Good morning, Paul!
Wallet Hub is out with their rankings of the top cities in the U.S. to base a new business. Their study is intended to help aspiring entrepreneurs from restaurant owners to high-tech movers and shakers to maximize their chances for long-term prosperity for their startup. For their rankings, Wallet Hub compared the relative startup opportunities that exist in a hundred U.S. cities using 20 different metrics ranging from the five-year business survival rate to the percentage of residents who are vaccinated to office space affordability. T
he 20 metrics fall into three different broad categories: No. 1, business environment; No. 2, access to resources, and No. 3, costs of doing business. They then determined each city’s weighted average across all these metrics to calculate an overall score and then that score indicates your position on the rankings list. To be more specific, the business environment category included such metrics as length of average workweek, average growth and number of small businesses, and startups per capita for access to business resources, access to human capital access to investment capital and share of college-educated population. Lastly, with respect to costs of doing business, things like office space, affordability, labor costs and cost of living were metrics in this category.
So, of course, what we all want to know is how did Detroit fair in this ranking? Well, not as well as hoped. Detroit sits in the No. 97 spot, just making the list, but ranking high in two categories. For highest availability of human capital, we were No. 3 overall, and for lowest labor costs, we actually came in second on the entire list of 100 companies.
Who tops the list? Well, No. 3 is Laredo, Texas. No. 2, Miami. At No. 1, it’s Orlando, Florida.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
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In today’s Business Beat, Jeff reveals the best U.S. cities to base a startup, according to a Wallet Hub survey.
Tune in to today’s Business Beat to learn where Detroit ranked:
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Good morning, Paul!
Wallet Hub is out with their rankings of the top cities in the U.S. to base a new business. Their study is intended to help aspiring entrepreneurs from restaurant owners to high-tech movers and shakers to maximize their chances for long-term prosperity for their startup. For their rankings, Wallet Hub compared the relative startup opportunities that exist in a hundred U.S. cities using 20 different metrics ranging from the five-year business survival rate to the percentage of residents who are vaccinated to office space affordability. T
he 20 metrics fall into three different broad categories: No. 1, business environment; No. 2, access to resources, and No. 3, costs of doing business. They then determined each city’s weighted average across all these metrics to calculate an overall score and then that score indicates your position on the rankings list. To be more specific, the business environment category included such metrics as length of average workweek, average growth and number of small businesses, and startups per capita for access to business resources, access to human capital access to investment capital and share of college-educated population. Lastly, with respect to costs of doing business, things like office space, affordability, labor costs and cost of living were metrics in this category.
So, of course, what we all want to know is how did Detroit fair in this ranking? Well, not as well as hoped. Detroit sits in the No. 97 spot, just making the list, but ranking high in two categories. For highest availability of human capital, we were No. 3 overall, and for lowest labor costs, we actually came in second on the entire list of 100 companies.
Who tops the list? Well, No. 3 is Laredo, Texas. No. 2, Miami. At No. 1, it’s Orlando, Florida.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
