Tag Archive for: topstateforbusiness

North Carolina Ranks High on Forbes List of Best Places to Start a Business

For many Americans, the dream of starting their own business ranks high, whether it’s to ditch an unsatisfying job or seeking an opportunity that offers more fulfillment and, hopefully, more income. While it can be a daunting task, a key component in success can be finding the right place to lay the groundwork for that new venture.

For budding entrepreneurs, North Carolina ranks high among states when it comes to finding a fertile environment for new business. Forbes Advisor recently placed North Carolina fifth on its list of top states in which to start a business in 2024, ranking behind only North Dakota, Indiana, South Dakota and Arkansas. The Forbes study analyzed 18 key metrics across five categories, taking into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state.

North Carolina Supports Small Business Growth and Success

According to Forbes, “North Carolina offers a blend of supportive business elements. The state’s formation fee is reasonably set at $125, striking a balance between accessibility and quality service. A significant advantage for entrepreneurs is the business survival rate of 77%, suggesting a nurturing and stable environment for startups. This rate reflects the resilience and potential for growth of businesses in the state.

“Financially, North Carolina is poised to aid small businesses, offering an average funding of $22,019 via grants and incentives. This level of support shows the state’s investment in fostering entrepreneurial ventures. The cost of living index here is 0.96, aligning closely with the national average and ensuring affordability for business owners and workers alike. With 65% of its population in the working-age category, North Carolina provides a large labor pool. The state’s scaled score of 84 out of 100 reflects these combined advantages, making it a practical and promising location for new businesses.”

Why Move When You’re Already in the Right Place

Maybe we’re biased, but if you already live in North Carolina there’s no reason to even consider a move to the Dakotas, Indiana or Arkansas. According to Forbes, you’re already in the right place.

CNBC Ranks North Carolina Top State for Business

For the second consecutive year, business news channel CNBC has ranked North Carolina the top state for business, based on a host of key metrics.

North Carolina ranked number one in workforce – the most important category in this year’s study – as educated workers are flocking to the state and worker training programs are rated among the best in the country. North Carolina also boasted the third-best economy with solid growth, stable state finances and a healthy housing market.

“Companies in desperate need of skilled workers are going where the people are, and people are going to North Carolina,” CNBC special correspondent Scott Cohn said. “The state’s well-balanced economy is handling the growth well. Rising political tensions could create issues down the road, but for now, North Carolina seems to have the winning formula—for the second year in a row.”

All 50 States Scored on 86 Metrics

CNBC’s study scores all 50 states on 86 metrics across 10 categories of competitiveness. The methodology grades the states based on factors companies consider each year when making site selection decisions, and that states pitch in their efforts to win business.

Here’s where North Carolina ranks in each category for 2023:

Overall: 1

Workforce: 1

Infrastructure: 16

Economy: 3

Life, Health & Inclusion: 34

Cost of Doing Business: 18

Tech & Innovation: 6

Business Friendliness: 10

Education: 7

Access to Capital: 6

Cost of Living: 27

North Carolina Claims Other Top Business Awards

Earlier this year, North Carolina also won Site Selection magazine’s Prosperity Cup for the third year in a row, which recognizes the competitiveness of state-level economic development agencies and their success in landing capital investment projects.

In June, North Carolina won for the second consecutive year Area Development magazine’s 2023 Platinum Shovel Award that recognizes states that went above and beyond the gold standard for investment and job creation. Business Facilities magazine named North Carolina its State of the Year for economic development and job growth.

Winston-Salem & North Carolina Score in New Rankings

An arial view of downtown Winston-Salem features many tall buildings, highways, and parking lots.

Both the city of Winston-Salem and the state of North Carolina received high marks in new studies ranking the best places to live and top areas for business. 

U.S. News Highlights Winston-Salem among “Best Places to Live”

Winston-Salem scored well in the latest “U.S. News & World Report’s Best Places to Live in the U.S.” annual study based on quality of life and the job market in 150 metro areas. Winston-Salem ranked 56th in “Best Places to Live” and 57th in “Best Places to Retire.”

The study described the city “on an upward trajectory that still maintains its Southern roots. Although the city is traditionally Southern in its friendliness, it has an international feel.” Also noted was slow and steady growth that “has preserved the region’s small-town feel while allowing for improvements, such as repurposing old textile and tobacco factories into loft apartments. Due to heavy interest in residential and corporate development, the region has become a fertile land for entrepreneurs and small businesses.”

Another appealing feature of Winston-Salem noted in the report was as a place that delivers a lot of bang for the buck, with cost of living below the national average. This should be particularly appealing to retirees and contributed to the city’s ranking in the “Best Places to Retire” category.

CNBC Ranks North Carolina Country’s Top State for Business

Powered by an economy that has hit its stride and turbocharged by a long track record of innovation, North Carolina is “America’s Top State for Business” in 2022, according to CNBC’s annual state competitiveness rankings. While the state has consistently appeared within the top ten since 2007, this is the first time North Carolina has gained the top position.

According to the study, one key reason for North Carolina’s top rating is the demonstrated willingness for state leaders to put aside partisan differences to boost the economy, and create a positive climate that is attractive to business development and success. Among notable recent victories, Vietnamese electric vehicle manufacturer VinFast signed a deal to build a $2 billion factory in the state, while Apple announced it would build its first East Coast hub in the state’s Research Triangle region.

“I’ve had both Republican and Democratic leaders of both the House and the Senate on each side of me as we make a presentation to the company that this is where you need to be, you’re gonna get predictability, reliability, consistency,” said Governor Roy Cooper, a Democrat. “Businesses look for that and they also look at what happens after the deal is done. Does state government, local government continue to work with them and try to help them succeed. Some of our best recruiters are CEOs who are already here.”

The CNBC study also noted the state’s credit rating is pristine, and its fiscal balance is sound. Economic growth, at 6.7% last year, and job growth at 3.6% were among the strongest in the nation, according to government statistics. Access to capital and the proven ability to attract venture capital also contribute to the state’s viability. And North Carolina also scored well in its workforce base, which has become a key factor for companies.

“Talking to CEO after CEO, workforce is the driving force for them right now,” Cooper told CNBC. “They see North Carolina as place where they can rely on our community colleges, our greatest array of public and private universities in the country to make sure they have the workforce they need.”

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