North Carolina’s largest city has been ranked among the top cities to do business in a new report.
Charlotte is the sixth easiest city in which to do business in North America, according to a recent report by the Center for the Study of Economic Liberty.
Researchers examined what entrepreneurs will face in their effort to start a business in 115 cities in the U.S., Canada and Mexico.
Factors included hiring workers, securing property and electricity, resolving financial issues and the tax burden for running a business in the city.
Charlotte scored 82.97 out of 100 when it comes to the overall ease of doing business.
According to the U.S. Census, Charlotte is home to more than 800,000 residents and six Fortune 500 companies including Duke Energy and Bank of America. The income per capita is $34,687.
Seventy-one percent of Charlotte’s population is part of the workforce, which also places it in a good position when it comes to hiring employees.
Arizona State University researchers ranked the city fourth when it comes to finding employees.
The study measured the ratio of the annual minimum wage to income per capital; the number of working days per week; benefits and probationary periods.
Charlotte has an average workweek of 39.8 hours, according to a report by Kempler Industries.
The minimum wage in the state is $7.25 per hour. Legislators attempted to raise the minimum wage to $15 in March, but the bill stalled after its first reading in the House.
Charlotte is also a tax-friendly place for business owners. The city ranked eighth best overall for its tax burden.
In the tax burden category. researchers looked at all the taxes that businesses, employers, employees and residents can expect to pay.
The current individual income tax rate in North Carolina is 5.25 percent. The corporate tax rate is 2.5 percent. The state also has a history of offering companies tax incentives.
Property owners in Charlotte are subject to pay $1.31 in taxes per $100 of their property's assessed value.
If business owners find themselves in financial trouble, they may be able to find a quick way out in Charlotte, researchers found.
The city ranked No.1 in the time, cost and outcome of insolvency proceedings such as bankruptcy. The insolvency category was evaluated based on the time and the framework of the proceedings.
Although Charlotte sat high on the overall scale for doing business, opening a new one is much harder than the other variables that come with it. Charlotte ranked 45th when it comes to starting a business.