Summary
A report by WalletHub ranks U.S. states based on how suitable they are for starting a business. Florida is the top state due to strong entrepreneurial activity and favorable business conditions, while New Jersey, Connecticut, Hawaii, Maryland, and Rhode Island are the least favorable.
Key Facts
- WalletHub's report ranks Florida as the best state to start a business, citing strong startup activity and low corporate taxes.
- The top five states for starting a business are Florida, Utah, Texas, Oklahoma, and Idaho.
- Florida has a growing working-age population and a 16% increase in small businesses from 2017 to 2023.
- Utah is noted as the second-best state, with easy access to business loans and high employment growth.
- Texas ranks third, with a high entrepreneurship rate and many fast-growing businesses.
- The states considered the worst for starting a business are New Jersey, Connecticut, Hawaii, Maryland, and Rhode Island.
- WalletHub used factors like business environment, resource access, and business costs to create the rankings.
- The report is released annually and evaluates states based on 25 different criteria.
