1-6-2023 – North Carolina is ‘State of Year’ for economic development, magazine says

Posted on: January 6th, 2023 by admin No Comments


January 6 2023



January 4, 2023 Rick Smith



RALEIGH – North Carolina is the “State of the Year” for economic recruitment after a record year for investments won and jobs to come, says Business Facilities magazine, a leading publication for business recruiting across the U.S.


State economic developers at the North Carolina Department of Commerce and the Economic Development Partnership for North Carolina have reported the landing of nearly 30,000 jobs and multi-billions in investment for 2022. The totals exceeded records set in 2021.


For those reasons, the magazine chose North Carolina as the winner of its annual award that dates to 2007. The state also won two years ago.


“A succinct regional economic development strategy in recent years has propelled North Carolina, and 2022 was another banner year for the state in capital investment and jobs creation,” said Business Facilities Editorial Director, Anne Cosgrove in a statement. “Paired with a world-class education and R&D resources, the support of incentives and programs from organizations at all levels for a variety of industries, including high-growth sectors such as electric vehicles, made the state our choice for top recognition this year.”


Such awards – such as CNBC naming North Carolina in 2022 as the best state for business – provide recruiters with data and support they need in competing for new or expansion projects.


Major wins in 2022 include:

  • Electric vehicle maker VinFast
  • Semiconductor firm Wolfspeed
  • Boom Aviation
  • A battery plant from Toyota
  • Plus a host of numerous life science projects

“North Carolina is the best state in the nation to do business, and large companies like VinFast, Wolfspeed, Eli Lilly and Boom Supersonic have noticed and taken advantage of that. We have a world-class education system, a highly skilled workforce, a strong commitment to clean energy and sustainability, the most competitive tax environment in the country, and a demonstrated bipartisan approach to economic development policy,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina, in a statement.


And Chung, as he disclosed in an interview with WRAL TechWire, says the group has numerous projects on its target list for this year despite a slowing economy.


“We currently have 235 active projects, with a total of $111.8 billion in capital investment, and 100,112 total possible jobs in our pipeline, and our team is looking forward to assisting each one of these companies in choosing North Carolina. 2022 was another year of record performance, and we are confident North Carolina will continue that momentum into 2023,” Chung said.

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