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North Carolina returns to CNBC's Top States for Business, claiming No. 5 spot

Jen Wilson                                            Screen Shot 2014-06-25 at 4.32.55 PM
Charlotte Business Journal
Call it a “Carolina Comeback,” if you will.CNBC counted down its annual Top States for Business ranking throughout the day Tuesday, and North Carolina has reclaimed its place among the best.

In fact, the Tar Heel State landed at No. 5 in the 2014 overall ranking, after falling out of the top 10 for the first time ever to rank No. 12 last year.

“A year later, the state made a charge like one of its Panthers, pushing its way up to No. 5 — scoring a total of 1,569 points out of 2,500,” an entry on the countdown post says. “North Carolina posted some powerful numbers, having the fourth-best economy as well as workforce — which is mostly nonunion. Last year, the Old North State’s economy was 13th.”

CNBC credits the state’s rise in part to “some substantial fiscal policy changes that have been made, such as a reduction in individual income and corporate tax.”

Those words will no doubt make Gov. Pat McCrory smile ­– after all, a debate has been raging between the Republican governor and critics on the other side of the aisle over whether said policies have been helpful or harmful to the state’s economy.

Neighboring South Carolina came in at No. 24 overall this year, slipping one spot from No. 23 last year. Georgia took the top spot.

Says CNBC of its methodology: “Each year, our Top States study rates all 50 states on more than 50 metrics in 10 categories of competitiveness. We weight the categories based on how frequently they appear as selling points in state economic development marketing materials. That way, we hold the states to their own standards.”

Those categories are cost of doing business, work force, quality of life, infrastructure, economy, education, technology and innovation, business friendliness, access to capital and cost of living.

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