Forbes released their annual Best States for Business list that measures which states have the best business climates and are poised to succeed in the future. North Carolina came in at number two right behind Utah and is the only state to appear in the top five of the Forbes Best States study every year. Forbes notes that while the economy continues to "sputter" in parts of the country, there are states like North Carolina that are able to thrive due to low business costs, an educated workforce and a pro-business regulatory climate.
Foreign direct investment (FDI) has fueled much of North Carolina's high-tech job growth with $2.7 billion and 5,300 jobs generated from FDI in 2015. You can learn more about Wake County and FDI here. In addition, N.C.'s cost of doing business is lower than other states largely due to having the second smallest union workforce in the U.S. in terms of percent of total employment, resulting in labor costs that are 11% below the national average.
For the ranking, Forbes measured:
- Business Costs
- Labor Supply
- Regulatory Environment
- Economic Climate
- Growth Prospects
- Quality of Life