Wallet Hub today released their study of the best and worst states to start a business. Arizona ranked number 7 according to the study. The top five best states include:
- North Dakota
The five worst states according to the study were:
50. Rhode Island
49. New Jersey
48. New Hampshire
WalletHub compared the 50 states across 26 key indicators of startup success to determine the most fertile grounds to launch and grow a new business. Some of the indicators included access to cash, skilled labor and affordable office space.
Starting a new business can be daunting. According to the U.S. Bureau of Labor Statistics, about a fifth of all startups don’t survive past the first year of operation. Nearly one half never make it to their fifth anniversary.