North Carolina is a state that is known for its strong agricultural industry, food processing and manufacturing, and commitment to long-term sustainability. Companies such as Tyson, Campbell's, and Smithfield are based in the state, and North Carolina has seen a 96 percent patent growth over the past 10 years. The state is also one of the top states for solar and wind energy production, with more than 1,700 clean energy companies. Aerospace companies such as Lockheed Martin, Honeywell, GE Aviation, and Spirit AeroSystems are based or doing business in North Carolina.
The state is also home to many family food brands such as Olive, best known for its pickles. 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. The first step in the business registration process is to choose an available business name; you can see if the name you want is available by searching the state database. North Carolina's corporate income tax rate is 2.5%, which is significantly lower than in many other states.
The state also has multiple centers dedicated to supporting the development and retention of small businesses. Governor Roy Cooper has noted his cabinet as the most diverse in the state's history. Additionally, the North Carolina Outdoor Recreation Industry office works at the state level to support and grow the outdoor recreation economy statewide through collaboration with companies. Queen City Fintech works to create a community that fosters growth, drives innovation, inspires growth, and fosters inclusion in the startup, finance and insurance sectors. As unemployment rates return and even fall below pre-pandemic levels, businesses are clamoring for skilled workers and providing better compensation, benefits and benefits in the workplace.
However, those workers have some of the highest salaries in the nation, which hurts the state's position on the cost of doing business.