North Carolina Wins Award for Economic Development Achievements for Second Year in a Row

May 5, 2022

For the second year in a row, North Carolina is the winner of Site Selection magazine’s 2022 Prosperity Cup, an annual award given to state-level organizations with the most successful economic development and business development projects in their state for the previous year. This year’s award is shared by the Economic Development Partnership of North Carolina (EDPNC) and the North Carolina Department of Commerce, who partner with other state and local organizations to support North Carolina’s economic development efforts.

In 2021, North Carolina welcomed 174 new projects totaling over 23,000 new jobs for residents and $10 billion in capital investment from companies across many different industries. This includes Apple’s $1 billion investment in Wake County, bringing in 3,000 jobs; Toyota Motor North America’s announcement of its first North American battery plant in Randolph County, for a $1.27 billion investment creating 1,750 jobs; and Fujifilm Diosynth Biotechnologies, which announced a $2 billion investment for a biopharmaceutical manufacturing facility in Wake County that will create 725 jobs.

These and other projects when evaluated against Site Selection’s criteria, shot North Carolina to the top of the 2022 rankings over Texas, Tennessee, Georgia and Indiana. In 2020, North Carolina had placed sixth, but jumped five spots in 2021, knocking Texas down a distinction, to share first place with Georgia. Criteria for this nationwide award include the total number of new and expanded facilities in the state, total capital investment in new and expanded facilities, total number of new jobs created, as well as business-climate attractiveness.

“This is not some blip,” said Gary Daughters, Site Selection magazine’s senior editor. “North Carolina’s increasingly resonant example represents the triumph of long-term planning, perseverance and adaptability, investment and execution.”

“We are proud to work with our state and local partners to bring economic development projects to North Carolina, improving the quality of life of our citizens and emphasizing our state as the destination to grow and expand a business,” said Christopher Chung, chief executive officer of the EDPNC. “I appreciate Site Selection magazine’s awarding North Carolina with the 2022 Prosperity Cup, in recognition of this hard work and success.”

For more information on the 2022 Prosperity Cup, visit Site Selection’s website or pick up the May issue of the magazine.