AdvisorSmith Finds the Best and Worst States for Entrepreneurs
To find the best and worst states, AdvisorSmith examined over 20 indicators of the health of the business environment in states across the nation. They utilized data from numerous sources, including the U.S. Bureau of Labor Statistics and the Small Business Administration.
Each state was given an aggregated score based on various factors. Some of the elements included personal and corporate tax policies, rates of business formation and hiring for new businesses, funding availability, and business survival rates.
They ranked all 50 states and the District of Columbia based on their aggregate scores.
From their analysis, AdvisorSmith concluded that the best state for entrepreneurs was Idaho. Several Midwestern states led the list, including Montana (#2), North Dakota (#4), and South Dakota (#7).
The worst state for entrepreneurs was New Mexico. States in the bottom ten suffered from low business survival rates, low business lending rates, low numbers of entrepreneurs, and low business formation. Tax policy was also a factor for the majority of the worst ten states.
To view the complete study, visit https://advisorsmith.com/
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