Best, worst states to start a business - WMC Action News 5 - Memphis, Tennessee

Best, worst states to start a business

(Source: WalletHub) (Source: WalletHub)
(WMC) -

With President Donald Trump proposing to slash the corporate tax rate to 15 percent while startup activity trends upward for three years in a row and reaches pre-Recession levels, the personal-finance website WalletHub conducted an in-depth analysis identifying 2017’s Best & Worst States to Start a Business.

To determine the most fertile grounds for planting and growing new ventures, WalletHub’s analysts compared the 50 U.S. states across 20 key indicators of startup success. The data set ranges from financing accessibility to availability of human capital to office-space affordability.

Best States to Start a Business:

  1. North Dakota
  2. Texas
  3. Utah
  4. Oklahoma
  5. Nebraska
  6. Florida
  7. Colorado
  8. Georgia
  9. Missouri
  10. South Dakota

Best vs. Worst:

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), $39,665, which is 1.9 times lower than in Maryland, the state with the highest at $74,551.

Mississippi has the lowest cost-of-living index, 86, which is 1.9 times lower than in Hawaii, the state with the highest at 167.

Massachusetts has the highest share of the college-educated population, 40.5 percent, which is 2.1 times higher than in West Virginia, the state with the lowest at 19.1 percent.

North Dakota has the most startups per 100,000 residents, 205.92, which is three times more than in West Virginia, the state with the fewest at 69.68.

To see where your state ranks, and view the full report, click here.

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