Banner year for NC economic outlook

by Matt Caulder, NC Capitol Connection, November 28, 2017.

With 2017 coming to a close in the next month, North Carolina has received yet another recognition of its financial health, being named Forbes’ Best State for Business.

North Carolina was the only state to place in the top 20 of all six of Forbes’ economic climate rankings.

“Today’s number one ranking reflects the North Carolina House of Representatives’ commitment to permanently improving our state’s tax structure, strengthening our infrastructure, and building a dynamic education system that serves students with a career-ready curriculum,” North Carolina House Speaker Rep. Tim Moore (R-Cleveland) said.

“Our pursuit of smarter government policies and fiscal responsibility encourage business leaders across the nation to look to North Carolina communities for economic success.”

Annually for the last 12 years Forbes has ranked states by their economic climate; studying business costs, labor supply, regulatory environment, economic climate, growth prospects, and quality of life. While North Carolina has placed in the top five for the last 12 years, 2017 is the first time North Carolina cinched the top spot.

North Carolina came out on top when averaging the scores from all six categories, even though it did not take the top spot in any of the six.

Joining North Carolina in the top ten states were, in order: Texas, Utah, Nebraska, Virginia, Georgia, Florida, Colorado, North Dakota and Indiana.

Coming in at the bottom of the list were West Virginia, Alaska, and Vermont.

“An improved employment outlook and the second lowest business costs (labor, energy, and taxes) have propelled North Carolina to first in our annual ranking, a spot previously only attained by Utah and Virginia since we launched the list in 2006,” wrote Forbes’ staff writer Kurt Badenhausen.

The state also received recognition earlier this month for the state retirement system.

The North Carolina Retirement Systems was awarded the 2017 Standards Awards for Funding and Administration for all six of the state’s eligible pension plans by the Public Pensions Coordinating Council (PCCC).

The PCCC is a coalition of three national associations that represent public retirement systems and administrators: the National Council on Teacher Retirement, the National Conference on Public Employee Retirement Systems, and the National Association of State Retirement Administrators.

The state received funding and administration awards for the Teachers’ and State Employees’ Retirement System (TSERS), the Local Governmental Employees’ Retirement System (LGERS), the Consolidated Judicial Retirement System (CJRS), the Legislative Retirement System (LRS), the Firefighters’ and Rescue Squad Workers’ Pension Fund (FRSWPF), and the National Guard Pension Fund (NGPF).

The coalition represents more than 500 of the largest pension plans in the United States, serving most of the nation’s 16 million employees of state and local government.

The state retirement system was also recognized as one of the top five highest-funded pension plans in the country, according to a Department of the State Treasurer release.

The S&P Global report cited proactive management and funding discipline in the success of the state program.

The organization reported that the state had the ability to effectively manage pension liabilities over the long term, and gave the state a AAA rating.

The state also hit a 10-year low for its unemployment rate in September at 4.1 percent, dropping from a rate of 5.3 percent in January of this year.

Since March of 2008 the unemployment rate has been descending steadily, first dipping below 10 percent in November 2011 after more than two and a half years above 10 percent.

Other Economic Successes for North Carolina in 2017

North Carolina wins 2017 Prosperity Cup by Site Selection Magazine

North Carolina among 16 states prepared for economic recession

North Carolina passes 30 states in 3 years of Tax Foundation rankings

North Carolina top-5 for wage growth, says U.S. Census Bureau

North Carolina No. 5 for business climate, corporate execs say

North Carolina is best state for business startups in study

North Carolina 5^th best state for business in 2017 CNBC rankings

North Carolina ranked #1 for tech job growth in N.C.T.A. study

North Carolina 5^th best balanced budget in Mercatus Center study

North Carolina 1 of 12 states with unanimous ‘AAA’ bond rating

North Carolina has two cities in top-five for tech job growth

North Carolina passes 30 states in 3 years of Tax Foundation rankings

North Carolina had no layoffs in September for first time in 7 years

http://nccapitolconnection.com/2017/11/28/banner-year-for-nc-economic-outlook/