With National Small Business Week approaching and many employers struggling to hire new workers, the personal-finance website WalletHub today released its report on 2022’s Best Small Cities to Start a Business, as well as accompanying videos and expert commentary.
To determine the most business-friendly small markets in the U.S., WalletHub compared more than 1,300 cities with fewer than 100,000 residents across 18 key metrics. The data set ranges from small business growth rates and accessibility of financing to investor access and labor costs.
|Top 20 Small Cities to Start a Business|
|1. Washington, UT||11. Morrisville, NC|
|2. St. George, UT||12. Cheyenne, WY|
|3. Bozeman, MT||13. Missoula, MT|
|4. Cedar City, UT||14. Lehi, UT|
|5. Fort Myers, FL||15. Altamonte Springs, FL|
|6. South Bradenton, FL||16. Redmond, OR|
|7. Williston, ND||17. Bend, OR|
|8. Logan, UT||18. Greenville, SC|
|9. Eagle Mountain, UT||19. Sarasota, FL|
|10. Winter Park, FL||20. Pleasant Grove, UT|
- Bozeman, Montana, has the highest number of startups per 100,000 residents, 332.13, which is 8.2 times higher than in Danville, Illinois, the city with the lowest at 40.42.
- Bethesda, Maryland, has the highest share of the population with at least a bachelor’s degree, 86.70 percent, which is 26.3 times higher than in Coachella, California, the city with the lowest at 3.30 percent.
- Kentwood, Michigan, has the most affordable office spaces, at an annual rate of $9.06 per square foot, which is 6.8 times lower than in Mountain View, California, the city with the least affordable at an annual rate of $61.85 per square foot.
- Isla Vista, California, has the lowest labor costs (median annual income), $21,018, which is 11.4 times lower than in Los Altos, California, the city with the highest at $240,094.
- Fort Hood, Texas, has the longest work week, 47.30 hours on average, which is two times longer than in Isla Vista, California, the city with the shortest at an average of 23.70 hours.
View the full report and your city’s rank.