Governor Pat McCrory announced today that for the second year in a row, North Carolina ranks first in the nation on a closely watched measurement of state business competitiveness. Site Selection magazine’s 2016 ‘Prosperity Cup’ is awarded based on ten factors of economic performance, including the total number of new and expanded facilities in the state, capital investment and total number of new jobs created.
“This ranking confirms once again that North Carolina is an outstanding place to do business,” said Governor McCrory. “Our state offers companies the competitive factors they need to be successful, which is why North Carolina enjoys the fastest growing economy in the nation.”
The Prosperity Cup, one of several economic development performance measurements published by Site Selection, is an accolade based on data from Conway Data Inc.’s New Plant Database. The award, previously known as the ‘Competitiveness Award,’ is published annually.
In the rankings, North Carolina was tied with Texas and followed by Tennessee, Kentucky and Georgia.
“North Carolina is a great place to open or expand your business,” said North Carolina Commerce Secretary John E. Skvarla, III. “We have a superior tax and regulatory environment, highly skilled workforce and outstanding quality of life in addition to a wide variety of economic development programs to assist business with growth opportunities.”
In recently released data from the U.S. Department of Commerce Bureau of Economic Analysis, North Carolina’s Gross Domestic Product (GDP) posted a 13.4 percent increase since 2013, the fastest in the United States.
Conway Data’s New Plant Database focuses on new corporate location projects with significant impact. New facilities and expansions included in the analysis must meet at least one of three criteria: involve a capital investment of at least $1 million, create at least 20 new jobs, or add at least 20,000 square feet of new floor area.
The 2015 ‘Prosperity Cup’ rankings evaluating state business competitiveness can be reviewed here.