In July 2017, North Carolina received four national economic distinctions as the #1 state for starting a business in a Fit Small Business study released July 3, the #5 best state for business in CNBC rankings on July 11, one of only twelve states with a unanimous ‘AAA’ bond rating from Moody’s, Fitch’s and S&P rating agencies on July 6, and on July 11 was reported as the #5 state for budget solvency and #15 for financial health by a George Mason University Mercatus Center study.
The Fit Small Business study cited “the state’s labor market and taxes as driving an ideal environment for business owners.” Fit Small Business in New York conducts research for small businesses.
The Mercatus Center at George Mason University noted North Carolina’s state revenues exceed budget expenses by 12 percent, as the state has amassed substantial revenue surpluses and a $1.8 billion rainy day reserve fund.
A recent financial memo from Fitch’s bond rating agency credited North Carolina’s “conservative financial operations and long-term prospects for continued economic expansion,” “rebuilt rainy day fund,” “demonstrated controls over spending” and “revenue growth” as strong factors in its “financial flexibility.”
“Recent economic growth in North Carolina has been accelerating and future growth is expected to be stronger,” the memo supporting the state’s ‘AAA’ bond rating in June said.
The rankings for CNBC’s America’s Top States for Business, which ranked North Carolina #5 in July 2017, was scored on 66 different measures of competitiveness and an array of input from business and policy experts, official government sources, the CNBC Global CFO Council and the states themselves.
“North Carolina’s four top-tier economic rankings in July show our state is on the right track,” said House Speaker Tim Moore. “I’m proud of the hard work and smart decisions made by the North Carolina General Assembly that produced these positive results for the people of this state.”