Texas took top honors on a new national study of “Best States to Start a Business.”
The state ranks No. 1 overall, and also ranks No. 1 for “business environment” and No. 16 for “business costs.”
“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: https://wallethub.com/edu/best-states-to-start-a-business/36934/