These North Texas cities are among best places to start a business, study says
According to a study by the personal finance website WalletHub, four cities in North Texas are among the best large cities in the United States to start a business in.
At the top of North Texas is Fort Worth at 9th and Dallas at 14th. Irving finished 22nd, Arlington 23rd. Other North Texas cities rounded out the rest of the list, with Garland at 58th and Plano No. 61,
To compose the ranking, WalletHub compared 100 cities based on three metrics:
- Business environment, including five-year survival rate, average work week length, and startups per capita
- Access to resources such as financial accessibility, percentage of the population with a college degree and diffusion of investors
- Business costs such as affordability of office space, labor costs, corporate taxes, and the cost of living.
All four cities were in the top 20 for business, Fort Worth fourth and Dallas just behind fifth. However, cities did less well on business costs, with all four cities in the top third of cities.
“Americans are born with an entrepreneurial streak. It’s in our DNA, ”wrote the study’s authors. “From the gold rush to the industrial revolution to the Internet age, periods of intense innovation have shaped our economy and triggered important social advances.”
But the study said the COVID-19 pandemic created countless difficulties for businesses. A recent WalletHub survey found that two-thirds of small business owners said 2020 was the toughest year ever.
WalletHub used data from the US Census Bureau, the Bureau of Labor Statistics, the Ewing Marion Kauffman Foundation, the National Venture Capital Association, and Yelp to compile the ranking, among others.