Staff Reports
In a recent annual report, North Carolina has been hailed as a shining beacon of economic freedom, ranking a stellar sixth in the nation according to the Canada-based Fraser Institute. Moreover, when considering all Mexico states and Canadian provinces, this economic powerhouse holds a solid 13th place.
This astounding accomplishment is based on the Fraser Institute’s Economic Freedom of North America 2023 analysis, which takes into account government spending, taxation, and regulations in its evaluation of each state and province. North Carolina’s impressive score of 7.31 out of 10 can be attributed to its exceptional labor market freedom, coming in a close second nationally with a remarkable score of 8.18. The state also fared well in government spending, securing the 13th spot with a score of 7.1, and in taxes, ranking an admirable 18th with a score of 6.65.
What’s more, when including Mexico states and Canada provinces in the analysis, North Carolina vaults to 13th place with a commendable score of 7.99 out of 10. The state’s second-place position in labor market freedom, along with its strong standings in legal system and property rights, government spending, and taxes, solidify its status as an economic force to be reckoned with.
The overall findings of the study saw New Hampshire clinch the top spot in the U.S. dataset, followed closely by Florida, Tennessee, Texas, and South Dakota. On the flip side, New York languished at the bottom of the rankings, trailed by Vermont and California, Oregon, and Hawaii. This reaffirms the adage that less government intervention equals more economic freedom, a principle that North Carolina has evidently embraced to great effect.
In light of these impressive rankings, it’s evident that North Carolina’s trajectory of economic prosperity is on a steady upward climb. From its 12th place standing in 2017 to its current impressive position, the state has consistently improved its economic freedom score by one spot each year. Such a remarkable ascent is a testament to the conservative principles and policies that have been championed within the state.
It’s worth noting that the Fraser Institute’s analysis differs significantly from the Freedom in the 50 States report released by the Cato Institute, where North Carolina landed in a seemingly lackluster 24th place. However, it’s essential to remember that the humble yet stalwart state has never strayed so far from the top rankings since the turn of the century. This juxtaposition only serves to underscore the deeply partisan nature of such reports, each reflecting the agenda of the organization behind it.
