North Carolina Wins Award for Economic Achievements for Third Year in a Row

May 2, 2023

For the third year in a row, North Carolina is the winner of Site Selection magazine’s 2023 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 2022, North Carolina welcomed 151 new projects totaling 27,144 new jobs for residents and $15.58 billion in capital investment from companies across many different industries. This includes VinFast’s announcement of its first North American electric vehicle (EV) assembly and battery manufacturing plant, for a $1 billion investment in Chatham County bringing in 7,500 jobs; Wolfspeed, which announced its newest semiconductor manufacturing plant in Siler City, for a $5 billion investment creating 1,800 jobs; Boom Supersonic’s announcement of its supersonic airliner manufacturing and assembly plant in Greensboro, for an investment of $500 million creating 1,750 jobs; and Eli Lilly and Company’s announcement of its new manufacturing site in Concord, for an investment of $1 billion and creating 600 jobs.

North Carolina’s record-breaking year, along with other criteria evaluated by Site Selection, was what made the state stand out over its competitors, including Georgia, Ohio, Indiana and Kentucky, who placed second through fifth, respectively. In 2022, North Carolina placed first over Texas, Tennessee, Georgia and Indiana, respectively, and shared first place in 2021 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.

 “The Economic Development Partnership of North Carolina has played a leading role in attracting and retaining the capital investment projects that contribute so significantly to the Prosperity Cup Index, and in North Carolina’s claim to the Cup for the past three years,” says Mark Arend, Editor in Chief of Site Selection. “The Prosperity Cup recognizes not just the projects large and small that the EDPNC helped work on, but the new jobs and the local and regional prosperity that will follow when they become operational.”

“We are proud that our work with state and local partners is being recognized nationally for the third year in a row,” said Christopher Chung, CEO of the EDPNC. “I appreciate Site Selection magazine awarding North Carolina the 2023 Prosperity Cup, which validates not only our state’s unmatched business climate but also the work we undertake every day to improve the economic well-being and quality of life for all North Carolinians.”

For more information on the 2023 Prosperity Cup, visit Site Selection’s website or pick up the May issue of the magazine.