North Carolina Economic Development Guide

2016

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6 North Carolina Economic Development Guide 1 A business-friendly tax climate North Carolina is committed to making its already competitive taxes even more business-friendly. Under a multiyear tax overhaul, the corporate income-tax rate will fall to 4% this year — the lowest top rate among 44 states with the levy. North Carolina also begins phasing in single sales factor apportionment for corporations this year. The shift encourages business growth by calculating tax liability in a way that emphasizes a corporation's revenue from North Carolina sales rather than its property and payroll here. 2 Skilled and growing workforce North Carolina has a fast-growing population, which has made it the ninth-largest state in the nation. That growing labor pool has access to world-class education and training. More than 380,000 students are seeking degrees at 41 colleges and universities. The state's 58-campus community- college system is a national model for workforce training customized to employers' needs. Moreover, North Carolina's 100,000-plus active-duty military personnel of er ready technical skills when they enter civilian life. 3 Af ordable business-operating costs North Carolina's cost-ef ective business environment is clear in measures of electricity and natural-gas rates, of ce-lease and construction costs, wages and overall cost of living. Biotechnology enterprises, for example, can rent lab space in the renowned Raleigh-Durham life-sciences hub for $19 per square foot on average vs. $47.40 in greater Boston. In addition, the lowest unionization rate in the nation contributes to af ordable salaries and fl exible workplaces. 4 Leadership in research and innovation North Carolina's universities excel in research and development and generate signifi cant intellectual property. The state ranks fi fth nationally in academic science and engineering research and development. Unique assets that help take technologies from concept to commercialization include Research Triangle Park, N.C. Biotechnology Center and RTI International. Business incubators thrive here. 5 You can get there from here With more than 220 million Americans within a two-day drive, North Carolina's central East Coast location gives businesses broad access to U.S. markets. The state's 100,000 miles of highway includes portion of Interstate 95, which runs the length of the East Coast; Interstate 85, which connects Southeastern states; and Interstate 40, which stretches to California. Charlotte Douglas International Airport, the nation's sixth-busiest airport, and Raleigh-Durham International Airport provide nonstop connections to major national and international destinations. North Carolina also is home to two deep-water ports. 6 Nationally recognized business climate North Carolina consistently places high in business rankings. Site Selection chose it the top competitive state, Forbes chose it the second best state for business and careers; and Chief Executive chose it the third best state for business. 7 Unmatched quality of life North Carolina's low cost of living, broad access to quality health care and family-friendly reputation — state capital Raleigh is Forbes' best city to raise a family — make it an ideal place to call home. North Carolinians also enjoy a moderate climate year-round and unique access to a variety of stunning natural landscapes, fl anked by the Great Smoky and Blue Ridge mountains to the west and 300 miles of Outer Banks beaches to the east. 8 Comfortable in the global economy North Carolina is embracing its growing role in the global economy. The state exported a record $31 billion in merchandise to global markets in 2014 — a nearly 30% increase over the previous fi ve years. Over the past decade, North Carolina has attracted more than 540 foreign direct-investment projects, the fi fth-most in the nation. In addition, North Carolina is home to many major international corporations. 9 Performance-based, targeted incentives North Carolina of ers eligible companies state and local programs that lower their costs and increase their global competitiveness, including discretionary performance-based grants and credits for job creation, investments, research and development. This year, legislation increases annual funding for the state's fl agship incentive program by one-third and signifi cantly expands possible grants for "high-yield" projects that create large-scale employment and investment in the state. 10 Economic-development assistance Cary-based Economic Development Partnership of North Carolina Inc. helps companies of all sizes identify sites, navigate economic-development incentives and tax-credit programs, fi nd workforce solutions and more. Visit edpnc.com or call 919-447-7741 for more information about doing business in North Carolina. Source: Economic Development Partnership of North Carolina Inc. 10 reasons to be here

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