The accolades just keep rolling in for Utah's business climate. Personal finance website WalletHub
has named the state the best in the nation for starting a business. The ranking is based in 25 metrics
important to entrepreneurs launching new business ventures. Photo courtesy Samuel Sweet/Pexels.
ANOTHER NO. 1 FOR THE STATE
Being an entrepreneur is hard, as around one in five new businesses fail within the first year. Being in the right state can make the process a lot easier and, once again, Utah is the best state for starting a business, according to a new report by the personal finance website WalletHub.
Utah is followed by Georgia, Florida, Idaho and Nevada. The report analyzed 25 indicators of business-friendliness across three categories: business environment, access to resources and business costs.
“Utah is the best state for starting a business because businesses have greater access to loans than in any other state and Utah has the largest annual employment growth in the country, at nearly 2.5 percent,” said Cassandra Happe, an analyst at WalletHub. “During a time when money is tight, having ready access to capital and being in a state where business is booming can mean the difference between a startup thriving and dying during its first few years.”
Utah ranked No. 1 overall, second in average growth in number of small businesses, 24th in office space availability, 20th in availability of human capital, 30th in cost of living and 28th in industry variety.
Business owners in Utah also save money on employee benefits, as the average healthcare insurance premium per enrolled employee is one of the lowest in the nation, the report said.
In addition, Utah was recognized as one of the best states on the “Digital States Survey” from the Center for Digital Government, which measures how well states are using technology to improve the efficiency of their businesses. “Tech-savvy Utahns should be able to capitalize on their skillset and access to good technology to help their businesses thrive,” Happe said.
The full WalletHub report, along with tips on starting a successful business in Utah, are available at wallethub.com/edu/best-states-to-start-a-business/36934.