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10 REASONS TO BE IN N.C. 1. A BUSINESS FRIENDLY TAX ENVIRONMENT
North Carolina’s 2.5% corporate income tax rate is the lowest among the 44 states with the levy. Overall, North Carolina has the third-lowest business tax burden in the U.S., according to a comprehensive 2018 Anderson Economic Group study that considers 11 taxes levied on businesses. 2. NATIONALLY RECOGNIZED BUSINESS CLIMATE
North Carolina consistently finishes among the top two states in well-regarded national business rankings. In 2021, North Carolina’s business climate was named No. 1 in the country by Site Selection magazine, a title it shared with Georgia the year prior. In 2019, North Carolina remained Forbes’ choice as the nation’s best state for business — for the third year in a row. Meanwhile, CNBC placed North Carolina No. 2 in its 2021 ranking of America’s Top States for Business. 3. FAST-GROWING POPULATION AND TALENT POOL
North Carolina’s population is expected to grow to 11.1 million in 2025 and reach 11.7 million by 2030. The state’s population grew 9.5% between the 2010 and 2020 U.S. Censuses, earning it a 14th U.S. House seat. That growth also helps fill the workforce pool, which is stocked with local talent. Residents have access to top-tier training. Students are earning degrees at 53 college and universities statewide. North Carolina’s 58-campus community college system is the nation’s third largest and a national model for customized workforce training. 4. AFFORDABLE BUSINESS OPERATING COSTS
North Carolina’s cost-effective business environment is clear across several measures, including construction costs (16% below the national average in metropolitan areas) and industrial electricity costs (about 10% below the U.S. average). In fact, North Carolina’s labor, energy and tax costs are all well below the national average, according to Forbes, and rank as the nation’s fourth lowest overall. 5. LOCATION AND LOGISTICS TO REACH MILLIONS
North Carolina’s central East Coast location and superb road transportation network provide access to more than 178 million customers within a day’s drive. The state’s two deep water seaports and two Class 1 rail carriers enable companies to reach millions more domestic and international customers. North Carolina boasts several regional airports and four international airports including
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the nation’s sixth-busiest in 2020 based on enplanements in Charlotte and the very well-connected Raleigh-Durham International Airport. 6. LEADERSHIP IN RESEARCH AND INNOVATION
North Carolina public and private universities excel in research and development. Duke University, University of North Carolina and N.C. State University ranked among the top 100 universities worldwide granted U.S. utility patents in 2019. The state also is home to several research parks, including the nation’s largest — Research Triangle Park — which is home to more than 250 of the world’s most innovative companies employing more than 50,000 people. 7. QUALITY OF LIFE
North Carolina’s low cost of living and family friendly reputation make it an ideal place to call home. Residents enjoy a moderate climate year-round and unique access to a variety of stunning natural landscapes, flanked by the Great Smoky Mountains and Blue Ridge Mountains to the west and 300 miles of coast to the east. 8. STRONG MANUFACTURING AND GROWING TECHNICAL WORKFORCE
At more than 459,000 employees in 2021, North Carolina has the largest manufacturing workforce in the Southeast and the ninth-largest in the country. Over the past five years, the state’s technology industry jobs increased 18%, seventh highest in the nation and well above the national average of 8.9%. 9. PERFORMANCE-BASED, TARGETED INCENTIVES
North Carolina offers eligible companies state and local programs that lower their costs and increase their global competitiveness, including performance-based grants tied to job creation. In recent years, legislators have significantly expanded possible grants for projects that create large-scale employment and investment. 10. ECONOMIC DEVELOPMENT ASSISTANCE The Economic Development Partnership of North Carolina helps companies of all sizes identify sites, navigate economic development incentives, find workforce solutions and more. If you are interested in locating or growing your business in North Carolina, call 919-447-7744, email clientservices@edpnc.com or visit edpnc.com.
source: Economic Development Partnership of North Carolina
11/11/21 10:55 AM
