TEXAS — Texas is one of the best states in the country in which to start a business, according to a new report from WalletHub.com. The state is third among all states in the union, following only Florida and Utah, the report says.
WalletHub used a series of 25 determining factors to compile the list, including business environment, which encapsulates things like the average length of the work week and the engagement of employees. Access to resources and total costs for the business were also considered.
Texas was considered number one in business environment, with business owners in Texas benefitting from “favorable conditions, as the state has the third-highest growth in working-age population and the third-highest employment growth in the country, too.”
Texas was ranked 11th for access to resources and 34th for business costs, Utah and Florida were also among the higher for business costs, but their scores for other categories rounded out higher overall.
They also cited that while Texas might have some stronger competition among businesses, the large growth of the economy and workforce should help overcome competition.
At the other end of the spectrum, Rhode Island ranked dead last in the study.
The rationale for all of their rankings and how other states were ranked can be found here.