Utah Ranks #1 as Best State to Start a Business

WalletHub releases list of 2023’s best & worst states to start a business.

Source: Adam McCann, Financial Writer — Wallet HubStarting a business is never easy. According to US Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary. Staying afloat is difficult even under normal conditions, and even more so when dealing with a global pandemic, the highest inflation in decades and labor shortages.Outside of the current difficult economic conditions, there are plenty of other reasons that startups fail, with a “bad location” among the most common. Choosing the right state for a business is therefore crucial to its success. A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive.In this study, WalletHub compared the 50 states across 27 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.

Main Findings

State	Rank
Utah	1
Florida	2
Texas	3
Colorado	4
Idaho	5
Georgia	6
Arizona	7
Nevada	8
Oklahoma	9
California	10
North Carolina	11
Montana	12
Maine	13
Kentucky	14
Washington	15
South Carolina	16
Tennessee	17
South Dakota	18
Massachusetts	19
Mississippi	20
Michigan	21
Hawaii	22
Indiana	23
Arkansas	24
Nebraska	25
Illinois	26
Iowa	27
Alabama	28
Louisiana	29
New Mexico	30
New York	31
Oregon	32
Vermont	33
Delaware	34
Ohio	35
Kansas	36
Wisconsin	37
Minnesota	38
New Hampshire	39
Missouri	40
Maryland	41
Virginia	42
North Dakota	43
Pennsylvania	44
Wyoming	45
Rhode Island	46
New Jersey	47
West Virginia	48
Connecticut	49
Alaska	50

Best States to Start a Business

Overall Rank	State	Total Score	Business Environment	Access to Resources	Business Costs
1	Utah	59.91	7	1	32
2	Florida	59.21	1	14	24
3	Texas	56.85	3	12	31
4	Colorado	56.14	4	7	35
5	Idaho	55.88	9	21	10
6	Georgia	55.37	5	26	19
7	Arizona	53.79	6	22	30
8	Nevada	53.54	12	11	26
9	Oklahoma	53.12	28	19	1
10	California	52.97	2	2	49
11	North Carolina	52.90	11	17	20
12	Montana	52.86	15	28	7
13	Maine	51.73	10	41	18
14	Kentucky	50.68	24	36	4
15	Washington	50.60	13	3	41
16	South Carolina	49.99	18	35	17
17	Tennessee	49.90	14	40	21
18	South Dakota	49.70	34	25	5
19	Massachusetts	49.42	17	4	44
20	Mississippi	49.37	43	30	2
21	Michigan	49.32	36	24	6
22	Hawaii	48.95	8	15	43
23	Indiana	47.75	29	42	11
24	Arkansas	47.65	25	49	9
25	Nebraska	46.92	32	39	16
26	Illinois	46.89	39	6	37
27	Iowa	46.84	31	27	23
28	Alabama	46.51	38	47	8
29	Louisiana	46.29	40	43	12
30	New Mexico	46.12	33	46	14
31	New York	46.10	19	5	47
32	Oregon	46.03	16	18	40
33	Vermont	45.79	35	23	29
34	Delaware	45.48	23	9	42
35	Ohio	45.21	45	37	13
36	Kansas	44.68	44	44	15
37	Wisconsin	44.43	46	31	22
38	Minnesota	44.17	27	32	33
39	New Hampshire	43.71	21	38	39
40	Missouri	43.69	48	34	25
41	Maryland	43.65	20	10	48
42	Virginia	43.38	26	29	38
43	North Dakota	43.34	37	45	27
44	Pennsylvania	42.84	42	20	34
45	Wyoming	42.66	41	48	28
46	Rhode Island	42.03	47	16	36
47	New Jersey	41.63	22	13	50
48	West Virginia	40.56	50	50	3
49	Connecticut	39.97	49	8	46
50	Alaska	39.44	30	33	45

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that state, where a rank of 1 represents the best conditions for that metric category. Published by Utah Business Magazine Utah ranks #1 as best state to start a business – Utah Business

Read the full article on WalletHub here.