Personal-finance website WalletHub released its report on 2023’s Best Large Cities to Start a Business, as well as expert commentary.
In order to help aspiring entrepreneurs maximize their chances for long-term prosperity, WalletHub compared 100 U.S. cities across 19 key indicators of startup viability. The data set ranges from the five-year business-survival rate to labor costs to office-space affordability.
| Best Large Cities to Start a Business | |
| 1. Orlando, FL | 11. Raleigh, NC |
| 2. Jacksonville, FL | 12. Reno, NV |
| 3. Miami, FL | 13. Winston-Salem, NC |
| 4. Tampa, FL | 14. Aurora, CO |
| 5. Durham, NC | 15. Colorado Springs, CO |
| 6. Boise, ID | 16. Denver, CO |
| 7. Atlanta, GA | 17. Nashville, TN |
| 8. Charlotte, NC | 18. St. Petersburg, FL |
| 9. Fort Worth, TX | 19. Arlington, TX |
| 10. Austin, TX | 20. Dallas, TX |
Best vs. Worst
- Toledo, Ohio, has the lowest average annual rent for office space, $11.93 per square foot, which is 6.7 times cheaper than in San Francisco, the city with the highest at $80.22 per square foot.
- Cleveland has the lowest labor costs (median annual income), $33,678, which is 4.6 times lower than in Fremont, California, the city with the highest at $153,475.
- Laredo, Texas, has the lowest cost-of-living index, 80.00, which is 2.3 times lower than in Honolulu, the city with the highest at 184.00.
- Miami and Hialeah, Florida, have the most startups per 100,000 residents, 254.62, which is 3.7 times more than in Toledo, Ohio, the city with the fewest at 67.92.
To view the full report and your city’s rank, please visit:
https://wallethub.com/edu/best-cities-to-start-a-business/2281