Note: "North Carolina moves up one spot to third. People have descended on North Carolina for the past decade, and it boasts one of the highest net migration rates in the U.S. Many are chasing jobs. The state's unemployment rate was stuck above 10% for most of 2009 through 2011, but was down to a recent 6.7% and the outlook is bright. North Carolina has the smallest union workforce in the U.S. in percentage terms. The resulting benefit is labor costs that are 16% below the national average-third lowest in the country. North Carolina has ranked in the top five overall each year of our Best States study."
Best States for Business
By Kurt Badenhausen
Forbes Magazine
Friday, November 14, 2014
http://www.forbes.com/sites/kurtbadenhausen/2014/11/12/the-best-states-…;
The national unemployment rate recently dipped to 5.8%, a level last seen in July 2008, but the economic recovery has hardly been robust. Voters went to the polls last week and expressed their dissatisfaction. The economy is the most important factor for voters and seven out of 10 said it is still in bad shape.
Yet, pockets of the U.S. are prospering with strong business climates. You need to head west to find most of these spots. Eight of the top 10 states in Forbes’ annual study of the Best States for Business are west of the Mississippi. Leading the way is Utah, which previously ranked first between 2010 and 2012 before dropping to third last year.
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Our Best States ranking looks at 36 data points across six main areas: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life. Business costs, which include labor, energy and taxes, are weighted the most heavily. We relied on 11 data sources; research firm Moody’s Analytics was the most-utilized resource.
North Dakota ranks second overall for a second straight year thanks in large part to the economic jackpot known as the Bakken formation. Production at the shale oil fields exploded over the past five years, and North Dakota is now the second biggest producing oil state in the U.S. after Texas. North Dakota is the leader for job growth (3.9% annually), income growth (3.6%) and gross state product growth (9.5%) over the past five years.
North Carolina moves up one spot to third. People have descended on North Carolina for the past decade, and it boasts one of the highest net migration rates in the U.S. Many are chasing jobs. The state’s unemployment rate was stuck above 10% for most of 2009 through 2011, but was down to a recent 6.7% and the outlook is bright. North Carolina has the smallest union workforce in the U.S. in percentage terms. The resulting benefit is labor costs that are 16% below the national average—third lowest in the country. North Carolina has ranked in the top five overall each year of our Best States study.
In Case You Missed It: Forbes' Best States for Business
Nov 14, 2014