With two in three small business owners saying 2020 was their hardest year ever, the personal-finance website WalletHub released its report on 2021’s Best Large Cities to Start a Business, as well as accompanying videos.
In order to help aspiring entrepreneurs maximize their chances for long-term prosperity, WalletHub compared 100 U.S. cities across 21 key indicators of startup viability. The data set ranges from the five-year business-survival rate to COVID-19 cases to office-space affordability.
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|
Best vs. Worst
- 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.
- Miami and Hialeah, Florida, have the most startups per 100,000 residents, 244.10, which is three times more than in Toledo, Ohio, the city with the fewest at 81.97.
To view the full report and your city’s rank, please visit: