The economists at Thumbtack broke down this year’s Small Business Friendliness Survey to find the cities where small business owners aged 34 and under are happiest with the local business climate – ranking Durham ninth in the nation.
The study evaluated responses from 3,726 Millennial-aged entrepreneurs, taking into consideration things like taxes, regulations, networking opportunities and ease of starting a business. Durham, which ranks 14th overall for business friendliness, is particularly appealing when it comes to young business owners.
Besides lowered personal and corporate taxes, reduced regulations, and a reorganized department of commerce to include a private/public partnership for job recruiting, the Durham area benefits from three universities: Duke, Chapel Hill and North Carolina State. The state is also growing fast; currently ranked the ninth most populated state, and set to become the eighth.
“I think Duke University is such a draw for people to that area,” says NFIB state director Gregg Thompson. “They come and they like the area, they likes what’s offered in social life, they like the climate, and they find ways to stay.”
A hip social scene, young and growing population and prime location is only helped by the developing tech industry that has taken root in the Research Triangle Park, one of the largest research centers in the world that is located between Durham, Raleigh and Chapel Hill.
“There’s so many tech entrepreneurs in the area, and that’s really mushroomed because of Triangle Park,” says Thompson. “There are so many entrepreneurs in that area, and they’re finding what they need and what they want to start a business and to succeed in this area.”
And increasing numbers of young adults are joining the ranks of entrepreneurs. 27 percent of Millennials – the largest generation to hit the workforce since the Baby Boomers – are self-employed. “There’s a lot of support from the current administration and the legislature in the small business arena and entrepreneurship arena,” says Thompson. “They’ve done a lot, there’s still a lot to do.”
