The economic environment is a major factor for entrepreneurs to consider when deciding where to start a business. The U.S. economy is growing, but the states with the best economic environments are not necessarily keeping pace with other parts of the country.
The Best States to Start a Business This Year list helps entrepreneurs see which states have the best business environments and why.
Despite budget deficits and a slow economy, Iowa has some of the highest quality of life in the U.S.A. The growing population is drawing entrepreneurs and innovators to the state. The technology industry is growing rapidly in Iowa.
Des Moines and Iowa City are home to some of the best research universities in the nation, and other large companies are moving to the area as well, which shows demand for commerce.
With a GDP growth of 3.8 percent, South Carolina's GDP is outperforming the national average. The state is on track to grow by $40 billion from 2016 to 2026, creating 50,000 jobs in the process.
The capital city of Columbia boasts the highest unemployment rate (5.4 percent), but its average annual salary is $58,368. The state received a B rating from Doing Business, a compilation of dozens of statistics that measure the regulatory environment in a given state.
Tennessee has a steady stream of young, talented residents, thanks to the state's college system and a high concentration of students.
The number of foreign-born residents in Tennessee has doubled in the past two decades, contributing to the state's higher concentration of highly educated workers. The Volunteer State's commitment to education has attracted out-of-state businesses to locate in Tennessee.
New Jersey offers entrepreneurs a range of benefits and has attracted many entrepreneurs. Not only are these locations attractive because of their location, but they have also developed their brands in the last few years, especially in the tech sector.
There is no one "best" state or place to start a business, as it is a personal decision as well as a financial one. But there are certain things to look for when considering where to start your business. Choose one that has your ideal weather and economical climate!
These factors are vital for entrepreneurs and business leaders.
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