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KC in the Afternoon

Study: North Carolina Ranks No. 2 As a Top State For Businesses

Author KC Atkins
With Charlotte as a financial hub, North Carolina is once again one of the top states in the country to do business.

Don’t be surprised if you see a wave of new businesses popping up around town soon. A new study was published by CNBC lists the top states for businesses in 2024, with the Tar Heel State claiming the number two spot.

How The Study Works

Since 2007, CNBC has released a yearly study ranking all 50 states by their ability to foster a thriving and productive environment for businesses. Their methodology evaluates each state’s performance across ten categories. These categories include:

  • Infrastructure
  • Workforce
  • Economy
  • Quality of Life
  • Cost of Doing Business
  • Technology & Innovation
  • Business Friendliness
  • Education
  • Access to Capital
  • Cost of Living

This year’s study in particular is a unique one, according to CNBC. For the first time ever, the category of Infrastructure carries more weight in the rankings than Workforce, which has normally been the biggest focal point of the study since its inception.

This year’s study has also introduced new metrics under each category to account for the rise of AI, which has significantly shifted how most businesses operate across the board.

North Carolina’s Business Report Card

Although North Carolina was the top state of last year’s business study, it has fallen down a notch to #2 for 2024, with Virginia claiming the top spot.

It should be noted that this change in position is likely due to Infrastructure being the most heavily-weighted category for the first time ever. In almost every other category, North Carolina outranks Virginia by a sizable margin.

Looking at North Carolina individually, the state’s business report card reveals that Quality of Life is its biggest weakness, ranking 32nd overall in the category which earns it a D+ grade (although it’s worth noting that NC has still improved in this category from last year’s 34th ranking). The state’s Education system has also taken a slight dip since last year.

However, NC’s continues to perform strongest in Workforce and Business Friendliness, scoring A- for both categories. This means that the Tar Heel State remains steadfast in its development of skilled workers, and can attract talent across various skill levels and educational status.

How To Start A Business In North Carolina

All in all, North Carolina is still a highly valuable state for businesses, and looks to be on pace to remain close to the top in future business studies. For resources on how to start a business in North Carolina, visit nc.gov/working to get started.

KC is bringing you the Workday Wind Down, afternoons on KML. He’s a Carolina boy making Carolina noise! When he's not slinging music and mouth sounds on the BIG 95.7 WKML, you can catch him at the gym, live wrestling shows, open mics, or wherever fine pasta is sold. KC is a big fan of self-expression, as his many tattoos will show you. KC's favorite pastime is making others laugh. In his mind, if he can bring a smile to your face then it's a day well spent. KC likes to write about TV and film, especially Spider-Man, and Fayetteville happenings.

Two North Carolina Cities Among Top 10 Best Places To Live

U.S. News & World Report has released their new Best Places to Live rankings for 2024-2025, and the Tar Heel state got some major love! In a list of 150 major cities, two North Carolina cities were ranked among the top 10 best places to live in the US.

How Cities Were Ranked

According to U.S. News & World Report, the ranking was compiled using data from the U.S. Census Bureau, the FBI, the U.S. Department of Labor, and some of the publication’s own internal resources. The data was then sorted into four different categories by which each major city would be scored.

The categories were assigned different weights depending on how strongly Americans felt each factor mattered when choosing a place to live. The four categories in order of weight are as follows:

  1. Quality of Life (crime rates, quality of education, health care availability, etc.)
  2. Value (housing affordability, price parity, etc.)
  3. Desirability (net migration, weather temperateness, establishments-to-population ratio, etc.)
  4. Job Market (unemployment rate, average salary, etc.)

Which North Carolina Cities Are The Best Places To Live?

According to the official rankings, Charlotte and Raleigh are the two best places to live in North Carolina. The two cities made it to #5 and #6 respectively.

Charlotte scored extremely well overall, with the Queen City’s quality of life and economic value placing it among the top places in the country to live. Charlotte was also commended for its sprawling metro area and bustling downtown scene, while still maintaining its southern charm.

Raleigh ranked almost neck-and-neck with Charlotte, with North Carolina’s capital scoring highly in the Quality of Life category. The publication highlights Raleigh’s bustling art and music scenes, as well as its beautiful green spaces and activity space. The city of Raleigh also received high marks for its strong sense of community among the residents.

Additional Ranking Information

The full rankings (seen here) reveals some interesting information about other major cities in the US, including other cities in North Carolina. Here are some of the key takeaways.

  • The Top 4 Best Places To Live In The US

  • 1. Naples, Florida

    Ranked #1 overall, Naples, Florida was determined to be the best city to live in the US. The city scored highly for its overall quality of life, especially among retirees who desire a pristine beachfront view in their twilight years.

  • 2. Boise, Idaho

     

    View this post on Instagram

     

    A post shared by City of Boise (@city_of_boise)

    It’s certainly a surprising #2, but Boise, Idaho has much to offer for outdoorsy types. Boise offers a plethora of different terrains for adventurers, including mountain ranges, canyons, deserts and lakes.

  • 3. Colorado Springs, Colorado

     

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    A post shared by Visit Colorado Springs (@visitcos)

    Colorado Springs, Colorado was ranked as the #3 best place to live for its blend of natural beauty and rustic modernism. Despite its endless array of events and activities, Colorado Springs maintains a small town charm that residents find intoxicating.

  • 4. Greenville, South Carolina

    North Carolina’s sister state did just a hair better in the ranking, with the South Carolina city of Greenville landing at #4 in the overall ranking. Greenville’s downtown area is a central hub for local businesses, bars, restaurants and boutiques. The city is also quite lively during the summer season.

  • 5. Charlotte, NC

  • 6. Raleigh, NC

  • Other North Carolina Cities Ranked

    – Asheville (#17)

    -Greensboro (#23) 

    -Hickory (#26)

    -Winston-Salem (#60)

    -Fayetteville (#113)

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