Business owners from around the world are quickly seeing the benefits that Washington state has to offer. This area of the Pacific Northwest offers plenty of places for businesses of all sizes. If you’re thinking of opening a business or looking for a new place to register your business, Washington state is the place to be. Here are seven reasons why Washington should be your next business home.
1. Impressive Growth
First, economic growth is much higher than average in Washington state. The economic boom is doubling at a rate faster than the national average in Washington. It has the fastest growing economy in the country. This means more opportunities for business growth, customer potential, and increased revenue. The area is poised to grow even more in the next decade.
2. Large Number of STEM workers
The second reason why Washington is a great place for businesses is because of its vast number of highly-educated people. This area has one of the highest concentrations of STEM workers in the world. With a large number of top universities and a commitment to science and technology, Washington state has more than enough qualified individuals to staff your tech business or other venture.
3. Low Corporate Taxes
Next, Washington businesses enjoy a much lower tax rate than other companies in locations around the country. First, there is no income tax, which could benefit you and your employees. Additionally, there is no personal corporate tax, which can help you increase your overall profits and reduce your bottom line. When tax season rolls around each year, your company could save money and time with the streamlined and simpler approach to filing tax returns for your business in this state.
4. High Number of Patents
Another reason why Washington state is such a perfect spot for businesses relates to patents, which could be inventions for new products or concepts for new intellectual properties. Washington has the second-highest number of patents registered in the nation, after California. These patents represent new ideas and innovations across all industries. It’s clear that the talented minds of the people of the state could take businesses like yours even further into success.
5. Business-Friendly Government
It’s also important for the state you choose to call home to have business-friendly policies within the government. Washington state has some of the friendliest rules and regulations concerning small businesses in the country. Lawmakers are committed to bringing businesses to this incredible place, focusing on building Washington’s economic recovery and bringing more businesses back to the state. In addition, economics and political science professors frequently serve in the government, bringing their academic expertise and knowledge to their work to better the economy.
6. Home to Top Corporations
Additionally, if you really want to know the atmosphere for business in Washington take a look around to see how other corporations have taken advantage of this state’s business benefits. Washington is home to the corporate headquarters of some of the largest companies in the world, such as Amazon and Costco. These companies have truly discovered all of the things that this state offers.
7. Inexpensive Energy Costs
Finally, Washington state is at the forefront of the nation’s quest for cheaper, sustainable energy sources. Businesses located in Washington can take advantage of the many offerings of inexpensive energy sources, such as solar, hydroelectric, and wind. Washington is a leader in producing clean energy and exports some of its energy to neighboring states. For businesses, this means access to low-cost energy sources and paying significantly less each month on your company’s utilities and resources for physical locations, such as retail, restaurants, or storage areas.
If you want to gain an edge over your competition in no matter what industry you’re in, check out what Washington state has to offer for businesses. You can start a new venture or grow your existing company beyond your original vision in this business-friendly state.