As North Carolina recovers from the COVID-19 pandemic, business is booming, and one publication has recognized it. In the latest version of its annual survey of CEOs, Chief Executive Magazine ranked North Carolina among the top five states for businesses.

North Carolina did drop one spot in the business rankings, but not for any reason. Arizona skyrocketed from 10 in 2021 to four in 2022. North Carolina did drop one spot in the business rankings, but not because of anything it did wrong. It was more a product of Arizona skyrocketing from 10 in 2021 to four in 2022.

“With tech assets in the Research Triangle and the growing life sciences sector, the Tar Heel State has been on a roll in the past year. Thermo Fisher Scientific announced in December 2020 a $500 million investment and 500 new jobs in Greenville. Fintech company Robinhood added in March nearly 400 new jobs in Mecklenburg County. And in April 2021, Apple announced a $1 billion R&D campus in Wake County that will create 3,000 jobs by 2032. According to a recent survey and a white paper by the Tax Foundation and KPMC, the state now has one of the most competitive tax structures for business in the U.S.”

A number of Fortune 500 companies have their headquarters in North Carolina, including Bank of America, Lowe’s, Nucor, Duke Energy, BB&T, Honeywell, LabCorp, Sonic Automotive, and Advanced Auto Parts. A look at how all 50 states ranked this year, along with comments from the Chief Executive:

• The Top 10 States for Business

• 10. Utah

  “The tech powerhouse of the Silicon Slopes remains a driving force in Utah’s economy and helped pull it through 2020 when other states were hindered with shutdowns and the limitations of social distancing. The state continues to expand in other sectors, too. Malouf Companies announced a $420 million expansion and 4,200 new jobs in Cache Valley, American Packaging is building a $126 manufacturing plant in Cedar City, and Cytiva is working on a $231 million expansion in Logan.”

• 9. South Dakota

  “South Dakota continues to attract new expansions and groundbreakings with its pro-business policies and tapered response to the pandemic. United States Bureau of Economic Analysis (BEA) data from March 2021 found the state was growing faster than any other in the nation, with an annual rate of 9.9% in the fourth quarter of 2020.”

• 8. Nevada

  “While discretionary spending, leisure, and hospitality have taken a notable hit on Las Vegas’ economy, diversification in the Reno area has helped it bounce back quickly. Several innovative tech companies have made notable announcements in the region in the past year. SaaS company Discover Podium announced plans to add 300 employees within five years. Software company PlusPlus plans to hire 100 employees over the next five years. The lithium industry also represents another emerging opportunity in the state.”

• 7. Ohio

  “In a year when financial constraints led many states to scale back on economic development because of financial constraints, Ohio made significant investments to move its economy forward. The Buckeye State has allocated more than $15 billion towards innovation, job-ready sites, growth capital, broadband access, and more. Ohio demonstrated the second-fastest recovery to pre-Covid-19 conditions in the region. And, of course, it came through with one of the biggest potential wins in recent economic-development history, with Intel’s promise to invest as much as $100 billion in the state in the next decade.”

• 6. Indiana

  “Despite the unprecedented challenges and uncertainty during the pandemic, Indiana was on track to hit its fifth-consecutive record-breaking year of economic development in 2021. One promising sector is manufacturing. In April 2021 alone, the state announced commitments from Amazon, Apple, and Toyota with a total of more than $900million in capital investment and 2,900 jobs. The challenge is now keeping the flow of talent to support the growth. In early May, Gov. Eric Holcomb launched the Indiana Regional Economic Acceleration and Development Initiative (READI), which will dedicate $500 million to encourage long-term sustainable investments to make regions across the state magnets for talent.”

• 5. North Carolina

  “With tech assets in the Research Triangle and the growing life sciences sector, the Tar Heel State has been on a roll in the past year. Thermo Fisher Scientific announced in December 2020 a $500 million investment and 500 new jobs in Greenville. Fintech company Robinhood added in March nearly 400 new jobs in Mecklenburg County. And in April 2021, Apple announced a $1 billion R&D campus in Wake County that will create 3,000 jobs by 2032. According to a recent survey and a white paper by the Tax Foundation and KPMC, the state now has one of the most competitive tax structures for business in the U.S.”

• 4. Arizona

  “According to the Small Business Jobs Index from Paychex and IHS Markit, Arizona led the nation in small business job creation in the fall of 2021, recovering more jobs than it lost since April 2020. Phoenix remains one of the top labor markets in the United States with a high concentration of college graduates. Tata Consultancies, LucidMotors, Facebook, and Intel have all made announcements here in the past year.”

• 3. Tennessee

  “Despite the challenges of the pandemic, the Volunteer State maintained a spirit of resiliency as its government and citizens worked to rebuild the economy. One promising area is electric vehicles. The state is now home to three OEMs and over 900 suppliers in an automotive industry that employs more than 123,000 residents. Tennessee now produces more than 16,000 electric vehicles annually.”

• 2. Florida

  “While Gov. Ron DeSantis’ bold moves in the past year often went against CDC guidelines and the national consensus, there’s a strong case that it has helped the state’s economy weather the storm. Florida ranked #2 in Chief Executive’s 2021 Best and Worst States for Business for its business-friendly policies. The Sunshine State has landed several notable projects in the past year. Aviation manufacturer Aerion announced a $300 million capital investment that will create 675 new jobs by 2025. IT consulting firm Synergy Technologies is adding 300 new jobs with an expansion in Jacksonville. And Scotlynn USA, a logistics subsidiary of Canada-based Scotlynn Commodities, opened a new U.S. headquarters in Fort Myers.”

• 1. Texas

  “While the story may be overplayed, it’s hard to deny the fact that more large companies continue to move headquarters or major parts of their operations from California to Texas. Tesla joined the movement in October 2021 when it announced it would relocate its headquarters from Palo Alto to Austin. Meanwhile, as of mid-year 2021, the Lone Star State led the nation in export trade with nearly double the sum of the next three largest states (California, New York, and Louisiana) combined.”

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