Business Climate

Business Climate

CNBC Top State for Business 2022, 20232.5% lowest corporate tax in the united states#1 Best Business Climate - Business Facilities Magazine, 2022


Rick Hendrick, Hendrick Automotive Group

Rick Hendrick, chairman and CEO of Hendrick Automotive Group, and owner of Hendrick Motorsports, describes why North Carolina is perfectly suited for businesses to thrive.

Low Taxes
Business growth begins with lower tax rates.

At 2.5%, North Carolina has the nation’s most competitive tax environment for businesses. Our state has a proven track record of reducing and streamlining business taxes. And starting in 2025, our tax rate will drop to 2.25% and decrease gradually until it ultimately reaches 0% in 2030. North Carolina’s business-friendliness is also showcased in the most recent Locations Matters study of corporate tax rates across all 50 states from the Tax Foundation and KPMG, which highlighted NC’s competitive tax structure across multiple industries.

Low Business Costs
Expansion is less expensive here.

Building costs, 14 percent below the national average. Electricity costs, 22.6 percent below the national average. Cost of living, 11 percent below the national average in major metropolitan areas. Across many key indicators, we come in under budget. North Carolina’s business costs rank among the lowest in the nation, making our state a more profitable place to work.

Unparalleled Innovation
Across our state, our talented workforce is patenting new ways to work smarter.

North Carolina businesses lead the nation in innovation with 96 percent patent growth over the past 10 years. With a commitment to long-term sustainability, North Carolina is a top state for solar and wind power production. Our ample resources, highly skilled workforce, and renowned education systems all contribute to our state’s future-minded ingenuity.

Favorable Legal & Regulatory Environment
In North Carolina, legal roadblocks won’t hamper how you gain speed.

Recent tort reform, streamlined practices and the strengthening of business courts in the state have earned North Carolina accolades and rankings among the best legal climates in the U.S. What does this mean for you? When there’s less red tape and litigation, your business can reach new heights, faster.

Open Arms, Minds, and Opportunities

Ranked in the Top 10 for LGBTQ Job Seekers, North Carolina’s increasingly diverse and inclusive makeup can be seen across the state, from coastal cities to mountain towns.

Clean Energy
Leading the charge to a clean energy future.

North Carolina is at the forefront of transitioning to a clean energy economy. Through legislation and bold action, the state has diversified its energy resource mix to include sustainable, low-cost energy sources. Learn more about North Carolina’s commitment to clean energy.