PROVIDENCE – Rhode Island was ranked No. 23 on Forbes’ Best State to Start a Business list for 2023.
The report examined 18 metrics across five categories – business costs, business climate, financial accessibility, economy and workforce – to determine the overall rankings.
Data showed Rhode Island scored 55 out of 100, with a weighted score of 24. The Ocean State posted five for business costs, three for business climate, nine for financial accessibility, three for economy, and five for workforce. In addition, Rhode Island had a business survival rate in 2021, the latest available, of 76.9% compared to the national average of 80.6%.
Massachusetts was ranked 13th. The Bay State scored 76 out of 100, with a weighted score of 27. Massachusetts posted three for business costs, six for business climate, eight for financial accessibility, five for economy and five for workforce. Its business survival rate in 2021 was 82.1%.
Indiana was ranked the best state to start a business. The Hoosier State scored 100 out of 100, with a weighted score of 32. Indiana scored nine for business costs, seven for business climate, nine for financial accessibility, four for economy and three for workforce. Its business survival rate was 83.6%.
New York was ranked the worst overall state to start a business. The Empire State scored 18 out of 100, with a weighted score of 21. New York scored two for business costs, two for business climate, four for financial accessibility, four for economy and four for workforce. Its business survival rate was 79%.
