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Based on new data, Wyoming is the number one state to start a business this year.
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Nevada, Texas, California, and Pennsylvania round out the top five states for business owners in 2024.
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The study analyzed data on the number of business applications, fail rates, and more to reveal the top ten states to start a business.
New data has revealed the best states for businesses to thrive this year.
The research, conducted by leading law firm Schmidt & Clark, examined state-wide data on the number of business applications and the year-on-year change between November 2022 and 2023, the annual change of real gross domestic product (GDP) in quarter three of 2023, regional unfriendly customer ratings, and business failure rates within one year as of March 2022. The final index scores reveal the best states to start a business in 2024.
Wyoming takes the crown, with the study assigning the state a final index score of 76.19 out of 100. The state had 907 business applications between November 2022 and 2023, 39% higher than the previous year, more than any other state, and 517% higher than the national average. There was also a 6% change in GDP in the third quarter of 2023, which is 26% higher than the national average.
With a final index score of 61.48 out of 100, Nevada is the second-best state for business owners. In the state, the annual change of GDP was 7% in quarter three of 2023, 47% higher than the national average. Also, only 19% of the state’s businesses failed within one year, meaning businesses are 16.6% more likely to succeed in Nevada.
Texas takes third place, with a final index score of 61.18 out of 100. The number of business applications in the state rose 24% between November 2022 and 2023. Texas has also seen an 8% GDP rise in the third quarter of 2023, 68% higher than the national average.
According to the study, California is the fourth-best state to start a business in 2024, with…
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