North Carolina is the best state in the United States for business, according to new CNBC ranking. RALEIGH — In a new study, WalletHub compared all 50 states in the U.S. Department of State, rating each state on 28 different indicators important to startup success, and North Carolina ranked ninth. The study comes after another report recently ranked Durham as the No.
And the number of new businesses across the state is at 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. Dimensions were business environment, access to resources, and business costs.
North Carolina ranked 10th in business 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, Shaver said. 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. The latest headlines are delivered to you twice a day. A collaborative effort from all parts of the state makes North Carolina the best choice for business.
Charlotte is the second largest banking center in the country, thanks to Bank of America and Truist being headquartered in Queen City. The CNBC study found that North Carolina's credit rating is flawless, had economic growth of 6.7% last year, and had one of the strongest job growth rates in the country, at 3.6%. Starting a business in North Carolina is not difficult in terms of required management and compliance with state regulatory requirements. A North Carolina startup can be established in a variety of industries, including major industries such as agriculture, financial services, and manufacturing.
North Carolina is home to some of the world's leading companies and brands, including Bank of America, Lowe's Companies, Hanesbrands, Quintiles Transnational Corp, Compass Group, Total, Duke Energy, PRA Health Sciences, Duke University, BB%26T and Carlisle Companies, among others. The bottom line is that North Carolina is one of the best places to start your business and help you achieve growth. Flashpoint is a weekly in-depth look at politics in Charlotte, North Carolina, South Carolina and beyond with host Ben Thompson. 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.
In conclusion, North Carolina has a lot to offer entrepreneurs who have the flexibility to consider starting a new business across multiple geographies. 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. House Speaker Tim Moore, Republican, said North Carolina was able to land Apple's first East Coast center because leaders with different perspectives and points of view worked together. In fact, North Carolina's strong finances are the cornerstone of the country's main economy, as measured by the CNBC study.
CNBC is describing more of North Carolina's competitive advantages, as well as opportunities for improvement. North Carolina taxes generally relax, as the state seems eager to promote both small and large businesses. .