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WalletHub study: 2022’s best large cities to start a business

With May 1 kicking off National Small Business Week but many small-business owners struggling to hire new employees, the personal-finance website WalletHub released its report on 2022’s Best Large Cities to Start a Business, as well as accompanying videos and expert commentary.

In order to help aspiring entrepreneurs maximize their chances for long-term prosperity, WalletHub compared 100 U.S. cities across 20 key indicators of startup viability. The data set ranges from the five-year business-survival rate to the percentage of residents who are vaccinated to office-space affordability.

Best Large Cities to Start a Business
1. Orlando, FL 11. Austin, TX
2. Miami, FL 12. Aurora, CO
3. Laredo, TX 13. Charlotte, NC
4. Durham, NC 14. Nashville, TN
5. Boise, ID 15. Fort Worth, TX
6. Denver, CO 16. Hialeah, FL
7. Jacksonville, FL 17. St. Petersburg, FL
8. Raleigh, NC 18. Reno, NV
9. Colorado Springs, CO 19. Madison, WI
10. Tampa, FL 20. Dallas, TX

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.
  • Cleveland, Ohio has the lowest labor costs (median annual income), $31,838, which is 4.5 times lower than in Fremont, California, the city with the highest at $142,374.
  • Laredo, Texas, has the lowest cost-of-living index, 80.00, which is 2.4 times lower than in New York, the city with the highest at 194.90.
  • Miami and Hialeah, Florida, have the most startups per 100,000 residents, 248.31, which is 3.5 times more than in Toledo, Ohio, the city with the fewest at 70.06.

To view the full report and your city’s rank, please visit: https://wallethub.com/edu/best-cities-to-start-a-business/2281

This article was released by WalletHub.