Utah is one of the best states in the country to start a business. That’s according to a new ranking from finance website WalletHub which ranked the beehive state quite high on the list. 

The ranking was put together by WalletHub Financial Writer Adam McCann using several different metrics to help wannabe business owners. 

McCann said, “Starting a business is never easy. About one-fifth of all startups typically don’t survive past year one of operation, according to the U.S. Bureau of Labor Statistics, and nearly half never make it to their fifth anniversary. Staying afloat is difficult under normal conditions, and even more so when dealing with high inflation and labor shortages.” 

Other reasons why businesses fail can be due to a bad location, which is why the ranking can provide vital information for a new business owner. 

Utah is apparently among the best locations to start a business, being ranked No. 3 on the ranking, only being topped by Georgia at No. 2, and Florida at No. 1. 

McCann said, “Utah is the third-best state for starting a business, in large part because it’s the second-easiest state for securing financing for business loans, and it has the third-largest year-over-year employment growth in the country, at 2%. 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. Business owners in Utah also save money on employee benefits, as the average health insurance premium per enrolled employee is the third-lowest in the nation.” 

Utah was also recognized as of the best states on the Digital States Survey, which measures how well states are using technology to improve their business.  

In case you were wondering, the worst state to start a business is Rhode Island with the worst Business Environment Rank in the country. 

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Gallery Credit: Dr. T

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