In CNBC's annual competitiveness study, North Carolina secured the title of America's Top State for Business in 2023. This is our second consecutive year in first place.
At the heart of North Carolina's success, lies our business-friendly tax environment. Thanks to the state’s Republican leadership at the legislature in Raleigh, North Carolina companies enjoy one of the lowest corporate tax rates in the country. This low-tax environment, a key component of conservative fiscal policy, has significantly boosted the state's attractiveness to businesses, fostering a climate that encourages investment, growth, and job creation.
Recent major investments in the state include a $130 million expansion by Bosch in Lincolnton, a $458 million biomanufacturing facility by ProKidney in Greensboro, and a $58 million turkey production facility by Select Genetics in Goldsboro. Furthermore, Apple recently filed applications to begin work on its $1 billion facility in the Research Triangle Park, its first hub on the East Coast, drawn in part by the state's business-friendly climate. The arrival of these companies showcases the tangible results of conservative fiscal policies and their role in driving economic prosperity.
North Carolina's robust workforce, which has been crucial in securing these major investments, can also be credited in part to conservative fiscal policies. Emphasis on career education through our excellent community college system has been a key element in empowering individuals through education and skills training.
With a gross domestic product of $560 billion, North Carolina saw a healthy economic growth of 3.2% last year. This impressive performance is a result of disciplined fiscal management that has led to stable state finances and a top-tier debt rating.
All these factors combined, demonstrate a balanced, robust economy in our state that is capable of fostering business growth and success, earning North Carolina its continued recognition as America's Top State for Business. It stands as a compelling example of the transformative impact of Republican, conservative fiscal policies.