The economic growth of North Carolina is one of the most impressive in the United States. According to the latest data, the state ranks second in the country for its economic outlook. This is based on a weighted average of 15 important variables of state policy, including state and local rates and revenues, and any effects of federal deductibility. The North Carolina Department of Commerce (DOC) forecasts GDP growth using a formula developed by Michael Walden of North Carolina State University.
In the most recent iteration of its North American Economic Freedom Index, North Carolina ranked ninth. In terms of annual growth rate, North Carolina ranked ninth with 1.3 percent, with Florida (1.9 percent) leading the list. If you calculate based on GDP per capita, North Carolina would produce more than all but 14 countries. This is a testament to the success of free market reforms and fiscally conservative policies in the state over the last decade.
This has made North Carolina an attractive place to live, work, invest and create new jobs. The Toyota and Boom announcements have been followed by several other economic booms in North Carolina.
