Report has NC best in South for business, No. 6 in the nation

According to a new report, North Carolina is an attractive place for business.

2020-02-16

Financial news website 247wallst.com says our state is the best for business in the South and No. 6 best in the nation. Mike Walden, an economist from NC State, is not surprised North Carolina is at the top of another list.

"They often find North Carolina is a bargain," Walden said.

Massachusetts topped the list overall while West Virginia came in last. In our state, numbers show we are outpacing a lot of the country.

"The labor force grew by two percent, the national number is 1.4 percent," Walden said.

The people behind the report said they looked at 42 factors that measure things like infrastructure, the quality of our workforce and quality of life, regulations, innovation, cost of living and business costs.

"We are about 10 percent under the nation in terms of average labor costs," Walden said. "Tax rates, we now have either the lowest or one of the lowest corporate income tax rates, and we used to have the highest."

Walden says most of the prosperity is going to urban centers here in the Triangle and in Charlotte. However, less populated areas are also making gains.

The good news comes with a catch. The growth strains our transportation system and the availability of affordable homes. Walden said to stay on top we will eventually need good answers for those problems.

"I don't think these, right now, are creating a problem of reducing our attractiveness," Walden said. "But if not dealt with, they could."