Study: Best cities to start a business - WMC Action News 5 - Memphis, Tennessee

Study: Best cities to start a business

(Source: Nellis Air Force Base) (Source: Nellis Air Force Base)
MEMPHIS, TN (WMC) -

President Donald Trump has proposed slashing the corporate tax rate from 35 percent to 15 percent. So with Congress set to take up the subject of tax reform soon, perhaps you’re thinking of starting your own business. Personal-finance website WalletHub has conducted an in-depth analysis of 2017’s Best Large Cities to Start a Business.

No Mid-South cities made the Top 20; Jackson, MS ranked 49th, Nashville came in 60th, Little Rock was 117th, and Memphis ranked 124th. 

In order to help aspiring entrepreneurs maximize their chances for long-term prosperity, WalletHub’s analysts compared the 150 most populated U.S. cities across 18 key indicators of startup viability. The data set ranges from five-year business-survival rate to office-space affordability.

Best Large Cities to Start a Business:

  1. Oklahoma City, OK
  2. Salt Lake City, UT
  3. Charlotte, NC
  4. Tulsa, OK
  5. Grand Rapids, MI
  6. Durham, NC
  7. St. Louis, MO
  8. Austin, TX
  9. Amarillo, TX
  10. Sioux Falls, SD

Best vs. Worst:

Toledo, Ohio, has the lowest average annual rent for office space, $12 per square foot, which is 6.7 times cheaper than in San Francisco, the city with the highest at $80 per square foot.

Detroit has the lowest labor costs (median annual income), $25,764, which is 4.1 times lower than in Fremont, Calif., the city with the highest at $105,355.
Brownsville, Texas, has the lowest cost-of-living index, 79, which is 2.5 times lower than in New York, the city with the highest at 201.

Irvine, Calif., has the highest share of the college-educated population, 66.4 percent, which is 5.8 times higher than in San Bernardino, Calif., the city with the lowest at 11.5 percent.

Miami has the most startups per 100,000 residents, 237, which is 12.5 times more than in Columbus, Ga., the city with the fewest at 19.

You can see the full report, with the list of all the cities, by clicking here

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