In its latest study, WalletHub compared the relative startup opportunities that exist in 100 U.S. cities and released its list of the best large cities to start a business. In creating the list, they used 21 key metrics, ranging from the five-year business survival rate to COVID-19 cases to office-space affordability.
The number one place to start a business is Laredo, Texas followed by Durham, NC and coming in at number 19 is Nashville, TN.
Other findings in the study:
- Toledo, Ohio, has the lowest average annual rent for office space, $11.93 per square foot, which is 6.7 times cheaper than in San Francisco, the city with the highest at $80.22 per square foot.
- Detroit has the lowest labor costs (median annual income), $30,894, which is 4.3 times lower than in Fremont, California, the city with the highest at $133,354.
- Laredo, Texas, has the lowest cost-of-living index, 79.00, which is 2.5 times lower than in Honolulu, the city with the highest at 198.60.
See the list below.
|Best Large Cities to Start a Business|
|1. Laredo, TX||11. Atlanta, GA|
|2. Durham, NC||12. St. Petersburg, FL|
|3. Lubbock, TX||13. Reno, NV|
|4. Orlando, FL||14. Dallas, TX|
|5. Boise, ID||15. Winston-Salem, NC|
|6. Charlotte, NC||16. Colorado Springs, CO|
|7. Raleigh, NC||17. Jacksonville, FL|
|8. Austin, TX||18. Kansas City, MO|
|9. Fort Worth, TX||19. Nashville, TN|
|10. Tampa, FL||20. Irvine, CA|