STATEN ISLAND, N.Y. -- Due to high rent prices, property taxes and medical insurance costs, New York ranks as the ninth worst place in the United States to open a business.
The personal-finance website WalletHub’s report “2019’s Best & Worst States to Start a Business” compared the 50 states across 26 key indicators of startup success. The data set ranges from financing accessibility, to availability of human capital to office-space affordability.
“New York’s average business revenues have been shrinking by 4.14 percent," said Wallethub analyst Jill Gonzalez. "Financing is also not very accessible in the state, given that the value of small business loans is less than $3,000 per small business. Office space is also among the least affordable, and employer-based health insurance is the second most expensive in the country.”
Here’s how New York ranked (with No. 1 being the best) in other categories:
- 15th – Average growth in number of small businesses
- 47th – Office-space affordability
- 36th – Labor costs
- 29th – Average length of work week in hours
- 50th – Cost of living
- 26th – Industry variety
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