In an in-depth report by WalletHub that analyzes the Best & Worst States to Start a Business in 2017, only five states ranked worse than Pennsylvania.
Each state was evaluated in three key areas: business environment, access to resources, and business costs. Business environment was worth up to 50 points, while the other two provided up to 25 points each.
The idea behind the survey was to determine the best places to start and successfully grow a new business. Among the 20 metrics used were the five-year business survival rate, financing and human-capital availability, along with office and labor costs.
With a total score of 39.74, Pennsylvania ranked 45th. The Keystone State placed 43rd and 38th, respectively, in business environment and business costs. However, it fared much better in access to resources, where it ranked 19th.
In more specific categories, Pennsylvania ranked:
- 24th in percent of population aged 25 & older with a bachelor’s degree or higher
- 30th in labor costs
- 32nd in average growth in number of small businesses
- 33rd in office-space affordability
According to the results, the ideal state to start a new business is North Dakota.