After months of controversy, Governor McCrory yesterday signed a controversial economic development package ostensibly aimed at giving the state the tools it needs to compete for business investment in the global economy. Unfortunately, the latest version of the bill—HB 117, the misnamed NC Competes Act—doubles down on an outdated vision for economic competitiveness that relies on lowering business tax costs rather than investing in strategic development that boosts business productivity and encourages growth in those industry sectors most likely to thrive.
Although there are some positive steps taken in the legislation—notably requiring wealthier communities to pitch in more for certain incentive projects—on balance, it is unlikely to deliver on the promises that “competitiveness” is supposed to provide, namely jobs and economic prosperity that benefits everyone.
The final legislation contains many of the problematic provisions seen in earlier versions. Here are just five issues that make this a bad deal for North Carolina: Read more