Ranked: America’s Best States to Do Business In
The United States often ranks as one of the best countries to start a business in, but the ease with which one can do business varies state by state. There are many considerations that factor into starting a business, like the available workforce, the condition of local infrastructure, access to investors, a culture that’s open to business, and so on.
This map ranks America’s best states to do business in based on a study from CNBC, which measured 88 factors across ten broad categories.
North Carolina—coming in first place in the ranking—attracts an extremely talented and innovative workforce, largely thanks to the state’s investment in its Research Triangle Regional Partnership (RTRP).
Some states that perhaps surprisingly don’t crack the top 10 include California and New York, both often considered centers of finance and entrepreneurship. But with the high costs of living and of starting a business in those states, their overall score is reduced.
A potential looming recession, alongside rising interest rates and inflation, may be creating a sense of cautiousness among businesspeople, leading to the lower rate of business applications compared to last year. And at existing companies, the economic situation has lead to cuts in growth forecasts and, subsequently, major layoffs.
But overall, the U.S. is a country which values entrepreneurship—even during the pandemic, massive spikes in new business formations were recorded—and certain industries and states will continue to flourish in any business environment.
Source: Visual Capitalist
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