With a central East-Coast location, moderate climate and relatively low cost of living, North Carolina has established itself as a magnet for corporate relocations and continually tops Allied’s list as one of the top destination states in America.
North Carolina’s business-friendly atmosphere is known across the nation and has also been recognized by Forbes as one of the top 5 Best States for Business for 12 consecutive years and secured a spot in the top 3 of CNBC’s 2019 America’s Top States for Business.
Every year, Allied releases an annual Magnet States Report in which we study our moving data to highlight key migration trends happening across the US. In our 2019 Magnet States Report, North Carolina was a popular destination among our corporate clients, landing the Tar Heel state as the #5 top destination states for corporate relocations.
With low business costs and a well-educated workforce, North Carolina is an attractive state for businesses to call home. In recent years, Charlotte, a major city located in the southern region of North Carolina, has become a magnet for corporate headquarters. Serving as a commercial hub, Charlotte ranked #4 on our list as one of the top corporate destination cities in America.
Once known for tobacco and textiles, North Carolina has evolved to attract a wide variety of leading Fortune 500 and 1000 companies. From steel production to multinational investment firms, North Carolina is home to many well known companies like Bank of America, Nucor, Truist Financial, Duke Energy and many more. As a nexus of growth and opportunity, North Carolina has recently attracted Honeywell and Truist to establish their headquarters here.
BUSINESS FRIENDLY ECONOMY
North Carolina’s pro business environment is fueled by attractive corporate incentive programs, low corporate taxes, and a fast-growing talent pool. Its targeted and performance-based incentive programs support the needs of business by lessening tax burdens and lowering business costs even further.
At 2.5 percent, North Carolina businesses enjoy the lowest corporate income tax rate in the country. Not only are taxes low, but building costs, electricity costs and the cost of living are all well below the national average making the state a profitable place to work. North Carolina’s central location along the Atlantic Ocean provides an optimal point of access for many organizations.
North Carolina’s economy is driven by a wide variety of knowledge-based industries. Biotechnology, energy, finance and information technology are among the many business sectors thriving in North Carolina.
The information technology sector is one of North Carolina’s fastest growing industries, growing at twice the rate of the national average. With the second-fastest growing IT industry in the US, North Carolina has become the second tech hub in the US attracting tech startups to leave Silicon Valley due to the lower cost of living.
Home to the largest research park in the country and high concentration of Tier 1 research universities, North Carolina is a long-established biotechnology hub attracting companies like IQVIA and LabCorp. North Carolina’s biotech sector produces breakthrough technologies establishing the states as a leader in life sciences and biopharmaceutical development.
North Carolina has a long history serving as a headquarters state for the banking industry, establishing the states as the second-largest banking center in the US. Industry leaders like Bank of America, Fidelity and Credit Suisse thrive off of North Carolina’s historically friendly regulations and deep talent pool of financial experts.
QUALITY OF LIFE
North Carolina has seen steady migration trends to the state for the last decade. The state’s moderate climate, diverse geography, top notch education opportunities and low cost of living attracts tens of thousands of newcomers every year.
With over 300 miles of beautiful beaches to iconic mountain ranges, North Carolina is a state full of natural beauty bustling with life. With 3 unique regions defined by three different landscapes and North Carolina has a little bit of everything for everyone to find their place.
Home to 16 public universities, 36 private colleges and the third largest community college system in the US, North Carolina leads the country in top-notch education opportunities. With over 22,500 stem degrees awarded annually, North Carolina’s highly skilled workforce pipeline attracts companies across the nation.
Arguably the most attractive aspect of North Carolina is the low cost of living. Based on a US average of 100, North Carolina’s cost of living falls just below the national average with a score of 90.6. The median home price in North Carolina is $187,300, well below the national average of $226,800, is just one of the reasons 63% of the state’s residents are homeowners. Not only are housing, utilities, groceries, and transportation costs all below the national average, but North Carolina residents also enjoy below average income and property taxes.
For the last five years, the Tar Heel state has continued to top Allied’s list of top destination states for our corporate customers. The pro business environment, coupled with a talented workforce and high quality living at a fraction of the price, it's no wonder North Carolina is a magnet state. Given this turbulent year, we wonder if North Carolina will hold its place at the top of our list for 2020…
If you’re thinking of moving your organization to the wonderful state of North Carolina, we would be honored to play a role in this vital transition and move your business forward. Contact us to learn more about our corporate moving solutions: http://bit.ly/37gInnn