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2024’s Best & Worst States to Start a Business

UNDATED – With around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, the personal-finance website WalletHub today released its report on 2024’s Best & Worst States to Start a Business to showcase the most fertile grounds for planting and growing new ventures.

WalletHub compared the 50 U.S. states across 25 key indicators of startup success. The data set ranges from financing accessibility to labor costs to office-space affordability.

South Dakota ranked in the middle of the pack at 24th.

Best States to Start a Business Worst States to Start a Business
1. Utah 41. Missouri
2. Georgia 42. Hawaii
3. Florida 43. Pennsylvania
4. Idaho 44. New Jersey
5. Nevada 45. New Hampshire
6. Arizona 46. West Virginia
7. Colorado 47. Maryland
8. Texas 48. Alaska
9. North Carolina 49. Connecticut
10. Tennessee 50. Rhode Island

Best vs. Worst

  • Iowa has the cheapest average annual rent for office space – 2.2 times cheaper than in New York, where it is most expensive.
  • Mississippi has the lowest labor costs (median annual income) – 1.9 times lower than in Maryland, which has the highest.
  • Massachusetts has the highest share of the population with a college education – 2.1 times higher than in West Virginia, which has the lowest.
  • Wyoming has the most startups per 100,000 residents – 3.7 times more than in West Virginia, which has the fewest.

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/best-states-to-start-a-business/36934

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