North Carolina: A Top State For Business
When it comes to running a business, North Carolina provides opportunities that are almost unfair to the other 49 states. Bustling metropolitan regions, rural agricultural strongholds, and its tech and life science hubs make the state an ideal location for a plethora of industries. For the second year in a row, North Carolina was named America’s Top State for Business by CNBC. To earn that title, the state placed first in the workforce category, and highly in the economy, technology and innovation, and access to capital categories.
This didn’t happen by chance. It was set in motion by having the nation’s lowest corporate income tax rate at 2.5%. By 2030, that rate will drop to 0%, largely thanks to North Carolina’s bipartisan efforts to craft fiscal policy with businesses in mind. The state is welcoming people to take advantage of it. Building a business there is an easy decision when metropolitan area construction costs, industrial electricity costs, and the overall cost of living are all much lower than the national average.
Youth is helping spur the North Carolina economy to new heights.
All 52 of its private and public colleges (including three Tier-1 research universities), its community college system (the nation’s third largest), and its 11 historically Black colleges and universities (highest enrollment in the country) are all awarding degrees to students that are inclined to stay and find career success in the state. Meanwhile, millennials, who make up 35% of new residents, are actively contributing to the motivated and dynamic 5.1-million-person workforce.
The North Carolina labor pool is also boosted by its significant military presence. Seven military bases, including Fort Liberty, Camp Lejeune, and Cherry Point, reflect strong support for the armed forces. With 20,000 highly trained service members re-entering the workforce each year, the state clearly values its military community and their contributions.
The world is taking notice. Companies like Toyota, Siemens, and FUJIFILM Diosynth choose North Carolina for its top business climate, workforce, and education systems.
A diverse geography and numerous recreational and cultural opportunities make North Carolina’s quality of life tough for any other state to match. There’s something for everyone. And when that’s paired with all the state’s economic advantages, there’s something for every business, too.
North Carolina’s Certified Sites program makes sure that the state’s success is maintained by offering top quality sites. The program reduces developmental concerns by addressing 31 prerequisites, such as a community’s property availability, support from local government, amount of buildable acreage, and utility service proximity and equipment. Additionally, sites are periodically re-certified to ensure their viability.
For more information, visit edpnc.com/allinnc.
