Arizona ranks #7 best state to start a business

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:

  1. Texas
  2. Utah
  3. Georgia
  4. North Dakota
  5. Oklahoma

The five worst states according to the study were:

50. Rhode Island
49. New Jersey
48. New Hampshire
47. Hawaii
46. Connecticut

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.