From the Triangle Business Journal:
There will be no sharing of Site Selection magazine’s Prosperity Cup title this year. In its May issue, released Thursday, North Carolina took first place for the 2017 award.
Formerly known as the Top Competitive State award, North Carolina had tied with Texas for the top spot in 2016 after having won the award also in 2015.
The award is based on an index of 10 criteria that measures economic development activity during the previous calendar year for new and expanded facilities bringing new jobs and capital investment, plus a state’s business climate and tax climate ranking from third-party sources like Beacon Hill Institute and The Tax Foundation.
In 2016, both North Carolina and Texas were lauded for their resilience in the face of adversity – more specifically for how Texas confronted an energy sector downturn that cost thousands of job losses and North Carolina for the way it navigated the House Bill 2 “bathroom bill” debate. Legislators repealed HB2 this year, but not before the state’s business-friendly reputation was run through the ringer for a whole year by opponents to the bill.
“[T]he bill was an albatross around the neck of those championing the state as a location for facility investment,” Site Selection editor Mark Arend wrote, but noting also that the state’s educated workforce and temperate climate still won over a number of business executives. “HB2 didn’t change the strategic significance of a North Carolina location to companies already there, nor to most considering it a potential addition to their real estate portfolios.”
In 2017, Texas dropped to a fourth place ranking, according to the magazine. Tennessee and Georgia came in second and third, respectively.
The preceding article was written by Amanda Hoyle, staff writer for the Triangle Business Journal, and it first appeared on their website on May 5, 2017. Follow Ms. Hoyle on Twitter @TBJrealestate. And to read the original announcement from Site Selection Magazine, please click here.