Best States To Start A Business
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Best States To Start A Business

Best States To Start A Business

Texas is best, Rhode island is the worst.

That's according to the findings of personal-finance website WalletHub, which just compared all 50 U.S. states across 26 key indicators of business startup success to identify the most fertile grounds to launch and grow a business. It's critical information for multi-unit franchisees looking to expand into other states.

The study examined everything from financing accessibility to availability of human capital to office-space affordability.

Here are the Top 10 best and worst states:

Best States to Start a Business Worst States to Start a Business

1

Texas

41

West Virginia

2

Utah

42

New York

3

Georgia

43

Vermont

4

North Dakota

44

Delaware

5

Oklahoma

45

Pennsylvania

6

Florida

46

Connecticut

7

Arizona

47

Hawaii

8

California

48

New Hampshire

9

Montana

49

New Jersey

10

Colorado

50

Rhode Island

Some of the study's other key findings include:

  • Iowa has the cheapest average annual rent for office space, $12.08 per square foot, which is 2.2 times cheaper than in New York, the state with the most expensive at $26.66 per square foot.
  • Mississippi has the lowest labor costs (median annual income), $42,009, which is 1.9 times lower than in Maryland, the state with the highest at $78,916.
  • Massachusetts has the highest share of college-educated population, 42.10 percent, which is 2.1 times higher than in West Virginia, the state with the lowest at 19.90 percent.
  • North Dakota has the most startups per 100,000 residents, 199.34, which is 2.8 times more than in West Virginia, the state with the fewest at 70.23.

See the full report here https://wallethub.com/edu/best-states-to-start-a-business/36934/

Published: August 1st, 2019

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