Idaho 5th Best State To Start A Business

BOISE, ID — The pandemic has led to more than 200,000 business closures and many jobs doubtful to return. Many former employed people have chosen to not leave the future in the hands of employers and open their own business as the economy begins a rebound.

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WalletHub used 28 indicators in looking at success of startups across the 50 states. The data set ranges from financing accessibility to COVID-19 cases to office-space affordability. After looking at all the data, Idaho ranked fifth as the best state to consider in starting a business.

Idaho's ranking included:

• 1st – Avg. Growth in Number of Small Businesses
• 9th – Office-Space Affordability
• 15th – Labor Costs
• 22nd – Cost of Living
• 5th – Startups per Capita

Texas ranked first if considering a business startup followed by Georgia, California, Florida and then Idaho. Idaho's ranking fell somewhat due to the state ranking 41st in the considering of "access to resources". Our state did rank fourth in overall business environment and eighth in business costs.

The access to resources was determined by the following:

• Financing Accessibility: This metric was calculated as follows: Total Annual Value of Small-Business Loans / Total Number of Small Businesses
• Venture Investment Amount per Capita
• Human-Capital Availability: This metric was calculated as follows: Number of Job Openings per Number of Civilians in Labor Force – Unemployment Rate.
• Higher-Education Assets: This is based on WalletHub’s “Best Universities Ranking” report.
• Share of College-Educated Population: This metric measures the share of the population aged 25 and older with a bachelor’s degree or higher.
• Working-Age Population Growth: “Working-Age Population” includes individuals aged 16 to 64.

To read the full report, go here.

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