The study used three categories and 25 key indicators of startup success to determine the best states to grow a business. The categories were business environment, access to resources and business costs. Each metric was graded on a 100-point scale, and the metrics were averaged to calculate each state’s overall score.
The study found Iowa had the cheapest average annual rent for office space, while Mississippi had the lowest labor costs. Wyoming had the most startups per 100,000 residents, 3.7 times higher than West Virginia, which had the fewest.
Here are the best and worst states to start a business in:
Best states
Utah: 61.08
Georgia: 60.22
Florida: 60.17
Idaho: 58.69
Nevada: 56.68
Arizona: 56.51
Colorado: 56.44
Texas: 56.19
Worst states
Rhode Island: 35.55
Connecticut: 35.61
Alaska: 36.52
Maryland: 38.03
West Virginia: 38.25
New Hampshire: 40.46
New Jersey: 40.54
Pennsylvania: 40.55
Hawaii: 41.88
Missouri: 43.06
