Raleigh Named Top 20 City for Young Entrepreneurs

Date: January 18, 2016 Last Edit: January 19, 2016

8 total North Carolina metro areas included in NerdWallet rankings.

As 2016 gets underway, some North Carolina young entrepreneurs may be working on resolutions to start a new business. NerdWallet set out to see which cities across the nation were the best places to launch a startup, and Raleigh landed on the list at No. 16.

To generate the rankings, NerdWallet analyzed 181 metropolitan areas. They looked at local business environment and economic data from the U.S. Small Business Administration, U.S. Census Bureau, the U.S. Bureau of Labor Statistics and more. NerdWallet also factored in the population of residents ages 25 to 34 as well as the education level of each city because young startup communities will fare better in cities with more networking, mentoring and learning opportunities.

Here’s how Raleigh stacked up:

Overall rank: 16

SBA loans per 100,000 businesses: $10,020,435

Number of small businesses per 100 residents: 2.28

Percentage of total population ages 25-34: 13.90 percent

Percentage of population with bachelor’s degree or higher: 43.40 percent

Median earnings: $47,618

Unemployment rate as of September 2015: 4.60 percent

Seven other North Carolina metropolitan areas also made the list: Durham-Chapel Hill (33), Wilmington (53), Charlotte-Concord-Gastonia (69), Asheville (105), Conway/Myrtle Beach (150), Winston-Salem (161) and Burlington (165).

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