North Carolina is consistently recognized for its outstanding business climate, and a recent story on North Carolina Public Radio made a list to that effect, saying that “the positive rankings North Carolina has received from business media outlets [include]:”
- No. 1 Best Business Climate from Site Selection in 2012
- No. 4 Best State for Business and Careers by Forbes in 2012
- No. 4 America’s Top States for Business by CNBC in 2012
According to the same article, North Carolina passed several bills this year that could affect many of the criteria used to create those rankings. Governor McCrory, at the signing of the bills, stated: “Because of this package, job creators will think about relocating to our great state.”
Below is an incomplete list of the criteria that go into North Carolina’s business rankings:
- Cost of doing business, or taxes: How much will a company be taxed on new investments and utilities? Individual income and property taxes are also considered.
The newly passed bill reduces personal and corporate income tax and offers higher deductions for mortgage interest and property taxes.
- Workforce: How many people, how well educated, and how healthy are they? Does the state have governmental programs to train their workforce?
The newly passed bill cuts education funding by nearly $500 million, eliminates $53 million from the Department of Health and Human Services – but increases the amount of money given to the Department of Commerce, which is responsible for job training programs.
- Infrastructure: How easy is it to transport your goods to market? Are work sites easily accessible? Are the roads in “healthy” condition? Is there an airport?
Although the roads are currently in good condition, the tax reform section of the new bill caps North Carolina’s gas tax, which goes towards the maintenance of roads and bridges. Another bill will change the financial management of the Charlotte Douglas International Airport, which could affect its operations.
Also in North Carolina's favor is the fact that the cost of living in the State is 4.6% below the national average.
To read the article in its entirety, visit the North Carolina Public Radio website.
If you are considering starting a business in North Carolina, the time is now. Have questions or need guidance? Contact Oates & Company, we’re here to assist you.
