SPECIAL REPORT:
Raleigh Named "Best Place For Business And Careers"

Kurt Badenhausen 03.19.08, 6:00 PM ET

Companies in the U.S. are facing myriad challenges, from the credit crunch to soaring commodity prices to corporate tax rates that are behind only Japan's among developed countries. What is a chief executive to do? Head south.

In our 10th annual ranking of the Best Places for Business and Careers, common themes for business-welcoming metros include solid job growth, an educated labor supply and low business costs.

Topping the list for a second straight year is Raleigh, N.C. Business costs are 14% below the national average, and the area boasts one of the most educated labor supplies in the country, with 38% of the adult population possessing a college degree and 12% holding a graduate degree. Raleigh's secret is out, though, as people have been flocking to the area.

Net migration has averaged 25,000 annually in recent years, or 2.4% of the population, seventh highest in the country. The influx of talented young people is good news for big employers in the area like Cisco Systems, GlaxoSmithKline and SAS Institute.