2019’s Best & Worst States to Start a Business

    Written By:  Adam McCann, Financial Writer Published By: WalletHub 7-18-2109

STARTING A BUSINESS:

Starting a business is never easy. According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary. But startups fail for different reasons, a “bad location” among the most common. Choosing the right state for a business is therefore crucial to its success. A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive. In this study, WalletHub compared the 50 states across 26 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise. Read on for our findings, business insight from a panel of experts and a full description of our methodology.
 

Main Findings

Overall Rank (1=Best)StateTotal Score‘Business Environment’ Rank‘Access to Resources’ Rank‘Business Costs’ Rank
1Texas61.0511130
2Utah60.957226
3Georgia58.1251713
4North Dakota57.6821932
5Oklahoma57.588361
6Florida56.7542021
7Arizona54.3991229
8California54.303346
9Montana53.7111308
10Colorado52.6761834
11Idaho52.1012447
12Washington52.0013143
13Mississippi51.3928262
14North Carolina50.86241022
15Louisiana50.36153717
16Kansas50.33172720
17Minnesota50.3221535
18Michigan50.1931236
19Nebraska50.0925219
20Tennessee49.11164219
21Kentucky49.0026405
22South Dakota48.5738334
23Maine48.56184514
24Indiana48.48332911
25Nevada47.85144728
26Oregon47.80191333
27New Mexico47.69342818
28Alaska47.06101645
29Alabama46.82363810
30Wisconsin46.61293124
31Arkansas46.60324312
32Missouri46.46352525
33Wyoming46.22203931
34Ohio46.05423516
35Illinois45.3343840
36Massachusetts45.1127742
37Iowa44.86393227
38South Carolina44.85414815
39Virginia43.51223438
40Maryland43.4223947
41West Virginia43.3649413
42New York42.2537649
43Vermont41.35455023
44Delaware40.66401444
45Pennsylvania40.18472237
46Connecticut39.3148448
47Hawaii38.05304941
48New Hampshire37.94464639
49New Jersey36.42441550
50Rhode Island35.29502436
 

Methodology

In order to determine the best and worst states to start a business, WalletHub compared the 50 states across three key dimensions: 1) Business Environment, 2) Access to Resources and 3) Business Costs. We evaluated those dimensions using 26 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for new-business creation. Finally, we determined each state’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.
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