North Carolina Economic Development Guide


Issue link:

Contents of this Issue


Page 7 of 83

6 N o r t h C a r o l i N a E C o N o m i C D E v E l o p m E N t G u i D E 1. A business-friendly t A x clim A te 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 3% on Jan. 1, 2017 — the lowest top rate among 44 states with the levy. In addition, the state will fully phase in single sales factor apportionment for all corporations by January 2018. The method encourages business growth by calculating tax liability based entirely on a company's North Carolina sales instead of also factoring in corporate payroll and property value in the state. 2. s killed A nd growing workforce North Carolina's population is at 10 million and growing — by 281 new residents a day. The state is the nation's ninth most- populous, and its labor pool has access to world-class education and training. Students are seeking degrees at 53 colleges and universities across the state. The state's 58-campus community- college system is the nation's third-largest and a national model for customized workforce training. Moreover, North Carolina's 100,000-plus active-duty military personnel offer ready technical skills as they enter civilian life. 3: Afford A ble business-oper A ting costs North Carolina's cost-effective business environment is clear in measures of electricity and natural-gas rates; office lease and construction costs; wages; and overall cost of living. Average construction costs in the state's metropolitan areas are 18% below the national average. North Carolina's industrial electricity costs run nearly 9% below the national average. In addition, the second-lowest unionization rate in the nation contributes to affordable salaries and flexible workplaces. 4. l e A dership in rese A rch A nd innov A tion North Carolina's universities excel in research and development and generate significant intellectual property. The University of North Carolina at Chapel Hill and Duke University rank among the top 50 universities worldwide for the most U.S. utility patents issued in 2015, and North Carolina State University ranks among the top 100. 5. y ou c A n get there from here Manufacturers in North Carolina, with its central East Coast location, have excellent access to U.S. markets via some of the nation's primary transportation arteries, including Interstate 95 along the length of East Coast, Interstate 85 through the Southeast, Interstate 40 stretching to California and Interstate 77 connecting Ohio to South Carolina. The state has four international airports and 11 regional airports. North Carolina also has the largest consolidated rail system in the country and two deep-water ports located along Atlantic shipping lines. 6. nA tion A lly recognized business clim A te North Carolina consistently finishes among the leaders in national business rankings. The state is tied with Texas as Site Selection magazine's most competitive state for attracting new plants. Forbes ranks North Carolina as the nation's second-best state for business and careers; Chief Executive as the third-best state for business; and CNBC as the fifth-best state for business. 7. Qu A lity of life North Carolina's low cost of living, broad access to quality health care and family-friendly reputation 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, flanked by the Great Smoky Mountains and Blue Ridge Mountains to the west and 300 miles of beaches to the east. 8. c omfort A ble in the glob A l economy North Carolina embraces its growing role in the global economy. The state exported $30 billion in merchandise to global markets in 2015. North Carolina exports have increased 20% over the past five years. Over the last decade, North Carolina has attracted 538 foreign direct-investment projects, the sixth-most in the nation. 9. p erform A nce-b A sed, t A rgeted incentives North Carolina offers eligible companies state and local programs that lower their costs and increase their global competitiveness, including performance-based grants tied to job creation. In 2015, legislators increased the annual cap on grants from the state's flagship incentive program by one-third and significantly expanded possible grants for projects that create large-scale employment and investment in North Carolina. 10. e conomic-development A ssist A nce The Economic Development Partnership of North Carolina, based in Cary, helps companies of all sizes identify sites, navigate economic-development incentives, find workforce solutions and more. If you are interested in locating or growing your business in North Carolina, call 919-447-7744, email or visit Source: Economic Development Partnership of North Carolina Inc. 10 REASONS TO BE IN N.C. N C E D G | w e l c o m e

Articles in this issue

Links on this page

Archives of this issue

view archives of North Carolina Economic Development Guide - 2017