RALEIGH – North Carolina’s record-setting year for economic development projects – including VinFast, Boom Supersonic and Wolfspeed – has earned the state another award: The “Platinum Shovel” honor from Area Development magazine.
It’s the second straight year N.C. received that honor – but unlike in 2022 the state doesn’t share the award with anyone else. (Last year it was Tennessee.) The “state went beyond the Gold standard for job creation and investment,” the magazine notes.
The Economic Development Partnership of North Carola, the N.C. Department of Commerce and local partners closed 151 corporate relocations and expansions, bringing 27,144 jobs and $15.58 billion in capital investment. 2022’s capital investment surpasses that of both 2021, with $10.01 billion, and 2020, which had $6.3 billion, a report from EDPNC notes.
The platinum award follows N.C.’s choice as the top state by Site Selection magazine. And in 2022 CNBC labeled North Carolina the best state for business. Recently, the EDPNC was selected as Business Facilities magazine’s inaugural 2023 Economic Development Organization award.
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“North Carolina earns another Platinum Shovel with a list of major projects that covers most of the economic bases,” Area Development says.
“We’ve spotlighted states whose project activity has been exceptionally strong by bestowing Gold Shovel and Silver Shovel awards. And like last year, we’ve put a Platinum Shovel spotlight on one state with job creation and investment activity that is even further above and beyond.”
Area Development also awards Gold and Silver honors with North Carolina winning two golds and a host of silvers.
“North Carolina had another robust year in 2022, with more than 28,000 new jobs and $19.3 billion in capital investment announced, in industries ranging from life sciences to advanced manufacturing and to clean energy,” said Christopher Chung, CEO of the ECPNC, in a statement. “Our strong public and private partnerships have been the key to winning economic development projects throughout 2022.”
Area Development’s award criteria are “based on a combination of weighted factors — including the number of new jobs to be created in relation to the state’s population, the combined dollar amount of the company investments, the number of new facilities, and the diversity of industry represented.”
Project honors also went to the VinFast EV manufacturing complex and a new distribution center for Macy’s near Charlotte.
