North Carolina has been ranked as the top state for business in America by not one but two publications – CNBC and Business Facilities magazine! This is huge news for entrepreneurs and small business owners across the state!
What contributed to this first-time achievement? Aside from lawmakers working together, the NC Department of Commerce said 2021 was a record year. There were 185 economic development projects and more than $10 billion in investments.
In fact, the study showed North Carolina has one of the nation’s strongest economies. Overall economic growth was a record 6.7% last year, and job growth was reported at 3.6%. These are among the best in the nation, according to government statistics.
What Does This Mean for Business Owners?
Being ranked as the number one state for businesses is great, but entrepreneurs across the board will likely see additional benefits from doing business in the nation’s strongest economy.
The 2022-23 state budget has allocated more than $3 million to incentivize new businesses. An additional $2 million will be made available to small and medium-sized businesses to increase their competitiveness and ensure they attract and retain highly skilled talent.
How Can Business Owners Capitalize on Economic Growth?
Small business owners are often responsible for everything from human resources, hiring, inventory management, and finances. It can be very difficult to keep up with the changing economic forces within North Carolina, especially on how they can impact your bottom line. The good news is the banking and financial experts at Fidelity Bank are just a call or click away! Involving your banker in your business can give you an influential advocate, ally, and representative in your community and beyond.
One of the best ways to get started is by requesting a free Financial Review. In addition to reviewing how your business can capitalize on the current economic growth, our local bankers are happy to review your current goals and help create a sound financial plan for the future.
Ready to get started? Find your local branch to schedule a financial review today!