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WALLETHUB: 2019’s Best and Worst States to Start a Business

With the stock market booming, the personal-finance website WalletHub today released its report on 2019’s Best & Worst States to Start a Business as well as accompanying videos.

To determine the most fertile grounds for planting and growing new ventures, WalletHub compared the 50 U.S. states across 26 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   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

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 coasts (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.

To view the full report and your state’s rank, please visit: https://wallethub.com/edu/best-states-to-start-a-business/36934/ 

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Julia LeFort

Julia LeFort joined RSHV News 1 in May 2019 following her graduation from Florida College with a Bachelor's Degree in May 2019. She has been working as an editor in Florida for the past two years and previously graduated from Benton High School. Currently she is working as the content manager and a contributing reporter to RSHV News 1, while also attending graduate school online through LSU's School of Library and Information Science. Julia is excited to be back in Northwest Louisiana, which she considers home. You can contact Julia at jlefort@rshv.news.

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