In what should be a surprise to no one, Rhode Island has been ranked as the worst state in America to start a business. In a study released Tuesday, WalletHub compared the 50 U.S. states across 25 key indicators of startup success. The data set ranges from financing accessibility to labor costs to office-space affordability and Little Rhody came in dead last.
Starting a business is a challenging endeavor. According to the U.S. Bureau of Labor Statistics, approximately 20% of startups don’t make it past their first year, and nearly half don’t reach their fifth anniversary. Sustaining a business is already tough in regular circumstances, and it becomes even more challenging when faced with issues like high inflation and labor shortages. Rhode Island just adds an extra layer of difficulty to the business landscape.
Rhode Island ranks dead last in Business Environment and 40th in Business Costs.
Drilling down into a few of those 25 key indicators shows that Rhode Island ranks 48th in Entrepreneurship Index, 47th in 5-year business survival rate, 46th in Financing Availability, 46th in Health Insurance Costs, and 46th in Cost of Living.
On the brightside, we’re 4th in Higher Education Assets.
Like Newport Buzz? We depend on the generosity of readers like you who support us, to help with our mission to keep you informed and entertained with local, independent news and content. We truly appreciate your trust and support!
