NC ranks high for small business thanks to conservative reforms
This week is National Small Business Week, a time to recognize and support small businesses, which form the backbone of the economy. In North Carolina, the state continues to be recognized as one of the best places to start a small business thanks to Republican-led leadership and policies.
According to the Secretary of State’s Office, 2021 was a record year with 178,000 new businesses being launched. In addition to record breaking numbers of small businesses opening in North Carolina, there are also larger businesses expanding and relocating to the state.
Simply put, the secret is out that North Carolina is a great place to start and grow a small business thanks to a decade-long effort by the Republican-led legislature to cut taxes, reduce regulations, and control spending.
In fact, for the past three years, Forbes has ranked North Carolina as the top state for business. Furthermore, in just the past few weeks, North Carolina has once again been recognized for its attractive business environment and economic growth.
Ranked #1 for “Economic Development Success”
For the second year in a row, North Carolina has received the top spot for Site Selection Magazine’s Prosperity Cup, which recognizes the economic development success of each state. “Clearly, this is not some blip. A selective yet striking consensus holds that North Carolina’s increasingly resonant example represents the triumph of long-term planning, perseverance and adaptability, investment and execution,” wrote the magazine.
Ranked #2 for “Economic Outlook”
The American Legislative Exchange Council’s “Rich States, Poor States” report has ranked North Carolina second in the nation for economic outlook. “This is tremendous news for North Carolina,” said State Treasurer Dale Folwell in a news release. “I applaud the General Assembly leadership and members who have been instrumental in a decade-long mission to steer the state onto a path of much-needed reform based on disciplined tax and spending policies.”
Ranked Top 5 for “Best State for Business”
Based on polling of nearly 700 CEOs and business owners from every state, the Chief Executive recently ranked North Carolina as number five for the best state for business. “Seeing a surge in North Carolina’s ranking demonstrates that the sound economic policies that Republicans have put into practice over the last decade continue to pay off for the taxpayers and job creators of our state,” said Rep. Jason Saine. “By tackling the tough task of tax reform and continuing to keep a watchful eye on spending, we continue to outperform other states.”
Looking forward, North Carolina is on track to continue to set records for economic development, job growth, and business investments in the state. Through common sense conversative reforms, North Carolina can continue to grow and be a great environment for all different types of businesses, small and large.