RESEARCH TRIANGLE PARK – North Carolina ranks as a top state in two recent reports as the best place to start a new business. And entrepreneurs continue to strike out on their own despite inflation as well as other economic challenges.

The state has seen a record-setting boom of new business launches in 2021 and 2022. “For the first half of [2022], new business creations totaled nearly 93,000 compared to the record breaking pace of 96,000 new creations set last year,” notes the North Carolina Secretary of States office. Those are the latest figures available.

Motely Fool, citing data from CNBC and elsewhere lifted North Carolina to No. 1 in its late 2022 report from a similar report in 2021.

Why?

“North Carolina moved up one spot to rank first overall with the top score in economy, number 2 in access to capital, and number 5 in technology and innovation,” the financial news site says.
 

“Its workforce is ranked 12th and the lowest rank for the state is in life, health, and inclusion, coming in at 28th. The cost of doing business is 26th, falling to the middle of the pack. The top individual income tax rate in the state is 4.99% and the top corporate tax rate is 2.5%.”

The tax rate for individuals drops even more in 2023, by the way.
 

Motely Fool also noted that other reports have bolstered North Carolina’s rankings for small businesses.”

Motely Fool also noted that other reports have bolstered North Carolina’s rankings for small businesses.”

  • #1 Best Place to Live for Veterans (Raleigh, NC) WalletHub, November 2022
  • #6 Spot for Most Neighborly Cities (Raleigh, NC) Neighbor, November 2022
  • #1 Most Resilient Economy in the Country (Cary, NC) SmartAsset, November 2022

Washington, Virginia, Colorado and Texas followed North Carolina in the rankings.
 

FORBES REPORT

Forbes Advisor, meanwhile, ranks North Carolina as No. 6 in its “Best States to Start a Business” report.

The report notes that North Carolina is home to 14,581 businesses that have launched since 2020.


source: https://wraltechwire.com/2023/01/03/north-carolina-ranks-highly-as-best-state-to-start-a-business-reports-say/