The Best US States to Expand a Business To
The US is going through its second longest economic expansion, and businesses across the country are seeing major benefits. The national unemployment rate is less than 4%, and many sectors are seeing booms in employment.
Some US states, however, are more attractive to international business expansion than others, so if you’re expanding your business, here’s which states to consider.
Florida is known for being a good place to do business, with few regulations, a good college system and low cost of living, with no income taxes. It ranks in the top 10 for venture capital, and ranks quite highly for entrepreneurship and taxes. There are 206 patents created per million people. And it’s sunny – which always helps with employee morale.
North Carolina has many business-friendly regulations, making it a top spot for innovation and a good workforce. It has a built a friendly business climate over the last few decades, with low business costs and a young, educated workforce. However, it does also lack anti-discrimination laws and state laws that may deter younger workers.
Washington has 906 patents created per million people, the third highest ranking in the country, so it’s safe to say the state is entrepreneur-friendly. It’s home to giants including Amazon, Costco, Expedia and Microsoft, and has a strong workforce that thrives on innovation.
The state has no income tax, but it has a business and occupations tax that can affect some businesses more than others.
The state of Massachusetts ranks second for patent creation, with 1,005 patents per million people. The state has had a huge influx of business capital in recent years, and always scores highly for education and innovation, as well as quality of life. This is partly thanks to its dynamic Boston economy, which is particularly strong in industries including education, healthcare and technology. On the other hand, it also ranks badly for cost of living and business costs.
Texas scores highly for infrastructure in most polls relating to the best US states for international business. It has strong employment rates and is home to 100 of the 1,000 largest public and private companies in the US, including Dell and ExxonMobil. It has no corporate or personal state tax, and has a highly skilled workface thanks to a number of top colleges across the state.
Proctor & Gamble, Boeing and Home Dept have all recently announced expansions to Utah, where population growth is one of the fastest in the country.
Energy costs in Utah are around 31% below the US national average, while business costs are 10% below national average and employment growth has averaged 0.6% over the last five years. It also has a 5% tax rate, which is below nearby states such as Arizona, Idaho and New Mexico. It also ranks well for having a low tax burden on businesses across different industries.
If you’re a global business looking to expand, get in touch with international expansion experts Galvin International for advice and support.
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