When locating, re-locating or expanding a commercial business, one of many key factors is whether the state you choose is pro-business. The advantages of a pro-business state may include tax breaks, financial incentives, and a strong and available workforce.Many commercial businesses look at the ability of a state to create and retain jobs, and other pro-business factors, including taxes, education, right-to-work legislation, energy costs, economic incentives and economic development efforts when considering where to locate.
North Carolina is often ranked as a pro-business state among top lists from sources such as Forbes magazine.
North Carolina has also repeatedly earned the distinction “Number One Business Climate in the United States” by Site Selection magazine. And, next-door neighbor Virginia was just recently ranked as number four on the Pollina Corporate Top 10 Pro-Business States for 2013. Pollina formulates rankings using factors such as taxes, tax incentives, work force and cost of living.
North Carolina is Pro Business
As a right-to-work state, North Carolina has many pro-business policies such as Job Development Investment grants that refund employee withholding taxes, and Community Development Block grants for infrastructure costs. In North Carolina, Currituck County has one of the lowest local tax burdens in the state. Because Currituck is unincorporated, all business, personal and real property is taxed at the same low rate. Plus, the region’s large military presence and higher learning institutions make the educated and well-trained work force in this area a top-notch choice for locating a business.
Virginia is a Top State for Business
Virginia also consistently ranks high in lists of pro-business states. With right-to-work laws in place, the work force is flexible and cost effective. For prospective employers, there are a large number of people with college degrees in the more populated areas, and many armed forces bases and contractors are located in the Hampton Roads area. Virginia continues to encourage new and expanding businesses with tax credits and exemptions, facilities development grants and workforce training programs.
With a favorable pro-business atmosphere, corporations will be pleased with all aspects of the benefits of putting down roots here.