BALTIMORE, MD—With around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, the personal-finance website WalletHub this week released its report on 2023’s Best & Worst States to Start a Business.
On its list of best states to start a business, Maryland came in at the bottom – ranking at No. 41 out of 50 states.
To determine the most fertile grounds for planting and growing new ventures, WalletHub compared the 50 U.S. states across 27 key indicators of startup success. The data set ranges from financing accessibility to COVID-19 metrics to office-space affordability.
The best state in which to start a business in 2023 is Utah, according to WalletHub, with Florida coming in second.
Starting a Business in Maryland (1=Best; 25=Avg.):
- 29th – Avg. Growth in Number of Small Businesses
- 46th – Office-Space Affordability
- 50th – Labor Costs
- 23rd – Avg. Length of Work Week (in Hours)
- 45th – Cost of Living
- 49th – Industry Variety
The full list can be viewed online here.
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