Florida Cities Dominate List of 10 Best for Business Startups
Low corporate tax rates and a high number of investors make the Sunshine State very attractive to businesses.
ORLANDO–Nowhere has the number of small businesses starting up grown faster than in Orlando — and a decent percentage have survived, making it the most attractive market in the U.S., according to a new report from WalletHub.
New businesses in Orlando have greater opportunities to obtain the funding that they need to survive and thrive, as the city has “a very high number of investors per capita,” according to the report.
Having one of the highest growth rates for the working-age population gives Orlando another boost, as businesses have plenty of potential new employees.
Tampa ranks No. 2 among large cities for starting a business, WalletHub said.
Companies find its low corporate tax rate attractive. It allows businesses to keep more of their revenue. It also has a high number of investors per capita. This combination “gives businesses more resources to survive the difficult initial years,” according to the report.
On the Entrepreneurial Activity Index, Tampa has a large number of startups in the city, and those startups have a high survival rate.
Charlotte placed third due to the variety of industries located there — not to mention having some of the lowest corporate taxes in the country. Companies, therefore, are inclined to reinvest more of their capital.
Filling out the top 10 in order are Jacksonville, FL; Miami; Atlanta; Fort Worth, TX; Austin; Durham, NC; and St. Petersburg, FL.
Recent years have been some of the toughest ever for business owners in the U.S. due to the COVID-19 pandemic, the Great Resignation, and high inflation, according to WalletHub. Nonetheless, these are best positioned to overcome those challenges.