DALLAS (KDAF) — Business is booming, as they say, in the Lone Star State for 2023 and while everything is bigger in Texas, small businesses might be booming this year.
A report from Lendio found 2023’s best states for small businesses and Texas not only made the top 10 but was named the No. 1 state in the country.
“Texas is the best state to start a business. Businesses in Texas consistently land loan dollars for their operations, with nearly $3 billion in small business loans approved in total, coming in second after California. Of all businesses started in 2017 in the state, more than half survived five years of operations, outlasting those in many other states.
“According to Census Bureau data, nearly 100,000 people with bachelor’s degrees moved into Texas in 2021, making it a prime location for educated entrepreneurs to spread their wings. Beyond just workers, Texas has become one of the most popular places for Americans to relocate—thanks, in part, to its lack of a state income tax,” Lendio explained.
Here’s a look at the top 10:
- Texas
- Florida
- Ohio
- Massachusetts
- North Carolina
- Colorado
- Oklahoma
- South Carolina
- Georgia
- Utah
They looked at trends across nine metrics to determine the best states for small businesses, “These metrics included small business lending, cost of living, real estate data, educated worker migration, corporate tax rates, state-level incentives for business owners, and more.”
This led them to find the top states, including Texas all have low taxes, mass migration of educated workers, and sufficient business funding, and over half of all startups had survived at least five years in each state.
