North Carolina is one of the best states in the United States for business, according to a recent CNBC ranking. RALEIGH — WalletHub recently conducted a study comparing the 50 U. S. states on 28 different indicators important to startup success, and North Carolina ranked ninth.
This comes after another report recently ranked Durham as the No. 1 city in the nation for startups. The number of new businesses across the state is at a record pace, as WRAL TechWire reported in March. However, North Carolina ranked only 25th in industry variety and 29th in recent COVID-19 data.
WalletHub's study methodology compared states across three key dimensions and 28 metrics. These dimensions were business environment, access to resources, and business costs.North Carolina ranked tenth in business environment and 21st in each of the other two dimensions. The state also ranked 11th in labor costs, 12th in average working week duration, and cost of living. North Dakota finished one spot ahead of North Carolina, which is also the ninth largest state in terms of population.
Texas, Georgia, California, Florida, Idaho, Utah and Colorado were the seven states ranked by the study, in that order.True corporate tax rates, that is, the rates that apply to commercial organizations founded as C corporations, can be important considerations when a state's goal is to attract an existing company to move to a new location, according to Shaver. However, data from the National Small Business Association cited by Shaver estimates that 35% of small businesses are LLCs and another 33% are S corporations.Charlotte is the nation's second largest banking center in the country, thanks to Bank of America and Truist being headquartered in Queen City. Even though business taxes in North Carolina may be slightly higher than other states, they are still lower than most neighboring states. Still, state policies can make a difference to small business growth and to attract small businesses or those who may choose to start a business with growth in mind.North Carolina institutions are among the top recipients of research funding from the National Science Foundation and the National Institutes of Health, and the state ranks high in cryptocurrency mining, a new factor in this year's ranking.Starting a business in North Carolina isn't difficult in terms of required management and compliance with state regulatory requirements.
In fact, North Carolina's strong finances are the cornerstone of the country's main economy as measured by the CNBC study.In its article, Forbes explained that North Carolina ranks prominently thanks to its low business costs, higher education institutions, high labor supply and regulatory environment. House Speaker Tim Moore (R) said North Carolina was able to land Apple's first East Coast center because leaders with different perspectives and points of view worked together.The bottom line is that North Carolina is one of the best places to start your business and help you grow. NC prides itself on being as business-friendly as possible, and the slight administrative burdens for startups are a good example of this public policy.In addition to these benefits, there are several other business incentive programs such as One North Carolina Small Business Program, Green Business Fund, Community Development Block Grant, Industrial Development Fund, Economic Infrastructure Program, North Carolina Rural Economic Development Center Building Reuse and Restoration Grant and Access Program railway among others.To sum up, North Carolina has a lot to offer entrepreneurs who have the flexibility to consider starting a new business across multiple geographies. The state has low business costs and taxes compared to other states; it has high labor supply; it has strong financials; it has several incentive programs; it has high research funding; it has cryptocurrency mining opportunities; it has low administrative burdens; and it has leaders who work together for success.