North Carolina has received four national economic distinctions so far this month, including being hailed as the #1 state for starting a business, the #5 best state for business, the #5 best state for budget solvency, and one of only 12 states in the country with a unanimous ‘AAA’ bond rating.
Fit Small Business, a Madison Avenue research and consulting firm, released a study on July 3 calling North Carolina the #1 state for starting a business, citing “the state’s labor market and taxes as driving an ideal environment for business owners.”
CNBC ranked North Carolina as #5 in this year’s “America’s Top States for Business,” scoring 66 different measures of competitiveness and an array of input from business and policy experts, official government sources, the CNBC Global CFO Council and the states themselves.
The Mercatus Center at George Mason University, in ranking the states by fiscal condition, says that North Carolina is #5 for Budget Solvency. The rankings noted that North Carolina’s state revenues exceed budget expenses by 12 percent, and the fact that we’ve amassed substantial revenue surpluses and a $1.8 billion rainy day reserve fund. North Carolina ranked #15 overall for financial health.
North Carolina State Treasurer Dale R. Folwell announced last week that the nation’s three major bond rating agencies – Fitch, Moody’s and S&P – have all reaffirmed the state’s “AAA” bond rating, making North Carolina one of only 12 states to obtain a unanimous top-tier evaluation. A Fitch’s rating agency financial memo credited North Carolina’s “conservative financial operations and long-term prospects for continued economic expansion, rebuilt rainy day fund, demonstrated controls over spending, and revenue growth all as strong factors in the state’s financial flexibility. “Recent economic growth in North Carolina has been accelerating and future growth is expected to be stronger,” the financial memo supporting the state’s ‘AAA’ bond rating said.