RALEIGH — North Carolina is the top state in the U. S. for business climate, according to a new ranking report from Site Selection magazine. The state beat all other states in the new corporate tax index and among the publication's “Prosperity Cup”.
Site Selection noted that the North Carolina Department of Commerce's recently released Strategic Economic Development Plan, “First in Talent,” would not have taken into account this year's rankings, but that the plan could reinforce North Carolina's ranking at or near the top in the next few years. Two national publications, CNBC and Business Facilities magazine, have also ranked North Carolina as the number one state for doing business in the country. Economic experts said it's no surprise that the state is receiving national recognition. In the Triad, the arrival of Boom Supersonic at Piedmont Triad International Airport and the Toyota battery plant at the Megasite Greensboro-Randolph are two examples of significant economic growth in the state.
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. The state's low business tax rates are offset to some extent by a 6.98% sales tax, which ranks 26th in the nation, but still lower than Northeastern North Carolina neighbors. The Small Business Administration (SBA) offers funding and grants, as well as consultation and counseling services, and has a North Carolina SBA district office. Starting a business in North Carolina isn't difficult in terms of required management and compliance with state regulatory requirements.
The highest corporate income tax rate is 2.5%, which is significantly lower than in many other states, especially North Carolina's neighbors on the East Coast. North Carolina has a lot to offer entrepreneurs who have the flexibility to consider starting a business across multiple geographies. The state's unemployment rate is 3.4%, slightly lower than the national rate of 3.6%, which means the labor market is competitive. For more information on North Carolina business licenses, permits, and certifications, see the state website.
North Carolina is an ideal place for businesses looking to expand or start up operations due to its favorable business climate and economic development opportunities. The state has been ranked as one of the best places to do business by multiple publications and organizations due to its low taxes, competitive labor market, and access to resources from organizations like the Small Business Administration (SBA). Additionally, North Carolina institutions are among the top recipients of research funding from both the National Science Foundation and National Institutes of Health, making it an attractive destination for businesses looking to innovate and grow. For small business owners looking for resources to help them move forward in North Carolina, there are several organizations they can turn to for assistance.
The SBA offers funding and grants as well as consultation and counseling services through its district office in North Carolina. Additionally, businesses can take advantage of low taxes and competitive labor market conditions in order to maximize their potential for success. In conclusion, North Carolina is an excellent place for businesses looking to expand or start up operations due to its favorable business climate and economic development opportunities. With access to resources from organizations like the SBA as well as low taxes and competitive labor market conditions, businesses can take advantage of all that North Carolina has to offer in order to maximize their potential for success.