April 23, 2019
Wilmington, North Carolina Business Climate
By Achim Neumann
Wilmington is a coastal city in North Carolina that lies around 129 miles southeast of Raleigh, the state capital. The city is home to 119,000 people and 21 of the sites listed in the National Register of Historic Places.
Visitors can reach the city through rail, bus, car, or plane. In Wilmington, heritage fuses with modernity and nature. As such, there is a prime real estate of every kind in this city: beachfront properties, riverside homes, condominiums, and suburban lots with plenty of quality businesses for sale in Wilmington.
There are also recreational spaces in the city such as golf courses, waterfront parks, beaches, lakes, biking trails, and forests. The winter climate is mild in Wilmington with only 45 days that are below 32°F, lower than the national average of 88 days.
Wilmington, NC has a Strategic Location Linking the East and the West
The Eastern State hosts 70% of the country’s industrial base. As a port city within the eastern region, Wilmington’s location is strategic. Products from factories in the east of the United States pass through Wilmington to port cities on the other side of the Atlantic such as Amsterdam and Lisbon. The port of Wilmington also serves as a transit point for goods bound for other ports in the United States’ eastern seaboard.
Found midway between New York and Miami, the Wilmington International Airport presents itself as a more convenient alternative entry point to the United States than the busy airports in those other cities. Passengers can ride an airplane from Wilmington to Atlanta, Dallas, Chicago, and Washington DC. DHL, FedEx, and UPS also use the airport to unload its cargo.
Tax Exemptions and Low Tax Rates for Startups
North Carolina has the third lowest corporate tax rates in the country with a scale of 3% strictly implemented in Wilmington. Recently, that rate was lowered to 2.5%. Sales tax in North Carolina is also among the lowest in the United States at 4.75%.
Companies can buy parts and ingredients for their products tax-free. Tech startups also benefit from the tax exemption of computer software used in other digital products. The state government also provides tax incentives for well-performing companies that decide to locate themselves in Wilmington and elsewhere in North Carolina.
Low Costs of Living and High-Educational Attainments
The low cost of living in Wilmington is 2% below the national average. The low taxes, low cost of living, and state incentives make Wilmington the fifth least costly city in the United States to do business according to Forbes magazine.
Almost 92% of Wilmington’s residents finished high school, higher than the national rate of 84%. Around 38% of its people have college diplomas, compared to 33% of the entire United States. These figures mean that a significant portion of the city’s labor pool have the required skills that businesses need for their operations.
Home to Some of the Biggest National Companies
Wal-Mart, General Electric, and Verizon are among the biggest employers in Wilmington. Wilmington’s STEM (Science, Technology, Engineering, and Mathematics) graduates are the skilled workforce of established tech, financial, and industrial companies like Pharmaceutical Product Development (PPD), Aperture, and Live Oak Bank. Wilmington’s neighboring counties provides ready access for seafood processing companies like Acme Smoked Fish Corporation.
The quality infrastructure, low tax rates, low cost of doing business, and a considerable talent pool of skilled workers is the hallmark of Wilmington’s business climate. These attributes, combined with the city’s strategic location and mild weather conditions make Wilmington one of the ideal places to do business in the country.
You’ll find both a wealth of businesses for sale in Wilmington as well as qualified entrepreneurs offering business for sale in Wilmington, North Carolina. Reach out to us at A. Neumann & Associates to speak with a qualified Mergers and Acquisitions in Wilmington specialist today.
About A Neumann & Associates, LLC
A Neumann & Associates, LLC is a professional mergers & acquisitions and business brokerage firm having assisted business owners and buyers in the business valuation and business transfer process through its affiliations for the past 30 years. With an A+ Better Business Bureau rating, the company has senior trusted professionals with a deep knowledge based in multiple field offices along the East Coast and has performed hundreds of business valuations in its history. The firm’s competitive transaction fees are based on successfully completing transactions. For more information, please contact A Neumann & Associates at 732-872-6777 or email@example.com