(NewsNation) — A new study reviewed which states are the best to start a business in this year, with Utah, Georgia and Florida topping the list.
Wallethub compared the 50 states across 25 key indicators of startup business success to determine their findings.
Utah
The company said Utah is the best state for starting a business because it’s the easiest for finding business-loan financing. The state also has the largest year-over-year employment growth across the country.
Georgia
According to Wallethub, Georgia comes in second place because it has one of the highest entrepreneurship rates in the U.S. Business revenues also reportedly rise faster than average in Georgia, and the state’s business owners are subject to the ninth-lowest corporate tax rate in the country.
Florida
Wallethub says the Sunshine State is the third best state for starting a business because the local economy is booming. According to the study, the state has lots of new people entering the workforce, which may make it easier for business owners to find employees despite labor shortages in other places.
Rhode Island, Connecticut and Alaska were found to be the worst states to start a business in this year. The study evaluated each state’s business environment, access to resources and business costs.