North Carolina Sets Record for New Business Creation

North Carolina Sets Record for New Business Creation

Carolina Journal

January 18, 2022

Not everyone moving to North Carolina winds up joining the state’s labor market. North Carolina’s record number of start-up businesses last year was supported by in-migration, according to the NC Chamber. “Our population is growing, and a good part of that growth is highly skilled people relocating here,” says Kate Catlin Payne, Vice President of Communications at the Chamber. More than 178,000 new businesses were created across the state last year, according to the Office of the NC Secretary of State. That’s up 40 percent from the prior year. But only about a quarter of these businesses will become employment producers, if the state’s experiences reflect national trends. Some of the counties with the highest percentage increases in new business creation are smaller and rural, such as Scotland and Edgecombe. “The report shows that the spirit of entrepreneurship is strong in North Carolina,” says Jon Sanders, a Senior Fellow at Raleigh’s John Locke Foundation. “Overall, it’s a good sign for the state that so many are willing to take risks in pursuit of their dreams.”

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