The personal finance website WalletHub’s 2024 Best & Worst States to Start a Business cited Maryland, which ranked at no. 47, as one of the worst states in the country to start a business.
With what it estimated at 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, WalletHub released the report to list its most and least fertile locales for establishing new ventures.
It compared the 50 states across 25 key indicators of startup success. The data set ranges from financing accessibility to labor costs to office and space affordability. As for starting a business in Maryland, it ranked, by category:
27th in Average Growth in Number of Small Businesses
46th in Office-Space Affordability
50th in Labor Costs
45th in Availability of Human Capital
25th in Average Length of Work Week (in Hours)
44th in Cost of Living
49th in Industry Variety
The survey ranked Utah at no. 1, followed by Georgia, Florida, Idaho and Nevada as the best states to start a business; with Rhode Island, at no. 50, followed Connecticut, Alaska, Maryland at no. 47 and West Virginia as the worst.
“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%,” 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.”
For the full report, visit https://wallethub.com/edu/best-states-to-start-a-business/36934.