In July 2021, North Carolina was ranked 2nd in CNBC’s top states for doing business and has also been rated as one of Forbes’ ‘Top 5 Best States for Business’ for 11 consecutive years.
This blog looks into some of the reasons why this is the case and why companies should consider relocating to North Carolina.
North Carolina is located close to the northeast. It has easy access to points all along the eastern seaboard – north to New York, West to Tennessee and South to Florida. It also has excellent transportation infrastructure and is easily accessible, either by air, road, rail or port.
2. Low cost of living
Compared to other states, North Carolina’s housing, utilities, groceries and transportation costs are below the US national average.
3. Low corporate income tax rates
North Carolina charges a corporate income tax rate of 2.5%, which is one of the lowest in the US. This is beneficial for businesses who move to North Carolina because this makes setting up a business in this area more profitable and it also decreases employment costs.
4. Fortune 500 companies established in North Carolina
North Carolina is rapidly becoming an advanced tech hub and has one of the largest technology ecosystems. Known as ‘Silicon Valley of the South’, companies such as Cisco and IBM have been firmly established in North Carolina for a while. Also, Apple announced in 2021 that it is opening a new campus in Raleigh and is planning on hiring 3,000 people by 2026.
5. Talented workforce
North Carolina has an extensive pool of educated people from top-tier universities, including North Carolina State University, Duke University and the University of Chapel Hill. These universities are all within 30 minutes of each other in the Research Triangle Park, which hosts campuses of technology and medical giants, such as GlaxoSmithKline and IBM.
Written by Michelle Young