Rhode Island Ranks 50th for “Best States to Start a Business”
Tuesday, January 16, 2024
There is a new ranking for “Best and Worst States to Start a Business” — and Rhode Island is ranked dead last.
In the study released Tuesday by WalletHub, it compared the 50 states across 25 key indicators of startup success to “determine the most fertile grounds in which to launch and grow an enterprise.”
“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,” writes WallethHub. “Staying afloat is difficult even under normal conditions, and even more so when dealing with high inflation and labor shortages.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn 2023, Rhode Island ranked 45th in CNBC's "Top States for Business."
RI and Rankings in Focus
The top states for starting a new business are Utah, Georgia, and Florida, according to WalletHub.
After Rhode Island, Connecticut and Alaska are 49th and 48th, respectively
In the three main subcategories, Rhode Island ranked last for “Business Environment,” 40th for “Business Costs,” and 21st for “Access to Resources.”
“Outside of the currently difficult economic conditions, there are plenty of other reasons that startups fail, with a “bad location” being among the most common. Choosing the right state for a business is therefore crucial to its success,” writes WalletHub. “A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive.”
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