Business Facilities Ranks North Carolina 2022 State of the Year

January 4, 2023

North Carolina has been named 2022 State of the Year by Business Facilities for the state’s successful year in project announcements, capital investment and job creation. This is the second time North Carolina has been awarded this accolade since 2007 when the magazine’s highest state honor began. The state previously won in 2020.

“A succinct regional economic development strategy in recent years has propelled North Carolina, and 2022 was another banner year for the state in capital investment and jobs creation,” said Business Facilities Editorial Director, Anne Cosgrove. “Paired with a world-class education and R&D resources, the support of incentives and programs from organizations at all levels for a variety of industries, including high-growth sectors such as electric vehicles, made the state our choice for top recognition this year.” 

Last year, North Carolina welcomed some of the biggest economic development projects in the state’s history. Vietnamese electric vehicle and battery company VinFast announced it is bringing its first North American automotive assembly and battery manufacturing plant to Chatham County, North Carolina. The project has a $4 billion capital investment and will create 7,500 jobs. Wolfspeed, a global leader in semiconductor manufacturing, announced in September it will build its newest semiconductor manufacturing plant in Siler City, North Carolina, investing $5 billion and creating 1,800 new jobs.

Other substantial projects include aviation giant Boom Supersonic announcing it is bringing its new Overture airliner manufacturing and final assembly facility to Greensboro, North Carolina, investing $500 million and creating 1,750 jobs by 2030. Global healthcare leader Eli Lilly and Company announced plans to build a new manufacturing site in Concord, North Carolina, investing $1 billion and creating 600 jobs.

“North Carolina is the best state in the nation to do business, and large companies like VinFast, Wolfspeed, Eli Lilly and Boom Supersonic have noticed and taken advantage of that. We have a world-class education system, a highly skilled workforce, a strong commitment to clean energy and sustainability, the most competitive tax environment in the country, and a demonstrated bipartisan approach to economic development policy,” said Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC).

“We currently have 235 active projects, with a total of $111.8 billion in capital investment, and 100,112 total possible jobs in our pipeline, and our team is looking forward to assisting each one of these companies in choosing North Carolina. 2022 was another year of record performance, and we are confident North Carolina will continue that momentum into 2023,” Chung said.

Full coverage of the 2022 State of the Year and regional runners-up will be featured in the January/February issue of Business Facilities.

Business Facilities is a national publication that has been the leading location source for corporate site selectors and economic development professionals for more than 50 years.