America is beloved for its diversity, with each State offering something unique and different for its people. As a small business owner, the CEO of a thriving corporation, or an entrepreneur with a start-up and a dream, the future success of your business can rest on choosing the right home for it.
Here is a list of the top most business-friendly States, and why they could be perfect for you.
Known for the phenomenon of the Salt Lake, stunning buttes, and the great Red Desert, Utah has gathered in tourist money for as long as anyone can remember. However, it has a lot more to offer than just its natural wonders. In a study conducted by Forbes, it ranked as the highest business-friendly State out of the entire collection. It’s not only held this position for its second year in a row, but has held it five times in total.
Since its energy costs are 23% below the national average, it’s gartered the attention of some heavy-hitting leaders in the tech industry. Big names such as Microsoft and eBay have made it their home, since it’s considered a cheaper option in comparison to California. These huge tech businesses’ choice to make the move has opened up many job opportunities, even in industries complementary but unrelated to technology.
While the locals might be tempted to spend all their time hiking through the beautiful desert, the State’s steadily growing employment rate over a course of five years has put plenty to work, and investments are growing extreme. With over $800 million invested into 43 deals across Utah, according to the MoneyTree Survey, venture capital firms are realizing the value of betting on the right horse, making each average investment one of the highest in the entire country.
- North Dakota
While the locals complain of its harsh winters, North Dakota is a State covered in gorgeous terrain – which is, most importantly, filled with oil. Many workers from across the country have flocked to North Dakota on short-term contracts as a way to make hard but fast money, with the demand for more labor rising fast but with little answer.
But it isn’t only the oil industry making the money; North Dakota has a thriving tech industry with high ranking universities, and its job market has exploded over the last five years, with an annual growth of 4.7% that is double what any other State can boast of.
Harboring mostly untapped potential, North Dakota encourages small businesses to come, and rewards those who answer the call. With the cost of business sitting at 4.8% below the national average, setting up shop is a cost-effective choice, with an equally impressive boost to resident income of 3.6% every year.
When you think of Nebraska, you think of gorgeous fields of corn stretching for as far as the eye can see. Yet despite its reputation as the Cornhusking State, it’s suited for much more than agriculture. Home to the third richest person in the world, Warren Buffett, CEO and founder of Berkshire Hathaway, businesses are realizing that they will find peace of mind in its regulatory climate and its extremely small business costs – sitting at 7.2% below national average.
While its job growth has only increased at 1% since 2015, the State also boasts of one of the lowest unemployment rates in the entire country, which is currently at 2.6%. That in mind, Nebraska often finds itself searching for enough people to fill the demand, instead of leaving its citizens asking for ways to pay their bills.
- North Carolina
It’s time to swing out to the far east, with North Carolina coming up in business favor as well as the public eye. With a reputation for strange fun facts and even stranger companies, North Carolina likes to keep things flexible for startups who make their way to its boarders, with an exceptional low cost of business at 10% below the national average. This is due to its distaste for union workforces, having the smallest percentage in the entire country. To encourage businesses even further, North Carolina also offers legal and regulatory incentives, along with other enticing offers to help startups save valuable money.
However, North Carolina does more than encourage small businesses to spark up; it’s also attracted more businesses from different States than any other in the country, with Novo Nordisk investing $1 billion in a new facility and creating over 700 jobs. Further plans are being made to increase the size and reach of their universities, making it possible for North Carolina to ensure a more educated and profitable future for itself.
Colorado inspires images of snowy mountains and ski jumps, Bailey’s and coco, warm fires and log cabins. Yet when the locals aren’t enjoying their vacation, and visiting CEOs aren’t out in the snow, Colorado is boasting of its money-making reputation, with a household income of $61,011, a job growth of 2.1%, and a very low cost of business.
This snowy retreat has taken the traditional right-to-work motto and modified it to suit its own tastes. As the only one of all fifty States to have done so, its tweaks and changes have made it much more difficult for unions to be established. This instead encourages creativity and flexibility in its residences. Locals are often migrants or young students testing the waters, with an unsurprising foothold in the outdoor and recreation industry. However, even if you’re not looking to sell sleds, you can seek out a higher education with Colorado’s reputation for a greater college attainment.
Some States offer rewards for businesses, while others don’t quite penalize them but, well – let’s say they’re not exactly helpful about it. A business-friendly State is made up of high quality of life, low business costs, a low unemployment rate, a strong regulatory environment, and more. With new industries being created and new evolutions within them calling for a different kind of environment, these five have answered the call better than others.