The Best States for Business
Getting a leg up in building or expanding a business can be totally painless, if you know where to locate your venture. The wonderful part about creating a company in the United States is that you have fifty very unique and diverse territories to try operating your enterprise in. Still, only a handful rise to the top as decisively business friendly environments. Here's a look at the states that welcome entrepreneurs with open arms by facilitating commerce, rather than hindering it.
Best Western States
Among the heavy hitters out West, Utah stands out for its low taxes, high growth rate, and position as a home to several large companies. For nearly a decade, the state has been a sleeper hit among entrepreneurs lucky or smart enough to bring their operations there. Recently, the state has shown its full potential by generating a positive employment rate, while the national average lagged into negative territory. Utah's long-standing low corporate tax rates and competitive energy costs have made it a natural target for businesses both large and small. It's no surprise to see name brand companies like Boeing and Adobe Systems doing major expansions there. Better yet, this means more potential opportunities for supportive businesses.
Not far away, Texas continues to dominate the charts with its business-friendly reputation. While the leaders of other states spout rhetoric, Texan officials have built a firm groundwork for attracting companies and stimulating start-ups for years to come. This massive state remains a favorite thanks to its exceptionally low business taxes and simplified regulations. The year-round warmth and presence of an eager, hardworking labor pool are also major pluses for businesses moving to Texas.
Pro-Business Eastern States
While the Western part of the United States is widely heralded for its pro-business states, the portion east of the Mississippi holds a few neglected gems. Adjacent to Texas, Louisiana has copied many of the positive reductions in corporate taxes and regulations implemented by its big brother. Moreover, Louisiana remains on the mend following devastating hurricanes, which means that it will continue to make itself as favorable as possible for entrepreneurs willing to settle in rebounding cities such as New Orleans.
With close proximity to Washington DC, Virginia has seen remarkable growth in both jobs and businesses over the last several years. A large part of this comes from defense and other high tech industries, which are supported in the state by a well prepared and thoroughly educated labor pool. Whether you want to get involved in military contracting or launch a software start up company, there are plenty of reasons to choose Virginia as your battleground.
In many respects, North Carolina combines the best elements of both Texas and Virginia. Its low taxes, regulations, and fees make it a friendly place to start or move a business. Additionally, the state features a diverse workforce suitable for any profession, and unlike Texas, it isn't yet attracting huge numbers of outside job seekers who may eventually tarnish the employment picture with too much competition.
Once you've decided on the course your business needs to take, put it in the right spot. A fertile environment for growth increases your chances of enjoying expansion, and fewer taxes and regulatory checks means greater profits.
