CNBC has named North Carolina the top state for business in 2025, marking the third time in four years that the state has led the network’s annual “America’s Top States for Business” ranking. Now in its 19th year, the study evaluates all 50 states on 135 metrics—its most expansive dataset yet—across 10 categories that include workforce, economy, infrastructure and cost of doing business. For 2025, CNBC placed the greatest weight on overall economic performance and introduced new measures assessing each state’s exposure to trade-war risks and a shrinking federal budget. North Carolina secured the No. 1 spot largely on the strength of its skilled labor pool and resilient economy, according to CNBC’s analysis. State officials highlighted those factors, along with longstanding pro-growth policies, as key drivers attracting corporate investment and expansion.