North Carolina continues to have the lowest business costs of any of the country's leading biotechnology states.
The Milken Institute's 2007 Cost-of-Doing-Business Index, released in August, ranks North Carolina the 31st most expensive state for the second consecutive year.
Other leading biotechnology states were rated much more expensive than North Carolina:
- New York at No. 2;
- Massachusetts No. 4;
- California No. 6;
- New Jersey No. 7; and
- Maryland No. 11.
High Performance at Low Cost
"North Carolina's favorable rankings once again demonstrate our state's value proposition for biotechnology -- high performance at low cost," said Bill Bullock, director of bioscience industrial development for the North Carolina Biotechnology Center.
"More than 400 bioscience companies are doing world-class research, testing and manufacturing in North Carolina at a discount to what other biotech states offer."
Cost-of-Doing-Business Index
The Cost-of-Doing-Business Index measures wage costs, taxes, electricity costs and real estate costs for industrial and office space.
Hawaii, New York and Alaska are the most expensive states for businesses, maintaining the top three spots for the second consecutive year, while South Dakota is the least expensive state. The 2007 Cost-of-Doing-Business Index was sponsored by the California Manufacturers and Technology Association.