New York ranked as 38th best state for starting a business by Wallethub [Video]
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Entrepreneurship

New York ranked as 38th best state for starting a business by Wallethub [Video]

ROCHESTER, N.Y. (WROC) — A new study done by Wallethub — a personal finance company — reported that New York State is the 38th best state to start a business in. The study ranked Utah as the top state.

Here is the individual rankings that made up for the 38th ranking, according to Wallethub:

  • Overall Rank for New York: 38th
  • 47th – Avg. Growth in Number of Small Businesses
  • 47th – Office-Space Affordability
  • 37th – Labor Costs
  • 5th – Availability of Human Capital
  • 40th – Avg. Length of Work Week (in Hours)
  • 36th – Cost of Living
  • 25th – Industry Variety

Bob Duffy of the Greater Rochester Chamber of Commerce, says that there is more good than bad happening in New York now for business. As such, he thinks this rating was a little low, but acknowledges that state has room to improve.

Duffy says programs like FAST NY and Tech Hub initiatives get more space for people to work and can better access the talent we have here …

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