30 best cities for starting a business
Location is the key for entrepreneurial innovation, or at least that's the premise of a new study by personal finance website Wallet Hub.
"There is always room in the market for new ideas … if you know where to look," the study says in the introduction.
In order to judge the best locations for new business start-ups, Wallet Hub rated each city according to 14 key indicators, namely:
Access to financing
Cost of office space
Local cost of living
Average annual salary
Length of average workday
Workforce education level
5-year survival rate of start-ups
Number of businesses per capita
Real estate affordability
Rank in the Small Business Friendliness Index
According to Wallet Hub's assessment of these metrics, no Utah city placed in the top 30. In fact the closest was Salt Lake City at no. 70. The study did, however, recognize Salt Lake City for having the highest amount of "Small Business Lending," with an average of $61.77 loaned per business.
Here we've compiled the list of the top 30 cities for entrepreneurial innovation, as well as some relevant census data for each city.
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