Utah Ranks # 2 In Best States To Start a Business

September 18, 2018

The Best and Worst US States to Start a Business  

Written & Posted  By: Adriana Belmonte

September 13, 2108-Yahoo News



Texas is the best state to start your own business, Utah is 2nd and Hawaii is the worst, according to a study from WalletHub.

The personal finance site analyzed data from a variety of sources — including the U.S. Department of Labor and Statistics, the U.S. Census Bureau — and found that the top five states to start a business were Texas, Utah, Georgia, Montana, and Oklahoma. The bottom five were Pennsylvania, Vermont, Rhode Island, New Hampshire, and Hawaii.

  (Graphic: David Foster/Yahoo Finance) More

The study factored in the business environment, access to resources, and business costs as part of their findings. It also considered aspects including educated populations, total spending incentives as a percentage of GDP, and the availability of human capital.

North Dakota (#7) and Utah (#2) are the top states for highest average growth in the number of small businesses and most accessible financing. Alaska (#36) is the top state for the highest availability of human capital and longest average work week (in hours). Iowa (#39) has the cheapest office spaces while West Virginia (#45) and Michigan (#15) are tied for highest total spending on incentives as a percentage of GDP.

‘We don’t know what causes any particular business success’

It remains unclear what exactly makes some states thrive better than others. As the map indicates, many states on the West Coast fare better than those on the East Coast when it comes to starting a business. (Overall, U.S. small business optimism surged to an all-time high this month.)

“The reality is we don’t know what causes any particular business success, and many different businesses succeed in a variety of locations for many different reasons,” Drew Hession-Kunz, Professor of the Practice at Boston College, told Yahoo Finance.

However, Hession-Kunz noted that “we have to be careful” at looking at only the ranking part of the study.

“Every business will have specific advantages, and may thrive in different locations than the usual,” he said. “There are clusters of measures. Not every criterion applies to every business, so we need to drill into the details to see what applies to any particular company.”

‘Finding talented experienced employees is really the bigger challenge for starting a Business’

State taxes and regulatory environment play a major role in whether or not a business succeeds, Hession-Kunz said, as many states at the bottom of the WalletHub rankings have high taxes without the “counterbalancing benefits” that some high-tax states offer.

Four of the five bottom-ranked states overall for starting businesses all have high corporate income tax ratescompared to the national average. Texas (#1) doesn’t even have a corporate income tax, while the other top four are all on the lower side.

  (Photo: Tax Foundation) More

For the states at the top of WalletHub’s survey, “there are clusters of industries that are in a growth phase and therefore are attracting investment from multiple sources,” Hession-Kunz said.

“There is more capital available in more forms in more locations than ever before,” he said. “Finding talented experienced employees is really the bigger challenge right now.”

    SEARCH ALL UTAH Homes        

Salt Lake Real Estate

berkshire hathaway


Linda Secrist’s Salt Lake City Real Estate Home Page Salt Lake City Real EstateDraper Real Estate Holladay Real Estate Sandy Real Estate South Jordan Utah Real Estate Salt Lake City’s Top Real Estate Agent

Linda Secrist #1 Sales Team

Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2017! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!


#mcm #wcw #utahhomesforsale #openhouse #homebuying #utahluxuryhomes #buyahome #homebuyer #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome #villasatdimpledell #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUT #homesforsaleinpepperwood #searchutahhomes #slcvacations #slcdestinations #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #seller #buyer #saltlakerealestate #luxurylifestyle #buyingahome #mainfloorliving #homestyle #homedesign #number1 #sellingahome #Utahbusiness#Siliconslopes#saltlakerealestate#luxurylifestyle#hautehomes#luxury#luxuryliving#UT#Utah#Ski#Skiing#Mountains#Adventure



Share this post

Click here!

Linda Secrist

LRE® Profile More Blog Posts Save Favorite

My Website


Recent Blog Posts

Announcing "The Parkview Villas" Sandy's Newest Twin Home Community

Linda Secrist, Linda Secrist of BHHS Utah Properties — Dec 13

Fabulous Riverfront in Bend Oregon's Historic District

Bend Premier Real Estate, Bend Premier Real Estate — Dec 12

Online lead generation - best companies?

Gulf Coast International Properties, Gulf Coast International Properties — Dec 12

Don Petermann joins Lake Norman Realty Dynamic Luxury Team

Don Petermann, Lake Norman Realty — Dec 11

Scot Karp Sells Another Oceanfront Condo at Stratford Arms

Scot Karp, Premier Estate Properties, Inc. — Dec 11