North Carolina Is Third Best For Business Climate, Forbes Says
Posted August 16, 2006
RALEIGH, N.C. — North Carolina is the third best state in the country to do business, according to Forbes Magazine.
The Tar Heel state finished behind Virginia (1) and Texas (2) in the ratings, which were based on 30 different metrics in six main categories (business costs, economic climate, growth prospects, labor, quality of life and regulatory environment).
In the individual categories, North Carolina finished best in regulatory climate (third), business costs (fourth) and growth prospects (fourth). It finished worst in economic climate (30th). The state was 26th in both quality of life and labor.
Forbes recently ranked metro areas in a similar story, placing Raleigh second and Durham eighth nationally.
Expansion Management magazine recently rated North Carolina fourth in work force training.
North Carolina ranked fifth in 2005 for business growth by Site Selection magazine. It has topped the magazine's business climate rankings for five consecutive years.
The top 10 states in the Forbes rankings are:
1. Virginia 2. Texas 3. North Carolina 4. Vermont 5. Colorado 6. Idaho 7. Nebraska 8. Delaware 9. Florida 10. Georgia
South Carolina ranked 27th.
For details, see:
Business costs were based on an index of labor, costs, energy and taxes. Labor was based on educational attainment, net migration and projected population growth. Regulatory environment considerations included regulatory measures, tort climate, incentives, transportation and bond ratings. The economic climate included job, income and gross state product growth plus business openings and closings as well as venture capital investments. Quality of life measures included an index of schools plus health, crime, cost of living and poverty rates.