Entrepreneurship is a fixture of the 21st century iteration of the American Dream. Today, about 10% of the US labor force works for themselves, according to the Bureau of Labor Statistics. Still, it's no easy task to get a business off the ground. In many cases, the state of a local economy can greatly affect your chance of success.
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The 16 best big cities for starting a business in 2017
The state of a local economy can either help or hurt your business' chance of survival.
Salt Lake City is one of the best places to start a new business, thanks in part to an abundance of investors and workers.
In it's latest report, WalletHub determined the best places for launching a business based on three categories:
- Business environment (50-point weight)
- Access to resources (25-point weight)
- Business costs (25-point weight)
A total of 18 metrics were gathered for each of the 150 most populated US cities. WalletHub then calculated the total score — the highest of which was a 56.85 — for each city based on its weighted average across all metrics to determine the final ranking (read the full methodology here).
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Cities in the Midwest and the South proved to be the best places to start a business in 2017. Below, check out the top-16 cities, along with their total score and individual rankings for business environment, access to resources, and business costs.
16. Lincoln, Nebraska
Total score:
Business environment: 82
Access to resources: 7
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Business costs: 58
15. Laredo, Texas
Total score:
Business environment: 45
Access to resources: 12
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Business costs: 74
14. Port St. Lucie, Florida
Total score:
Business environment: 54
Access to resources: 26
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Business costs: 34
13. Lubbock, Texas
Total score:
Business environment: 61
Access to resources: 5
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Business costs: 83
12. Raleigh, North Carolina
Total score:
Business environment: 58
Access to resources: 16
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Business costs: 47
11. Springfield, Missouri
Total score:
Business environment: 91
Access to resources: 63
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Business costs: 1
10. Sioux Falls, South Dakota
Total score: 52.77
Business environment: 50
Access to resources: 64
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Business costs: 18
9. Amarillo, Texas
Total score:
Business environment: 25
Access to resources: 19
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Business costs: 82
8. Austin, Texas
Total score:
Business environment: 4
Access to resources: 9
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Business costs: 127
7. St. Louis, Missouri
Total score:
Business environment: 68
Access to resources: 28
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Business costs: 8
6. Durham, North Carolina
Total score: 53.59
Business environment: 69
Access to resources: 14
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Business costs: 29
5. Grand Rapids, Michigan
Total score:
Business environment: 48
Access to resources: 55
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Business costs: 10
4. Tulsa, Oklahoma
Total score:
Business environment: 53
Access to resources: 35
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Business costs: 12
3. Charlotte, North Carolina
Total score:
Business environment: 14
Access to resources: 36
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Business costs: 48
2. Salt Lake City, Utah
Total score:
Business environment: 101
Access to resources: 1
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Business costs: 25
1. Oklahoma City, Oklahoma
Total score:
Business environment: 6
Access to resources: 71
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Business costs: 21
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