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North Carolina is 4th Best State for Business 2014

The state maintains one of the most varied biotech sectors in the U.S. and employs more than 62,000 people at more than 2,500 locations. Creatively, North Carolina used $60 million from tobacco-settlement trust funds to form a statewide training program for biomanufacturing workers, which provided North Carolina State University with the money to create a training center.

Previous State: Tennessee Next State: South Carolina

No. 4 North Carolina

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 2.3
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): 0.2

Unemployment

  • Unemployment Rate Dec. 2013 %: 6.9
  • Comparison with Nat’l Rate (6.70%): 0.2

Domestic Migration

  • Domestic Net Migration 2013: 37,240
  • Rank: 3

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 2,005
  • State & Local Gov’t Employees per 10k Residents: 599.7

State-Local Tax Burden

  • Rate (%): 9.9%
  • Compared to Nat’l Avg. (9.9%): 0.05%
Key Companies
  • Bank of America Corporation
  • Lowe’s Companies Inc.
  • Duke Energy Corporation
  • Niuco, Progress Energy
  • Reynolds American
  • VF Corp.
  • Goodrich
Development Trend Indicator: Positive
Passes tax-reform package hailed as by some as any state’s best in two decades.
CEO Comments
“Areas in North Carolina like Raleigh, Charlotte, Cary, Chapel Hill and Durham have been great places for technology companies. The workforce in these areas have very talented candidates. The western part of the state does not fair as well.”

Based on CEO Survey by ChiefExecutive.net

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

About JP Donlon

JP Donlon is the Editor-in-Chief of Chief Executive magazine.