Is Delaware among the 10 worst states to start a business?
A new study from WalletHub ranked Delaware as the 7th worst state to launch a new enterprise. The personal finance website, which generates a near constant stream of economic rankings, compared 26 indicators across 50 states to determine the best place to launch and grow a business in the U.S.
Neighboring Pennsylvania (6th) and New Jersey (2nd) also ranked in the bottom 10.
Delaware’s ranking is based on the state’s position in the following categories:
- 19th – Avg. Growth in Number of Small Businesses
- 42nd – Office-Space Affordability
- 37th – Labor Costs
- 38th – Availability of Human Capital
- 29th – Avg. Length of Work Week (in Hours)
- 32nd – Cost of Living
- 15th – Industry Variety
The state’s score was dragged down by low rankings in “Business Environment” (40th) and “Business Costs” (44th) categories. Meanwhile, it ranked much higher in the “Access to Resources” category at 14th place. That includes strong access to finance, venture capital investment, human capital availability and higher education assets.