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Raleigh ranked No. 3 for entrepreneurs, Charlotte No. 7

October 14, 2009 By: David D. Menzies Category: General News

(Raleigh, N.C.) The Raleigh-Cary MSA (Metropolitan Statistical Area) had been ranked third in the nation for “Best Places to Launch a Small Business” by Fortune Small Business Magazine. Raleigh-Cary came in behind second-place Pittsburgh and first-place Oklahoma City. Charlotte made the top ten as well, finishing seventh.

Fortune Small Business Magazine partnered with Ewing Marion Kauffman Foundation in researching the top entrepreneurial hot spots, developing a methodology based on developed a methodology and sifted through data on factors such as income, wages, crime rates, taxes and foreclosures. Economist Robert Fairlie, professor at the University of California, Santa Cruz assisted in developing the methodology.

Raleigh-Cary’s location, climate, and influx of young families from the north contributed to the area’s high ranking. Additionally, the area’s strong collection of higher education institutions were noted for their continuing supply of, “a well-educated pool of graduates to fill competitive jobs in biotech, financial services, and engineering” according to the magazine.

Of note, no West Coast U.S. cities appeared on the list, apparently due to the foreclosures factor, according to the magazine. Wilmington and Durham, N.C. also made the list.

For more information, visit http://money.cnn.com/smallbusiness/

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