Winning CNBC’s Top State for Business ranking for two years in a row has been a key selling point for Gov. Roy Cooper and state economic development officials.
But this year, the state has to settle for No. 2 in the competition developed by the business news channel. Virginia tops this year’s list, followed by North Carolina, Texas and Georgia.
Just three points separated Virginia and North Carolina.
North Carolina remains only the second state named to the top spot back-to-back since CNBC started the rankings in 2007. Virginia, which last won in 2021, has received the top honors six times.
Last year North Carolina ranked No. 1 in workforce, then the most important category in the study. CNBC this year made infrastructure the top category, and North Carolina ranked 20th nationally.
North Carolina water utilities face more than $20 billion in repair and maintenance needs over the next 20 years, according to the U.S. Environmental Protection Agency. Electricity customers are dealing with nearly eight hours without power per year, according to the most recent data from the U.S. Energy Information Administration.
CNBC’s study scores all 50 states on 128 metrics across ten categories of competitiveness. The methodology grades the states based on factors companies consider each year when making site selection decisions, and that states pitch in their efforts to win business.
Then, every state’s economic development marketing pitches are analyzed to determine the appropriate weight for each category. The more weight a category carries, the more metrics it includes.