The Lone Star State was recently ranked as the best place to start a business. Here’s why.

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The Lone Star State was recently ranked as the most “business-friendly” state. HubScoreA website that uses public data to rate various aspects of American society.

On this list, HubScore applied a predictive methodology to three categories: business environment, cost of doing business, and funding and resource availability.

These categories contain 22 subcategories that score each state on factors such as gross domestic product, job growth, living wages and venture capital investments.

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What Makes Texas Business Friendly?

Boasting a handful of major metro areas with strong business ecosystems, Texas ranks first in part because it has few business regulations, a high five-year survival rate for businesses, and significant resource allocations to promote entrepreneurship.

By the method established by the list, Texas ranks sixth in business area, fifth in cost of doing business, and first in money and resource availability.

These rankings were good enough to earn the state a score of 70.2 out of 100 in the HubScore metrics. Important areas where Texas excels include business regulation, state GDP, and venture capital investments.

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What other states performed well on the list?

After Texas, Florida (65.7), New Mexico (64.0), Oregon (63.9) and North Carolina (63.3) all performed well as they rounded out the list’s top five.

Florida is an interesting case in that it ranks fourth in business environment and second in financial and resource availability. However, in terms of business value, the state dropped to 31st.

Similarly, New Mexico ranked fifth in business area and third in business, but found itself at the bottom of the list at 45th in money and resource availability.

Texas ranked first in money and resource availability, Oregon ranked first in business environment, and Ohio ranked first in business.

States that ranked worst overall were Vermont (48.8), New Hampshire (48.7), Connecticut (48.3), Hawaii (46.5) and Rhode Island (43.3).

Rhode Island ranked last in business environment, West Virginia was last in money and resources, and Massachusetts was last in business.

Beck Andrew Salgado covers trending topics in Austin’s business ecosystem for the American-Statesman.. To share additional tips or insights. Salgado, Email Bsalgado@gannett.com.



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