Summary
A report by SoFi analyzed top U.S. cities for starting a business, evaluating factors like business applications, office costs, and unemployment rates. The research highlights certain Southern and Midwest cities as favorable for new businesses. Florida and Texas cities rank high due to increasing business activity and young and diverse populations.
Key Facts
- In 2023, 5.5 million new business applications were filed in the U.S.
- Small businesses employ 46% of the U.S. workforce.
- SoFi evaluated 50 U.S. cities based on eight criteria, including living costs and business applications.
- Three Florida cities rank in the top 10 for new businesses.
- Miami tops the list with the most new business applications and self-employed people.
- Cities like Minneapolis, St. Paul, and Madison score well among cold-weather locations.
- Texas cities like Plano and Irving are also in the top 10, benefiting from a young workforce.
- Miami offers high population growth, contributing to its business-friendly environment.
