CNBC Highlights Workforce Strength, Economic Resilience, and Innovation
A Legacy of Excellence
For the third time in four years, North Carolina has been named America’s Top State for Business by CNBC. During a presentation aboard the Battleship North Carolina in Wilmington, CNBC anchor Scott Cohn credited the Tar Heel State’s “world-class workforce, a solid economy, and a heritage of innovation” for its continued success in attracting and retaining businesses.
This top ranking in 2025 follows previous No. 1 placements in 2022 and 2023. North Carolina also secured second place in both 2021 and 2024. With consistent top-12 rankings since the list’s inception in 2007, the state has established itself as a fixture of business-friendly governance and economic stability.
Ranking Methodology: What Makes a Top State?
To compile the Top States for Business rankings, CNBC evaluated all 50 states across 135 metrics spread over 10 key categories of competitiveness. In 2025, “Economy” held the most weight, followed by Workforce, Infrastructure, and Business Friendliness.
New to the methodology this year were metrics assessing risks from federal budget cuts and international trade instability. CNBC also strengthened its evaluation of states’ ability to meet business demands for data and energy infrastructure.
North Carolina’s composite score was bolstered by:
- 3rd in Economy
- 4th in both Workforce and Business Friendliness
- 6th in Education
- 8th in Access to Capital
- 11th in Infrastructure
- 13th in Technology & Innovation
- 21st in Cost of Doing Business
- 23rd in Cost of Living
- 29th in Quality of Life
The state received top marks with an A in Business Friendliness, A-grades in Economy, Workforce, and Education, and a AAA bond rating from all three major national rating agencies—one of just 13 states to achieve this distinction.
Population Growth and Fiscal Turnaround
North Carolina’s appeal is also reflected in its surging population, which has grown by more than 3 million in the past 20 years and 5.1 million in the past 40. This demographic momentum has been matched by a dramatic fiscal transformation. From a $2 billion deficit 15 years ago, the state moved into a $5 billion surplus before Hurricane Helene struck last fall.
This turnaround has been attributed in part to policy changes implemented following the 2010 midterm elections, when Republican majorities began steering the General Assembly. These reforms have helped create a more business-centric climate that continues to draw national and international attention.
Governor Highlights Record Investment
Speaking to CNBC after the announcement, Governor Josh Stein emphasized the state’s momentum to explain its success. “We are open for business. Since January 1, we’ve announced more than $20 billion in investment, producing over 23,000 jobs.”
“We are the third fastest growing state in the country. We have a solid, growing economy, but it’s all about our people. We have the most talented, good, hardworking people you could possibly know,” Stein continued. “If you are a biotech, pharmaceutical, or aerospace company, you can come here and we have the engineers and scientists to design your products. Then we have the talented advanced manufacturing workforce to produce them.”
A Look at the Competition
Texas ranked second this year, praised for its unmatched ability to attract workers, according to a proprietary index by labor data firm Lightcast. However, it struggled with Quality of Life, ranking 49th due to high crime, limited health insurance coverage, and weak anti-discrimination laws.
Florida climbed to third place, maintaining its top ranking in Economy for the third consecutive year, despite cost-of-living concerns tied to its ongoing insurance crisis. Virginia, a perennial rival to North Carolina, slipped to fourth place as looming federal budget cuts threaten the stability of its federally dependent economy.
A Tradition of Business Leadership
North Carolina’s continued success is no fluke. With nine top-four finishes in 17 years and only four placements outside the top five (including one at 12th in 2013), the state has proven time and again its ability to adapt, grow, and lead. As CNBC noted, the state barely missed the top spot in 2024—by just three points. In 2025, it’s once again leading the pack, with a robust economic foundation and a forward-looking approach to workforce development and innovation.
