Is New York a Good Place to Start a Business?

Date: August 01, 2018


New York received mixed results on a new national study of “Best States to Start a Business.”

The state ranks No. 32 overall, but also ranks No. 49 for “business costs”—no surprise for small business owners in the Empire State.

“Starting a business is never easy,” the study’s authors write. “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.”

According to the study, WalletHub ranked 50 states “across 25 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.”

More broadly, the study examined three dimensions: business environment, access to resources and business costs.

The top five overall states: Texas, Utah, Georgia, Montana, and Oklahoma. The bottom five were Pennsylvania, Vermont, Rhode Island, New Hampshire and Hawaii.

Read more about the study here:

Related Content: Small Business News | Economy | New York

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