WalletHub: R.I. ranks near bottom nationally for help starting a business

RHODE ISLAND ranked No. 48 on WalletHub's 2021 Best & Worst States to Start a Business rankings released Tuesday. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – Rhode Island ranked third to last in WalletHub’s 2021 Best & Worst States to Start a Business rankings released Tuesday.

The rankings are based on 28 metrics in three different categories: Business environment, access to resources and business costs.

Rhode Island ranked No. 48 for business environment, No. 17 for access to capital and No. 37 for business costs.

The Ocean State ranked second worst in New England, only above Connecticut, which ranked No. 49 in the nation.

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Among the 28 metrics, Rhode Island received its worst rankings in the report for its industry-cluster strength and its entrepreneurship index, with both ranked No. 49. Other lackluster rankings for the state included No. 48 for longest average workweek at 38 hours per week, No. 45 for cost of living, No. 42 for average single insurance premium per enrolled employee at $7,263, and No. 39 for corporate taxes.

The state received its highest ranking of any metric for higher education assets at No. 7, and also received three No. 13 rankings, including positive COVID-19 tests per capita, share of college educated population and total spending on incentives as a share of gross domestic product.

Texas ranked highest of all states in the 2021 rankings, followed by Georgia and California. Massachusetts ranked highest in New England at No. 10 overall.

Other New England rankings:

  • Massachusetts: No. 10 overall, including No. 13 for business environment, No. 2 for access to resources, and No. 43 for business costs.
  • Maine: No. 11 overall, including No. 11 for business environment, No. 32 for access to resources and No. 18 for business costs.
  • Vermont: No. 31 overall, including No. 31 for business environment, No. 47 for access to capital and No. 27 for business costs.
  • New Hampshire: No. 38, including No. 14 for business environment, No. 43 for access to capital and No. 38 for business costs.
  • Connecticut: No. 49, including No. 49 for business environment, No. 6 for access to capital and No. 47 for business costs.

The full report may be found online.

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