There are a ton of factors that go into starting a new business. One of the most important is where you decide to locate it! A business’ home affects its tax incentives, potential growth, and numerous other factors.
North Carolina is a great place to start a business, but the Triangle – the region of Raleigh, Durham and Chapel Hill – is a particularly fitting choice. The bustling region has attracted a number of high profile companies to its Research Triangle Park, along with migrants from the Northeastern Megalopolis. It’s a climate that’s great for a startup, whether it’s your first or fiftieth.
Low Cost of Living
According to Forbes, the average cost of living in the Triangle is quite low for a major city. Your rent, groceries and other essentials will only cost 1.6% above the national average. This means lower taxes for you and your employees, and means that top talent won’t require nearly the salary they might command in, say, NYC. The extensive surrounding suburbs – Pittsboro, Cary, and Apex among them – are even more affordable than the main cities.
Skilled Labor Pool
North Carolina’s public universities consistently rank among the best public systems in the nation. UNC Chapel Hill and NC State University are both based in the Triangle, with stellar programs in engineering, agriculture, business, and journalism. Top-tier Duke University makes its home in Durham, known not only for its basketball team but for excellent law, public policy and biomedical engineering programs.
Rapid Growth
The Triangle is undoubtedly an area on the rise. Since 1990 the population has more than doubled. Suburbs have grown exponentially, especially Cary (tripled), Apex (octupled), and Wake Forest (sextupled.) This population growth has made it an attractive place for resettlement, and local businesses have grown as a result.
Ample Space
Unlike a lot of other major cities, the downtown areas for Chapel Hill, Durham and Raleigh are relatively small. So placing a business in their hearts – while undoubtedly attractive – isn’t entirely necessary. The sprawl of the region means that businesses on the outskirts can still keep up with the pulse of things. The flat, open structure is also ideal for large scale developments such as housing, manufacturing or logistics facilities. Industrial businesses will also benefit from the nearby Raleigh-Durham International Airport and a FedEx hub right down the road in Greensboro.