North Carolina is a top 15 state in which to start a business, according to a report released Monday.
Consumer finance website Wallethub ranked North Carolina 14th overall in its "2019’s Best & Worst States to Start a Business" analysis.
"North Carolina ranks very well in terms of access to resources," Wallethub analyst Jill Gonzalez told The Center Square. "The state has the largest venture capital investments per capita, as well as an important growth in working age population, almost 5 percent. In addition, taxation for businesses in the state is among the lowest."
A state that provides the ideal conditions for business creation – such as access to cash, skilled workers and affordable office space – can help business start-ups thrive, Wallethub says.
To come up with its ranking, WalletHub compared the 50 states across 26 key indicators of startup success, including main categories ranking each state's business environment, access to resources, and business costs.
North Carolina's highest ranking was in the access to resources category, where it finished 10th. Its lowest was business environment, where it finished 24th.
"The state could improve in terms of employment specialization, and financing accessibility," Gonzalez said. "North Carolina's businesses could also benefit from an increase in the total spending on incentive programs, as it is currently just 0.15 percent of GDP."
Texas topped Wallethub's rankings, followed by Utah in second and Georgia in third. North Dakota and Oklahoma rounded out the top five.
Rhode Island finished at the bottom in 50th.