Where you do business is a complex mix of access to customers, inputs, workers, costs of rent, taxes and related factors. Today, there are some locales that are a superior place to start a new business. Once again I need to invoke the TINSTAANREM clause — There Is No Such Thing As A National Real Estate Market. Each real estate market is different. Ditto their underlying economies. Double ditto in the best places to start a new business.
If you were going to startup a new business today, where would be the best location — assuming that the business did need a specific location such as a port or access to a mine, for example? To help answer that, CNBC examined 389 Metropolitan Statistical Areas (MSAs). They then screened that down to the 107 MSAs with a population of 500,000 or more. They looked at “20 key criteria business owners should evaluate before choosing a business location, including tax and regulatory climate, workforce strength, access to capital and the cost of living.”
Data from the MSA and state levels were included. The Tax Foundation, for example, ranks all 50 states annually from the perspective of five taxes: corporate income tax, personal income tax, unemployment tax, retail sales tax and property tax – see that latest ranking in the Jones on Real Estate Blog at http://blog.stewart.com/stewart/2015/11/20/another-top-10-list-best-and-worst-tax-environment-states-in-2016-round-1/. Weightings were assessed based on the findings of a survey completed by the YPO.
So what were CNBC’s findings? Texas and Utah accounted for six of the top 10 markets.
To see the list of the 20 top places to start a business click http://www.cnbc.com/2016/08/11/how-we-chose-the-metro-20-americas-best-places-to-start-a-business.html.
For the methodology, click http://www.cnbc.com/2016/08/11/how-we-chose-the-metro-20-americas-best-places-to-start-a-business.html.
Not only are these the best cities for startups (based on this methodology and weightings), they are also likely the destinations for business relocations. In this day and age of expense control, along with a quality of life, there are multiple options.