Over the past years, the economy has bloomed in North Carolina. Within the borders of this Southeastern U.S. state, investors encountered a new developing niche which offered the opportunity to start profitable businesses. Known as the Tar Heel State or The Old North State, North Carolina is envied for its educational system, for its desirable quality of life, but most of all for its healthy business environment. Throughout the past five decades, the economy of this state has taken a new turn, focusing more on engineering, energy, biotechnology and financial sectors.
There are numerous reasons to take into consideration when incorporating a new business in North Carolina as in any other U.S. state.
Advanced Energy Perspectives
North Carolina was the first state in the region to institute a renewable energy and energy efficiency mandate, in 2007. Since then the solar industry bloomed and the Tar Heel State is home to one of the fastest growing solar industries across U.S. territory. This industry has a huge impact on the American nation and provides annually high-quality jobs for millions of hardworking North Carolinians.
Furthermore, recent economic studies conducted in 2013 provided information regarding the benefits of having a growing energy industry. Apparently, the states’ renewable energy and energy efficiency programs saved 8.2 million megawatt-hours of energy between 2007 and 2012, huge financial savings these projects and provided 21,000 jobs over the period.
A model for the competition
Throughout time, multiple surveys rated North Carolina as one of the best business climates in the United States of America. The state overcame South Carolina, its main competitor, given the quality of its higher educational system, its higher wages and less pervasive poverty. The positive feedback provided by the business community in North Carolina strengthens the “role-model” image the state received.
Friendly legislature for corporations
An important aspect, any new business owner is interested in is the one about corporate taxes and their impact on a starting business. The states’ legal representatives put in place tax cuts that overwhelmingly benefit business owners and new investors. North Carolina’s energy policies encourage new investments in the energy sector and the legal representatives are skeptical in making new changes regarding the energy legislation. The main objective is to create an advanced energy industry by encouraging new business owners to invest here due to the huge development potential it has.
Quality high-educational system
North Carolina is known for its many excellent universities and covers dozens of community colleges and private universities. In 1795, the first public university in the United States had been opened here. Although, the government neglected investing in the educational system, over the past few years and due to inflation, since September 2014, $8.2 billion are projected to be invested in public education.
The huge potential of the solar industry and the high-quality educational system makes North Carolina desirable for immigrants and for residents of other U.S. states in search of a high quality life. Therefore, jobs created and retained by the energy sector attract new workforce annually.
Starting a new business in a U.S. state implies taking into consideration various factors like economic and demographic aspects, the business environment or issues regarding potential business development and benefits. North Carolina provides all the necessary aspects for a future owner to start a new business. With the proper advice taken from an incorporating firm he is assured to succeed and be profitable.