New 2024 Report: Start Your Business in Utah

Best State to Start a Business 2024 

Starting a business can be daunting. One in five doesn’t make it through the first year and half are gone before five years are up. If you are starting a business you want to make sure you have as many conditions going your way as possible. 

Wallethub just released a report for 2024 for the states that give a startup business the best possibility for success. At the number one spot is Utah. 

Utah is the best state for starting a business, in large part because it’s the easiest state for finding business-loan financing, and it has the largest year-over-year employment growth in the country, at nearly 2.5%. Having the necessary capital makes it much easier for a business to get off the ground, and a strong job growth rate indicates that existing businesses are doing well. 

They also noted that Utah employees cost less when it comes to healthcare. Utahns are healthier overall and lower those costs. Also, Utah is good with technology and how to integrate the latest tech to make their business more productive. 

The Utah economic report for 2024 noted how the state was able to navigate 2023 and has been resilient. They projected continued growth into the new year. Southern Utah has many businesses opening all the time and building retail has stayed strong.  

Utah was followed by Georgia and Florida for the best states to start a business. Those states that were not good for new business were Alaska then Connecticut and at the very bottom is Rhode Island.