Is North Carolina a Business-Friendly State?

North Carolina is ranked first in CNBC's ranking of the best states in the United States to do business. North Carolina is the top state for business in the US, according to a new CNBC report. The state's business-friendly attitude is also reflected in the most recent Locations Matters study on corporate tax rates in all 50 states conducted by the Tax Foundation and KPMG, which highlighted North Carolina's competitive tax structure across multiple industries. North Carolina has also backed out of its controversial bathroom bill known as HB2 after facing criticism from companies.

The recent civil liability reform, streamlining of practices, and strengthening of business courts in the state have earned North Carolina awards and have been ranked among the best legal climates in the US. The state has also invested resources to help businesses most affected by the pandemic, providing direct cash support through the Business Recovery Grant Program and keeping businesses owned by women and minorities afloat with the ReTool NC program. North Carolina companies are leading the country in innovation, with patents growing by 96 percent in the last 10 years. However, workers in the state have some of the highest salaries in the country, which affects its position on cost of doing business.

State grant and loan programs for businesses have been given new life thanks to a bipartisan truce. Rick Hendrick, president and CEO of Hendrick Automotive Group and owner of Hendrick Motorsports, explains why North Carolina is an ideal place for businesses to thrive. Governor Cooper has also focused on supporting businesses during the pandemic, developing partnerships to ensure that workers and consumers can visit businesses safely.

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