North Carolina leaders concerned by populist sentiment targeting big business and data centers
North Carolina's favorable business climate is increasingly threatened by growing public skepticism and hostility towards big business and tech, according to a recent column. An Elon University Poll revealed significant opposition to data center construction, and protestors in Charlotte successfully pushed for a data center moratorium, highlighting concerns over electricity and water costs.
North Carolina is facing a rising tide of populist resentment and hostility towards the business sector, which could jeopardize its continued economic growth, warns columnist John Hood. Despite the state consistently ranking high for business and showing strong private sector growth, public opinion polls indicate a significant negative shift towards 'big business' since 2019.
Specific concerns within the state include widespread opposition to data center construction, with an Elon University Poll finding 44% of North Carolinians would oppose such a development in their community. Furthermore, a Public Policy Polling survey indicated majority support for increased corporate taxes. In Charlotte, protestors successfully advocated for a moratorium on data centers, explicitly linking their actions to anti-capitalist sentiment.
Hood emphasizes that while some corporate actions may warrant criticism, the sweeping demonization of entire industries based on anecdotes and ideology is detrimental. He suggests that business leaders must actively defend free enterprise, forgo special government subsidies, and uphold high standards of honesty and stewardship to counter this populist backlash.