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North Carolina Falls to Second Place in CNBC's Ranking of Best States for Business

2024-07-21 05:08:40.412000

Virginia has once again been ranked as the top U.S. state for business, according to CNBC's annual ranking [63a6abf2]. This is the third time in five years and the sixth time overall that Virginia has earned this distinction [63a6abf2]. The ranking takes into account 128 metrics in 10 categories of competitiveness, including schools, infrastructure, workforce, economy, and cost of doing business [63a6abf2].

Virginia's public education system is considered the best in the country, contributing to its high ranking [63a6abf2]. The state is also a leader in linking businesses with shovel-ready sites, making it an attractive location for companies [63a6abf2]. Additionally, Virginia boasts high accessibility, with 121 million people within a day's drive, and a large concentration of data centers in Northern Virginia [63a6abf2].

North Carolina, which held the top spot in CNBC's ranking last year, has fallen to second place [ffe54bf0]. The change in ranking is due to a change in methodology, with the weighting of the infrastructure variable increased [ffe54bf0]. North Carolina's challenges in infrastructure, such as repair and maintenance of water and sewer systems, have been acknowledged, but the state has taken steps to address them [ffe54bf0]. In terms of traffic congestion, North Carolina metros, including Charlotte, Raleigh, and Greensboro, fare better than many of their peers [ffe54bf0].

Georgia ranks fourth overall among the top states to do business in the United States, according to a survey by CNBC [ac03b45c]. Georgia performs well in categories such as infrastructure (first), quality of the workforce (fourth), and the economy (seventh) [ac03b45c]. However, the state performs poorly in quality-of-life measures (40th among all states) [ac03b45c]. The CNBC study shows that being business-friendly is not solely determined by politics, as states that voted for both Joe Biden and Donald Trump are among the top ten states [ac03b45c]. Tax incentives, lax regulations, and financial arrangements are not always the deciding factors for businesses when choosing a location [ac03b45c]. Georgia Secretary of State Brad Raffensperger has made the ease of doing business a priority for his tenure in office, which could help his quest for the governor's office [ac03b45c].

The runner-up in the CNBC ranking was North Carolina, followed by Texas and Florida [63a6abf2]. On the other hand, Hawaii, Mississippi, Alaska, Louisiana, and Montana were ranked as the worst states for business [63a6abf2].

The challenges faced by growing states like North Carolina are not unique, and states experiencing stagnant growth are trying to figure out how to acquire North Carolina's problems [ffe54bf0]. Overall, the article suggests that the ranking change is not a major concern and that the state's challenges are manageable [ffe54bf0].

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.