WalletHub ranks Connecticut among the worst states to start a business – NBC Connecticut

WalletHub has ranked the best and worst states to start a business and it ranked Connecticut second to last.

WalletHub said it compared the 50 states based on 25 indicators of startup success.

 “Around half of all new businesses don’t survive five years, so the idea of becoming a business owner can be daunting, especially with the current high cost of living. That’s why it’s crucial to establish your business in a state that will maximize your chances of success. The best states have low corporate tax rates, strong economies, an abundance of reliable workers, easy access to financing and affordable real estate. On top of that, you’ll need to make sure you start in a place with an engaged customer base, if you’re operating locally,” Chip Lupo, a WalletHub analyst, said in the report.

WalletHub ranked Connecticut 49^th, just above Rhode Island, which came in last.

Top 5

WalletHub ranked the top 5 as:

• Florida
• Georgia 
• Utah
• Texas
• Idaho

Bottom 5

• Rhode Island
• Connecticut
• New Jersey
• Alaska
• Maryland

Massachusetts came in 33, New York is ranked 40 and New Jersey came in at 48, one spot above Connecticut.

Connecticut came in 50^th for business environment and 40 for access to resources and business costs.

Connecticut also ranked among the bottom five for average growth in the number of small businesses.

WalletHub said it took into account factors that  include the average length of the workweek, the startups per capita, the growth of average business revenues, the five-year business survival rate, labor costs, corporate taxes, the cost of living and more.

You can find the report here.