New York State Ranks Second Worst In America For This

When it comes to this in America, New York State is the second worst.

Forbes has released its rankings of the best states to start a new business and New York came in second to last. Are you really that surprised though?

The rankings used 18 key metrics across five major categories. The categories were business costs, business climate, financial accessibility, economy and workforce. New York came in just ahead of Vermont, which ranks as the worst state in the U.S. to start a business.

It’s important to note that these rankings are a guide, not a definitive answer for every individual business. Entrepreneurs should consider their specific business model and needs when choosing a location, as a state’s ranking may vary based on industry and personal circumstances. Furthermore, these metrics represent a snapshot in time and can evolve, so staying informed about ongoing economic and regulatory changes in your chosen state is crucial."

According to Forbes, New York has also seen a net 5% decrease in the number of small businesses, which contributes to a negative business climate. But New York also has a business survival rate of 79%. Massachusetts and New York are also tied for the highest business costs in the nation, which takes into account tax rates and minimum wage.

Other states in the Northeast in the top-10 worst states for starting a business are Maine and Maryland, which come in as sixth and ninth worst, respectively. On the other side, North Dakota ranks as the best state in the U.S. to start a business, followed by Indiana, Arkansas, South Dakota and North Carolina.

You can read the full rankings from Forbes online here.