Area Development Ranks North Carolina #5 Best State for Doing Business
by Think Currituck, on 9/17/21 3:20 PM
North Carolina's reputation as great state for business is holding firm.
Area Development, the leading executive magazine covering corporate site selection and relocation, recently released its 2021 Top States for Doing Business.
For the third year in a row, North Carolina ranked #5.
The state has ranked in the publication's top ten for the last decade.
Earlier this year, Area Development awarded the state a Golden Shovel for its economic development efforts.
TOP STATES FOR DOING BUSINESS 2021
4. SOUTH CAROLINA
5. NORTH CAROLINA
Some of the best news is that the state ranked consistently in the top ten for every one of the Best State for Doing Business sub-categories.
Here's how North Carolina fared...
Overall Coast of Doing Business - Tied for 2nd with Alabama
"North Carolina’s strong performance in this department has to do with a number of important factors. For example, its state and local business tax burden is among the lowest in the country, its utility rates are super-competitive, and construction costs in its metro areas tend to run below the national average."
Business Incentives Programs - Three-way tie for 7th with Virginia and Louisiana
Access to Capital & Project Funding - North Carolina ranked 6th
Competitive Labor Environment - North Carolina ranked 3rd
Workforce Development Programs - Tie for 6th with Tennessee
Energy Availability & Costs - North Carolina ranked 4th
Logistics & Infrastructure - North Carolina ranked 9th
Site-Readiness Programs - North Carolina ranked 3rd
"The North Carolina Certified Sites program also is all about reducing site risk. These sites are prequalified rigorously, and periodically reviewed to ensure they’re still ready to roll if some time has passed."
Available Real Estate - North Carolina ranked 3rd
Cooperative & Responsive State Government - North Carolina ranked 5th
Corporate Tax Environment - Tie for 3rd with Nevada
Favorable Regulatory Environment - Three-way tie for 10th with Florida and Utah
Speed of Permitting - North Carolina ranked 8th
AREA DEVELOPMENT'S METHODOLOGY
"Our 2021 Top States for Doing Business rankings reflect the results of our recent survey asking leading consultants to industry to give us their top state picks in 13 categories that impact companies’ location and facility plans. The states in each category were ranked based on their number of mentions in the particular category, and total mentions in all 13 categories were calculated to rank the top 20 states overall."