Want to start a new business? Utah is the 2nd-best place in the nation to do it
Utah is second, behind only Texas, as the best state for starting a business, based on rankings compiled by personal finance website WalletHub.
WalletHub compared the states across 26 indicators of startup success. The data set ranges from financing accessibility to availability of human capital to office-space affordability. Key groups are business environment, access to resources, and business costs.
Utah was second-ranked for access to resources, seventh for business environment and 26th for business costs. In other breakout categories, Utah had the longest average work week among states; was second behind only North Dakota for highest average growth in the number of small businesses; and was tied for first with North Dakota, Iowa and South Dakota for most accessible financing.
In ratings in which 1 is best and 25 is average, Utah received an 18 for industry variety, 24 for office space affordability and 25 for cost of living.
In the overall rankings, Texas and Utah were followed by Georgia, North Dakota and Oklahoma. Rhode Island was the 50th-ranked state.
The report is available at https://wallethub.com/edu/best-states-to-start-a-business/36934/.