Wednesday, May 10, 2023

North Carolina Named Number One in Economic Development Site Selection magazine awards the state its ‘Prosperity Cup’ accolade

Raleigh, N.C.
May 10, 2023

North Carolina ranks first in the nation for the third year in a row on a closely watched measurement of state business competitiveness. Site Selection magazine’s 2023 ‘Prosperity Cup’ is awarded based on ten factors of economic performance, including the total number of new and expanded facilities in the state, capital investment, and total number of new jobs created.

“North Carolina continues to be the best place in America to do business thanks to our first-class workforce and excellent quality of life,” said Governor Roy Cooper. “With strong infrastructure and education investments along with our continued commitment to diversity and inclusion, we can continue to lead the country in attracting the most dynamic and innovative businesses in the world, creating good-paying jobs and livable communities.”

The Prosperity Cup, one of several economic development performance measurements published by Site Selection, is an accolade based on data from Conway Data Inc.’s New Plant Database and is also considered a reflection of the strength of a state’s economic development agencies. The Department of Commerce works with the Economic Development Partnership of North Carolina to manage economic development projects at the state level.

“We have continued to leverage our strengths,” said North Carolina Commerce Secretary Machelle Baker Sanders. “The Department of Commerce is a multiplier for our local and regional economic development agencies. We have continued to invest in and underscore the importance of our number one asset, which is our talent. It’s important for companies to locate in places that employees will enjoy and be able to thrive in. North Carolina offers all of that. That has kept us competitive.”

In the rankings, North Carolina led the field, followed by Georgia, Ohio and Indiana.

North Carolina’s recent successes in economic development include VinFast’s announcement of its first North American electric vehicle (EV) assembly and battery manufacturing plant, bringing 7,500 jobs to Chatham County; 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.

The 2023 ‘Prosperity Cup’ rankings evaluating state business competitiveness can be reviewed at