North Carolina tops CNBC’s 2026 state economy ranking

CNBC ranked North Carolina as the strongest state economy in its 2026 America’s Top States for Business study, with Texas and California close behind. For everyday investors, the list is a useful read on where jobs, corporate investment, housing strength and state finances are helping create business momentum.

The ranking comes after a recession call that did not play out. CNBC said more than half of economists in its Fed Survey a little over a year earlier expected a downturn within 12 months, while current risks still include inflation, geopolitical tension and richly valued markets.

CNBC said its Economy category carried a 16.6% weight in the overall 2026 study, making it the second-biggest factor after infrastructure. The network said that weighting reflected its review of how all 50 states market themselves to companies.

To score state economies, CNBC said it looked at growth, hiring, major corporate headquarters, budget health, long-term obligations, debt ratings, housing conditions, tariff exposure, potential federal budget-cut exposure, foreign direct investment and small-business survival. Real GDP means real gross domestic product, the inflation-adjusted value of goods and services produced in a state.

The top 10 state economies

• 1. North Carolina: CNBC gave the state 317 out of 415 points and an A+ grade. The state posted 2.7% real GDP growth in 2025, drew $5.26 billion in foreign direct investment in 2024 and has major headquarters including Labcorp Holdings, Bank of America and Duke Energy. CNBC noted that nearly 40% of state spending comes from federal funds, leaving it more exposed to Washington budget cuts.

• 2. Texas: Texas scored 302 points and an A grade. CNBC cited strong economic and job growth, $22.1 billion in 2024 foreign direct investment and major headquarters including Oracle, Tesla and AT&T. The network also pointed to a softer housing market and tariff vulnerability, with international goods trade equal to 29.3% of nominal GDP.

• 3. California: California scored 295 points. CNBC said stock-market strength and artificial intelligence activity helped the state, whose 2025 real GDP was $3.38 trillion. The state’s Legislative Analyst’s Office warned in May that a $25 billion tax revenue windfall was probably “not sustainable,” according to CNBC.

• 4. New York: New York scored 289 points after 2.9% real GDP growth in 2025. CNBC attributed the gain to financial markets and AI-related investment, while noting weak spots including out-migration of college-educated workers, low new-business formation and expensive housing.

• 5. Washington: Washington scored 287 points. CNBC said foreign investment, entrepreneurship and large headquarters such as Costco Wholesale, Amazon and Microsoft supported its rank. Pew data cited by CNBC showed the state could cover only about 28 days of operations from its total balance.

South Carolina ranked sixth with 286 points, helped by 3.1% real GDP growth in 2025 and strong in-migration of college-educated workers, according to CNBC. Delaware placed seventh with 284 points, supported by low reliance on federal funds and solid fiscal metrics, though CNBC said its small-business survival rate was among the weakest.

Minnesota ranked eighth with 278 points, followed by Ohio at ninth with 275 points and Wisconsin at tenth with 258 points. CNBC said Minnesota benefited from solid credit and small-business durability, Ohio from foreign direct investment and a large S&P 500 corporate base, and Wisconsin from a rise in new small businesses since the pandemic.

This story draws on original reporting from CNBC.