Category Archives: Triangle Area Economy

Raleigh was ranked the best city in the state to start a business due to its labor market.

Entrepreneurs and business owners need look no further than the Tar Heel state to set up shop — North Carolina came out on top in a new study of the best states to start a business.

The study, conducted by Fit Small Business, cited the state’s labor market and taxes as driving an ideal environment for business owners. Fit Small Business, out of New York City, says it provides research to help small business owners make wiser decisions.

The researchers used data from the U.S. Bureau of Labor Statistics, the Kauffman Foundation and the Small Business Administration to rank states on seven categories — access to capital, startup activity, taxes, cost-of-living, labor market, quality of life and cost of starting a business.

The study took corporate, individual income, unemployment insurance, property and sales taxes into account, ranking North Carolina 11th nationally for tax rates. At 3 percent, North Carolina’s corporate tax rate is the lowest of any state levying a corporate tax, according to the Tax Foundation, and is set to be reduced to 2.5 percent beginning in 2019 after to the North Carolina General Assembly’s latest budget.

Raleigh’s educated population and its high-quality research facilities earned it the top spot among cities statewide for starting a business. More than 40 percent of Raleigh’s population over 25 held at least a four-year degree, compared to just over one-third of Americans nationally.

The state’s startup activity also ranked highly — a category that took the rate of entrepreneurs and the survivability of business into account.

But those looking for venture capital investments and small business loans may turn their attention elsewhere. The state was ranked 34th in “access to capital.”

The cost of starting a business, based on per capita income and median commercial rent per square foot per year, fared worse for North Carolina than a majority of states as well. Data from the Bureau of Economic Analysis reveals North Carolina’s 2016 per capita income of $42,002 lags behind the national average of $49,571.

In addition to North Carolina, Utah, Texas, Indiana and Montana rounded out the top five states for starting a business.

by:, triangle business journal
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Here’s how North Carolina’s economy ranks among other states

Where does the Tar Heel State rank in terms of its economy, relative health and innovation potential?

A new report by WalletHub, the personal finance website,ranks North Carolina as the 15th best economy in the country overall.

WalletHub compared the 50 states and the District of Columbia, looking at 27 indicators of economic performance and strength. The data it examined ranged from GDP growth to startup activity, according to the report.

North Carolina, with an index score of 57.34 out of 100, also ranked 11th in terms of economic health and 12th for innovation potential. The state placed in the 24th spot in terms of economic activity. Those three categories were looked at to determine states’ overall ranking on the study.

The states with the best economies are Washington, California and Utah. Those with the worst economies are West Virginia, Louisiana and Mississippi, according to the report.

To see where other states come in, see WalletHub.

by: Jessica Seaman, Triad Business Journal

N.C. ranked among top 10 fastest growing states

North Carolina was the sixth fastest-growing state in the U.S. in terms of numeric growth from 2015 to 2016, the U.S. Census Bureau reported recently.

The Tar Heel State added 111,602 people over the year, giving the state a total population of more than 10.1 million.

Utah’s population crossed the 3 million mark as it became the nation’s fastest-growing state over the last year in terms of percent change. Its population increased 2 percent to 3.1 million from July 1, 2015, to July 1, 2016, according to U.S. Census Bureau national and state population estimates released Dec. 20.

“States in the South and West continued to lead in population growth,” said Ben Bolender, chief of the Population Estimates Branch. “In 2016, 37.9 percent of the nation’s population lived in the South and 23.7 percent lived in the West.”

Following Utah, Nevada (2 percent), Idaho (1.8 percent), Florida (1.8 percent) and Washington (1.8 percent) saw the largest percentage increases in population.

North Dakota, which had been the fastest-growing state for the previous four years, mostly from people moving into the state, fell out of the top 10 in growth due to a net outflow of migrants to other parts of the country, the Census Bureau said.

Eight states lost population between July 1, 2015, and July 1, 2016, including Pennsylvania, New York and Wyoming, all three of which had grown the previous year. Illinois lost more people than any other state (-37,508), the Census Bureau said.

Nationally, the U.S. population grew by 0.7 percent to 323.1 million.

By: Atlanta Business Chronicle