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Magazine: N.C.'s business climate No. 1

Wednesday, November 4, 2009

(Updated 4:45 pm)

By The Associated Press

RALEIGH (AP) — Site Selection magazine has ranked North Carolina No. 1 in the country for its business climate.

The magazine cites new high-tech development and North Carolina's technology-focused academic centers as strengths for business growth.

Texas ranked No. 2, followed by Virginia, Ohio and Tennessee.

The annual rankings are determined by the number of new and expanded business facility projects in each state and other factors, including transportation infrastructure, existing work force skills, and state and local taxes.

Site Selection magazine is an economic development publication.

READ THE STORY

To read "Watch and Learn," the cover story in the November edition of Site Selection magazine, click here.

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In My Opinion

November 4, 2009 - 12:12 pm EST

Unfortunately, Site Selection magazine has failed to consider one of the most influential factors considered when choosing a business location - tax rates. North Carolina's tax rates are some of the highest in the region and have just gone up yet again thanks to Bev Perdue and the Democrat's obviously lack of understanding of how tax policy affects development, employment and tax base growth. I am a corporate and tax attorney in the Piedmont and sadly a large portion of our business has become focused on helping our clients move their businesses out of NC into lower tax states. Clearly this all-important aspect of business planning was completely ignored if Site Selection claims NC is #1 for business climate. In reality, NC's tax treatment of corporations and small businesses puts it at the bottom of the list for encouraging businesses and growth.

NRay

November 5, 2009 - 6:42 am EST

Anecdotal evidence about business leaving the state is interesting, and I am sure that some folks do leave North Carolina for tax reasons. There will always be a place with lower taxes than wherever you may be at the moment. What is more interesting than any of our individual experiences, is the judgment of an institution that has no ax to grind, and only wants to offer guidance to businesses regarding the best locations for their enterprises. And "Site Selection" DOES consider taxes, according to the story I just read. I expect that Site examines taxes on a citizen in their entirety. Other states may indeed have lower taxes on income, but they make up much of it in ways hidden to most folks (until they stumble upon it and have to pay). For example, check on the tax you would pay to the state on a mortgage you (or one of your clients) gives in Virginia or Florida. (You won't pay one in North Carolina.)

NRay

November 5, 2009 - 9:52 am EST

With apologies for belaboring the correction of the error of "In My Opinion" regarding "Site Selection" Magazine's selection of North Carolina as having the best business climate in the US, a couple of other points. I have for years listened to comments from the wealthy that taxes in North Carolina were so high that we were "ruining business" or "running people off". During those years, North Carolina has achieve historic levels of prosperity. It's public universities and community colleges are among the best in the country, and the Research Triangle has become a development model. Even the ranking of our public schools has markedly improved since I left them in 1973.
Having never heard of "Site Selection Magazine", I have just examined its on-line footprint. The editors tout their publication on their home page as "The Magazine of Corporate Real Estate Strategy and Area Economic Development". Ads from businesses and governments around the world appear on the site. The staff seem to be serious observers of the business climate. They do not seem to make their editorial conclusions without methodical consideration. I wondered if someone critical of their methodology had ever examined the publication. After looking at the magazine, I am even prouder that the staff gave North Carolina its vote of confidence for the good job, and good governance, we have for years done and enjoyed. It appears from North Carolina's experience that "cutting taxes" is not the only path to success.