North Carolina ranked #1 for business thanks to conservative leadership
Raleigh, NC – North Carolina received the top ranking in Site Selection’s 2021 Top State Business Climate. Last year, North Carolina tied for the first place in the ranking but broke its tie with Georgia this year.
With one of the fastest growing economies in the country, North Carolina continues to see more jobs, higher wages, and more investments coming into the state. This rapid growth the state is experiencing would not have happened without the low tax rate, incentives, improved education, and limited regulations which conservative legislators have been pushing since gaining the majority in 2011.
Just this year, the North Carolina Secretary of State noted that more than 170,000 companies would launch in North Carolina – with 18,200 new jobs being announced and North Carolina will see $8.2 billion in new investments from economic development projects.
This is not the first time that North Carolina’s business climate has received attention and won awards - in 2017, 2018, and 2019 North Carolina was ranked the number one best state for business by Forbes.
One of North Carolina’s competitive advantages is that it has the lowest corporate tax rate of the 44 states which have such a tax.
Since Republicans took over in 2011, North Carolina has lowered the unemployment rate, lowered the corporate tax rate from 6.9 to 2.5 percent, and reduced income tax from 7.75 to 5.25 percent. This creates an environment where businesses can flourish, and innovation can thrive.
One example of reducing regulations to encourage innovation is the North Carolina Regulatory Sandbox Act, which was signed into law by the governor. This law allows start-up companies to temporarily offer trails of financial or insurance products or services without having to obtain certain licenses or other requirements.
Thanks to the business-friendly environment created by conservative leadership, two of the largest companies in the world announced their plans to come into North Carolina. Apple and Amazon both released plans this year to bring parts of their business here.
As the state continues to see economic growth in the future, it is critical the state continues down this successful and proven path forward that offers an environment that is welcoming to new jobs, businesses and economic opportunities for all.