WalletHub names Utah runner-up in annual 'Best State to Start a Business' rankings

So, you’re a startup owner and you think you’re working long hours to make your business a success? A study by personal finance website WalletHub shows you might be wrong.

The website’s “2018 Best & Worst States to Start a Business” rankings show that while Utah ranks No. 2, behind only Texas, in a list of best states in which to start a business, Utah has the nation’s shortest average work week.

The study was compiled using 25 key indicators of startup success. The data set ranges from financing accessibility to availability of human capital to office-space affordability. In the three main criteria categories, Utah was first for “access to resources,” third for “business environment” and 33rd for “business costs.”

Behind Utah in the top five overall “best states” list were Georgia, Montana and Oklahoma. Hawaii was the lowest-ranked state.

Among high rankings in the study’s categories for Utah was the state being tied for first among states for “most accessible financing,” along with North Dakota, Iowa and South Dakota. Arizona has the least accessible financing.

Utah also tied for second for highest average growth in the number of small businesses, behind only North Dakota. West Virginia had the lowest average growth in the number of small businesses.

Utah fared poorly for the per-square-foot cost of commercial office space, ranking No. 46, just three slots ahead of No. 49 and last-ranked New York. The cheapest office space was in Iowa.

Among elements ranked with “1” being “best” and “25” being “average,” Utah got “1” scores for financing accessibility and the amount of venture investment per capita. It was 18th for industry variety and 22nd for cost of living.

By the way, the state with the longest average work week? Alaska.

Details of the report are at https://wallethub.com/edu/best-states-to-start-a-business/36934/.