North Carolina ranks No. 31 in the nation in least burdensome regulatory environments for small business, according to a study.
Many factors influence small business growth in each state, including geography, historical growth patterns, tax policies and state regulatory policies. The Pacific Research Institute released a study ranking states on how burdened they are by state regulations. North Carolina ranks No. 31.
The 50-State Small Business Regulation Index ranks the nation based on the impact from each state’s regulatory environment on small biz. The Index’s purpose is to compare environments that are associated with slower business growth versus more robust small business growth, the report says.
North Carolina falls in the bottom-half of the nation for burdensome regulations to small business. Regulations that hurt the Tar Heel State, according to the study, are: family leave mandates, which are stricter than the Family and Medical Leave Act (FMLA); occupational licensing rules that rank No. 43 in the nation; high startup and filing costs; and the fact that it’s an alcohol control state.
Regulations aiding the small biz community in North Carolina are the minimum wage rate, which is the federal rate of $7.25 per hour, that it doesn’t require short-term disability insurance and that it’s a right-to-work state.
Read the report here: http://www.pacificresearch.org/fileadmin/images/Studies_2015/SmBusinessIndex_UpdatedVersion2_web.pdf
