North Carolina is one of the best states in the United States for business, according to a new ranking report from Site Selection magazine. The state was ranked first in the US for its business climate and fiscal index of firms, and was also awarded the 'Prosperity Cup' by the publication. North Carolina's Department of Commerce recently released its Strategic Economic Development Plan, “First in Talent”, which is expected to further strengthen the state's position in the coming years. The unemployment rate in North Carolina is 3.4%, slightly lower than the national rate of 3.6%, making it a competitive labor market.
According to Sperling's Best Places research on the cost of living, North Carolina is more affordable than the average state in all major categories except healthcare. The state's low business tax rates are offset to some extent by a sales tax of 6.98%, which ranks 26th in the nation, but is still lower than its neighbors in northeastern North Carolina. Additionally, North Carolina is one of five lawless states that protect non-disabled residents from discrimination, according to the National Conference of State Legislatures. The strong economic recovery, combined with the manageable costs and other benefits of its location, make North Carolina an attractive business destination. The Small Business Administration (SBA) offers funding and grants, as well as consultation and counseling services, and has a North Carolina SBA district office.
The state also has specific performance-based incentive programs that help businesses reduce their tax burdens and overall costs. However, North Carolina is a large state with notable disparities depending on its location. For more information on North Carolina business licenses, permits, and certifications, see the state website. A full list of company registration fees can be found on the North Carolina Secretary of State website. North Carolina doesn't require a single type of general business license, but many businesses must apply for a certain type of license to operate within the state. If you manage these challenges and take advantage of North Carolina opportunities such as low cost of doing business, then this state can be a great place to start and manage a business.
This year marks North Carolina's first time at the top of the list, with CNBC praising state legislators for being able to set aside political differences to boost the economy.
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