What Keeps North Carolina on Top?

<p>Jonathan Morgan is a School of Government faculty member.</p> <p>Industry trade publications consistently rank North Carolina among the top five states with respect to its attractiveness for business locations. For example, North Carolina has been ranked No. 1 in eight of the last nine years by Site Selection magazine in its assessment of overall state business climates. The various business climate rankings are based on multiple criteria including executive surveys, cost factors, labor supply, regulatory environment, tax policies, quality of life and infrastructure.</p> <p>North Carolina’s apparent status as a preferred destination for business contributes to the perception that the state is a trendsetter in economic development. To be sure, the state benefits from visionary leadership in the public and private sectors that has invested in important long-term projects such as the renowned Research Triangle Park, and the emerging North Carolina Research Campus in Kannapolis, while maintaining strong support for higher education and physical infrastructure improvements. But to what extent is North Carolina the leader and innovator in economic development that many perceive it to be? How much of this is about perception versus reality?</p> <p>Assuming North Carolina does indeed have a genuine competitive edge, at least four factors should be examined more fully in order to better understand the state’s unique formula for economic development success.</p> <p>1. People<br /> The N.C. Department of Commerce now markets North Carolina as “The State of Minds”. Such a motto seems especially appropriate given the large numbers of really smart people that tend to cluster in certain parts of the state. For example, the [...]</p>