North Carolina Named Business Facilities’ 2022 State of the Year

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Business Facilities Magazine has named North Carolina as its 2022 State of the Year. This is the second time the state has earned this recognition, which has been given out annually since 2007. This top acknowledgement is one of many North Carolina has been awarded over the past year in various publications and rankings.

“New investment from relocating and expanding companies across all industries in North Carolina totaled $19.3 billion, nearly double 2021 figures. Bipartisan pro-business legislation and pro-active economic development organizations are instrumental in bringing this to fruition,” said Anne Cosgrove, editorial director of Business Facilities Magazine. She shares these thoughts in the magazine’s January/February 2023 issue, adding, “Business Facilities recognizes North Carolina as its 2022 State of the Year for not only the hard numbers, but the work of these entities behind the scenes to foster a business climate where companies from all sectors can find success.”

In 2022, North Carolina has received attention nationwide for its robust business climate. In fact, Business Facilities ranked North Carolina at the top of the list for its 2022 State Rankings Report. The state was also ranked fourth nationwide for Tech Talent Pipeline and second for Foreign Direct Investment/Capital Investment.

“North Carolina continues to be a powerhouse in economic development efforts including business attraction and retention as well as talent recruitment,” said Josh Lewis, CEcD, president of the Greenville Eastern North Carolina (ENC) Alliance. “From the low corporate tax rate and cost structure to the skilled and ready-to-work talent pool and educational institutions, our state is a prime location for business.”

The Tar Heel State is known as one of the most pro-business states in the country and the strong tax environment proves it. North Carolina has the nation’s lowest corporate income tax rate at 2.5% – which is on track to continue decreasing – and a 5.25% individual income tax rate. In addition, a number of state and local incentives are available to qualifying new and expanding companies.

“Our organization has worked with several companies that were first attracted to North Carolina for its dynamic business climate. Once they looked around at different areas, they showed interest in our community due to its available resources and assets,” added Lewis. “Having strong partnerships at the state level have allowed us to bring active projects to our area and we look forward to continued support and collaboration.”

This additional recognition from Business Facilities comes after CNBC named North Carolina as America’s Top State for Business in 2022. Governor Roy Cooper joined CNBC’s Scott Cohn at the Oceanic at the Crystal Pier in Wrightsville Beach for a live broadcast where the winner was revealed during the network’s morning program in July. North Carolina also earned Area Development Magazine’s first-ever Platinum Shovel for its outstanding economic development work. A project in Greenville – Pitt County contributed to the state’s success in job growth and capital investment when Verizon Authorized Retailer Victra announced a $1.5 million expansion which created nearly 600 new jobs in Pitt County.


Media Relations Contact:

Maria Satira
Director of Marketing and Communications
Greenville - Eastern North Carolina Alliance