With a strengthening national economy after the COVID pandemic, southern states are becoming hotspots for new business ventures.
The Raleigh metro area in North Carolina’s capital tops the list as the best place to kickstart a new business thanks to its prime working population and low unemployment rate.
North Carolina offers the best places to start a small business. Raleigh tops the list, with Charlotte (No. 3) and Durham (No. 4) closely behind. 54.8% of Raleigh’s population is in their prime working years between ages 25 and 54, ninth-highest among the 100 metros. Austin, Texas, is No. 2.
Each of the Southern states represented in the top 10 — North Carolina, Texas and Tennessee — have a one-year business survival rate of at least 78% (the average across the 100 metros). And each of the related metros rank among the top 25 for the lowest unemployment rates.
Meanwhile, the business formation rates in the Western states represented in the top 10 — Idaho, Oregon and Utah — are in the top 25 among the 100 metros. In fact, Boise is at No. 1 and Portland is at No. 5.