Study: Texas is 3rd-best state to start a business
January 24, 2023 1:01PM CST
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SAN ANTONIO (KTSA News) — As numbers continue to show record-setting job growth in Texas, it should come as no surprise that the Lone Star State is ranked near the top when it comes to the best states in the U.S. to start a business.
A new WalletHub study ranks Texas No.3 in the nation, topped only by Florida (No.2) and Utah (No.1) for best conditions to start a new company.
All 50 states were studied using 27 key indicators of startup success in creating the list, Texas also falling in at No.3 for best ‘business environment.’ But the Lone Star State also scored well in ‘access to resources’ and ‘business costs.’
Alaska ended up ranked at the very bottom, along with Connecticut, West Virginia and New Jersey.
Source: WalletHub
According to U.S. Bureau of Labor Statistics data, about one fifth of all startup businesses don’t survive past year one of operation, and close to 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.
See the entire report by clicking here.
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