A pair of new surveys reveal interesting developments about business creation in America’s leading cities.
Biz2Credit Hails the City of Brotherly Love as a Small-Business Mecca
A tribute to the city’s standard of living and relatively low operation costs, Philadelphia has the unique ability to attract startups and help enhance their profitability, according to Biz2Credit.
Biz2Credit is one of America’s leading business loan companies. Its annual survey, “Best U.S. Cities for Small Business,” examines early-stage businesses in terms of average credit scores, age of business and average revenue. Besides Philadelphia, cities near the top of the list included San Francisco, California; Denver, Colorado; Detroit-Dearborn, Michigan; and San Jose, California.
Chief Executive Magazine Tabs Texas as the Best State for Industry
Texas has earned top honors in the “Best & Worst States for Business” survey for the 10th consecutive year, receiving high praise for its workforce and education system.
In the Chief Executive magazine poll, Texas was followed by Florida, Tennessee, North Carolina and South Carolina. The states considered worst for business, according to the new survey, include New Jersey, Massachusetts, Illinois, New York and California. California in particular was cited for a negative attitude toward business, as well as high taxes and regulatory red tape.
The best states for biotechnology firms included Utah, North Carolina, Indiana, Maryland and California. Texas, Massachusetts, Kansas, Colorado, California, Alaska were noted as the best location for startup companies.
The survey examined CEO attitudes towards quality of life, quality of work force and the state’s regulatory and tax regime. In the 2014 edition, over 500 CEOs offered their thoughts on the national economic climate.
Chief Executive magazine noted that these observations from top business leader have been shown to drive investments in factories, offices and other facilities. High taxation has often been the most powerful impediment to new businesses in setting up operations.