economic Lead by Putting Business Before Politics

North Carolina Holds Economic Lead by Putting Business Before Politics

This State Is Booming – Here’s How They Did It

( – North Carolina is a top vacation destination for many. Even so, the Tar Heel State has plenty of work available because it’s also a major business destination. Thanks to politicians’ ability to put their differences aside, North Carolina climbed to the top spot on CNBC’s America’s Top States for Business list.

Finally First

Since CNBC began the study in 2007, North Carolina has regularly found itself in the Top 10. In 2021, the media outlet ranked the Tar Heel State second in the nation’s top economies. That race may have been close, but North Carolina finally made its way to the top spot for the first time because it’s no longer a contender; it’s a champion of economics. How does it do it?

Putting Politics Aside

A trend that has emerged in America is not working together due to political incompatibility. While people may think they’re doing the right thing by not combining their efforts because they have different views, it causes political systems to stop functioning. Political leaders in North Carolina realized this and instead decided to do what was best for their state, not their parties.

Democratic Governor Roy Cooper admitted to CNBC that 2020 was a rough election year with the political parties fighting for dominance. He explained that nothing really changed, so state leaders came together and said, “this is what the people of North Carolina have voted for,” adding they decided to cooperate and improve their state.

CNBC noted that when the Vietnam-based electric vehicle manufacturer VinFast signed a deal with Governor Cooper on a $2 billion factory, two Republicans, House Speaker Tim Moore and State Senate President Phil Berger, helped seal the deal. Another deal with Apple came last year, thanks to the trio of bipartisan lawmakers, resulting in the tech company building its first hub on the East Coast. At the time, Representative Moore had explained this is what happens when people with differing opinions form an alliance.

Access is Key

Access to capital has also helped the state jump to the frontrunner spot. It ranks second in access to capital, only behind California. The Tar Heel State ranks high here thanks to having Bank of America and Trust Financial, the second and sixth-largest banks in America, based in Charlotte. Bipartisan politics allows lawmakers to expand grant and loan programs for businesses, helping North Carolina in this respect again. According to the National Venture Capital Association, the Tar Heel State had the sixth-highest venture capital investments in the country last year with $3.5 billion.

Other Key Factors

North Carolina, home of the Research Triangle, broke the top five list in Technology and Innovation, ranking fifth in the nation. This position is primarily thanks to the state’s institutions and crypto mining, where North Carolina ranks in the top five.

The state’s workforce is another factor pushing the Tar Heel State to its #1 spot. While it didn’t rank as high in this respect, coming in 12th, it’s still a positive trait for the state. A strong workforce allows businesses to easily find talent, making it an attractive destination for business.

~Here’s to Your Prosperity!

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