PROVIDENCE – Rhode Island ranked No. 4 on a list of the worst states in the United States to start a business, according to WalletHub, a personal finance website.
The study weighed three categories of data, the state’s “business environment,” the state’s “access to resources” and in-state “business cost.” Each category is a collection of more specific, weighted rankings from data from the U.S Census Bureau, the Bureau of Labor Statistics and other organizations and foundations.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
The Ocean State ranked No. 47 in the nation for business environment, which accounts for average length of the workweek (No. 48), five-year business survival rate (No. 29), startups per capita (No. 26) among other rankings. Business environment was by far the worst ranked category of data points for Rhode Island in the study.
Rhode Island was ranked No. 29 for access to resources in the study, which considers factors such as financing accessibility (No. 42), venture investment amount per capita (No. 29) and share of college-educated population (No. 13).
For business cost, the state ranked No. 35 in the nation, which considers the state’s relative rankings of labor cost (No. 32), office-space availability (No. 27), corporate taxes (No. 31) and cost of living (No. 42).
Massachusetts ranked No. 18 overall in the nation with a No. 2 ranking for the access to resources category.
Chris Bergenheim is the PBN web editor.
