Monday, April 21, 2014

North Carolina Leaps Forward in Economic Outlook

According to a recently released study that measures state economic competitiveness, North Carolina’s economic outlook has made greater progress this year than any other state. The 2014 edition of Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index ranks each state’s Economic Performance and Economic Outlook.
Click here for North Carolina’s rankings.

In Economic Performance North Carolina ranked 12. Economic Performance is a backward-looking measure based on the state’s performance in three performance variables: State Gross Domestic Product, Absolute Domestic Migration, and Non-Farm Payroll Employment. This ranking details states’ individual performances over the past 10 years based on this economic data.

What is most exciting for North Carolina is our Economic Outlook, which jumped from 22 to 6 this year – the most significant progress made by any state in 2013. The Economic Outlook rank is a forecast based on a state’s current standing in 15 state policy variables, including tax policy, workers’ compensation costs, and right to work status, among others.

Most of these variables are outlined in the Competitive Business Climate pillar of North Carolina Vision 2030 as essential to North Carolina’s overall competitiveness, and are all issues the North Carolina Chamber continues to fight for on your behalf at the State Capitol. In recent years, the North Carolina Chamber successfully spearheaded reforms to make our state’s tax policy, workers' compensation and civil liability systems more competitive against surrounding states in order to lower your cost of doing business. As we approach the 2014 Legislative Session, the North Carolina Chamber has hit the ground running this year to advance a pro-jobs legislative agenda.

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