WASHINGTON (Gray DC) -- Sioux Falls is number one. Personal finance website WalletHub named it the best city in the country to start a business.
“Sioux Falls has a business environment that’s just tough to beat,” said WalletHub analyst Jill Gonzalez.
In honor of “National Small Business Week," WalletHub ranked 150 cities across the U.S. Researchers used 16 different metrics – things like the five-year business survival rate, college-educated workforce, labor costs, and costs of living.
“Basically keying in on the overall business environment, access to resources, and of course, costs -- the trifecta of what business owners really want to care about,” explained Gonzalez.
So what put Sioux Falls on top? Gonzalez says, "It was number one in terms of corporate taxes…also pretty low on costs, office space is pretty affordable there, there are a lot of new businesses setting up shop there.”
But just because it’s number-one, doesn’t mean there’s more Sioux Falls can work on. Gonzalez says if there’s one thing the city can’t improve upon, it’s the growth of business revenue.
“We’ve actually seen a 25% dip in the revenues there. A lot of that has to do with the oil industry, and the uncertainty around that,” she explained.
Still, Sioux Falls overall beats out Grand Rapids, Oklahoma City, Lincoln, and St. Louis, which round out the top five.