North Carolina has continued to attract many people around the country and beyond. This is probably due to its favorable business environment.
North Carolina is home to some of the best and brightest minds in the United States. It is where some of the world’s complex problems are being solved.
Are you thinking of setting up a business in North Carolina? If so, then you won’t regret your decision.
Starting a business in North Carolina is a straight and clear process. There are minimal restrictions for people who want to establish a business there.
What Makes North Carolina a Preferred Place for Business Owners?
Forbes magazine ranked North Carolina a top place for business for three consecutive years. This shows you why many people are setting up businesses in North Carolina.
1. A Robust Housing Market
North Carolina has one of the most healthy real estate markets in the country. In 2018 alone, the state attracted approximately $2.5 billion in venture capital. A lot of investors flock to the state every year looking for both commercial and residential property.
Home processing increased in the same year. This has, however, led to a rise in the prices of houses across the state. If you are a real estate investor, then you have every reason to invest in North Carolina.
2. High-Quality Education
North Carolina has some of the best learning institutions in the country. As an entrepreneur, you will have access to a highly-skilled workforce from both private and public colleges scattered across the state.
For instance, Duke is a high-ranking research university in the state. The institution is ranked among the top five universities in the country.
Other institutions that churn out skilled and competent employees include Elon University, North Carolina Chapel Hill, and Appalachian University.
3. Competitive Local Labor Markets
The State of North Carolina has a vibrant and competitive labor market. Due to low unemployment rates, the demand for skilled workers is always high. Employers have no choice but to take advantage of their competitors. This has helped boost workplace wages and employee compensation.
With high salaries, it becomes easy for employers to attract and retain the best talent. Most businesses in the state have implemented systems to fight discrimination, unfairness, and workplace harassment, making employees happy and productive.
4. Attractive Taxation
This is another reason why many people are setting up businesses in North Carolina. The state has some of the lowest taxes in the United States. The state was ranked 12th for business taxes by the Tax Foundation. The highest corporate income tax for the state is 2.5%, lower than the rate in most states. The state’s taxation structure is designed to promote both small and big businesses.
Additionally, development tax credits in North Carolina are an incentive for people who would like to set up their business operations in the state.
5. Low Cost of Living and Ease of Doing Business
The cost of living and running a business is generally low in North Carolina compared to other states. You won’t spend much to get business licenses and permits. This is because the state has regulations designed to encourage investors to start and run businesses in the state.
The cost of houses, transport, and electricity are generally low. Although the real estate market has increasingly become competitive, the prices are still manageable.
In a nutshell, there are many reasons to start a business in North Carolina. The state has a lot to offer anyone who wishes to establish their business there. The cost of living and labor is relatively low, the labor market is competitive, and taxation is attractive.
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