How is Idaho better than other states for entrepreneurs?

listen to this article

A new study detailing how states rank when it comes to being the best for entrepreneurship found Idaho about in the middle.

The study, compiled by Simplify LLC, used the latest data from the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, and the Federation of Tax Administrators from 2021 to 2023. Idaho ranked 20th.

According to a Simplify release, “A record 5.5 million entrepreneurs launched new businesses in 2023, driven by corporate layoffs, quiet retirements, and remote work.” With artificial intelligence being introduced at a rapid pace, business owners have even more options for where to do business. As economic uncertainty continues, many people are choosing states that offer more favorable economic conditions. ”

Six key factors were analyzed using data from all 50 states and Washington, D.C.: corporate tax rates, inflation, migration of highly educated workers, new business formation, job creation, and consumer spending.

As a result, Idaho ranked third in consumer spending at 4.7 percent, fifth in job creation at 12.8 percent, and 15th in educated worker migration with 7,752.

According to the research report, the top 10 states are Texas, Florida, Wyoming, Missouri, Delaware, South Dakota, Kansas, Washington, Utah, and Indiana.