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Northwoods Stove & Fireplace owners Brian and Holly Duffy argue that small rural towns can’t afford to dispose of their gas appliances.
WalletHub’s “Best and Worst States to Start a Business in 2023” suggests targeting red states if you’re looking to start a business.
In this study, WalletHub compared 50 states across 27 key indicators of startup success to determine the most fertile ground for starting and growing a company.
The top five best states to start a business are Utah, Florida, Texas, Colorado, and Idaho. Only one of them, Colorado, is under Democratic control.
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The top five worst states to start a business are Rhode Island, New Jersey, West Virginia, Connecticut and Alaska. Of these, only two of them, West Virginia and Alaska, are under Republican control, and Alaska has a unique geography and climate.
The three broad categories used to reach this conclusion are business environment, access to resources, and business costs. Of the three, the only category that showed strong representation from the blue states was “access to resources.”
“Business environment” is calculated by comparing data such as the five-year business survival rate, employment growth, and GDP growth. However, we chose to give ‘double weight’ to some categories, such as percentage of population vaccinated and employee ‘enthusiasm’. This is a possible reason why California ranks second in this category.
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The worst performers in blue states were ‘operating costs’, calculated by comparing data points such as labor costs, corporate taxes, cost of living and local taxes. The first definitely blue state on the list is Maine at number 18, showing the biggest gains after Minnesota at number 33.
The top five states with the worst cost of doing business, starting at number 46, are Connecticut, New York, Maryland, California, and New Jersey.
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Professor Richard Riffel of Washington University in St. Louis said: “More than that, it’s important to ensure that the local business ‘ecosystem’ is favorable for business formation. ”
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