Entrepreneurs are grappling with an unprecedented shift in how – and where – Americans work, live, and spend, driven by high demand for workers, remote work flexibilities and inflation which has pinched Americans’ wallets and kept them away from big purchases. Amid the economic uncertainty some states have become burgeoning hot spots for businesses.
Harrington Group International today released a study on the Best States for Entrepreneurs after analyzing data from the Bureau of Labor Statistics, Census Bureau, and the Bureau of Economic Analysis data from 2020 to 2022.
The rankings were determined by analyzing myriad factors such as taxes, jobs, the startup survival rate, consumer spending, the net migration of educated workers, among others.
Key Findings:
· No. 34 Minnesota: Jobs (+2.4%), Net Migration of Educated Workers (-13,727), Consumer Spending (+10.1%), Startup Survival Rate (55%), GDP (-1.3%), Credit Rating (AAA), Income Tax Revenue (55.3%).
· Four Largest Economies - Net Migration of Educated Workers: New York: -162,377, California: -190,046, Florida: +133,518, Texas +61,992.
· 10 Best States: Florida, Texas, Tennessee, South Dakota, Idaho, Montana, South Carolina, North Carolina, Nevada, and Oregon.
· 10 Bottom States: Connecticut, Illinois, New York, Kansas, D.C., Hawaii, New Hampshire, California, Missouri, and Louisiana.
Complete state-by-state and national breakdowns are available in the complete study.
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