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Texas topped the list in the 2024 Best States for Entrepreneurs study conducted by Simplify LLC. The study is based on the latest data from the Census Bureau, BEA, and the Federation of Tax Administrators from 2021 to 2023.
Simplify said six key factors were analyzed in all 50 states and Washington, D.C., including corporate tax rates, inflation, migration of educated workers, new business formation, job creation and consumer spending.
Key findings that led Texas to the top ranking in the nation include that while Texas has no corporate tax rate, the state will see a net increase in the number of college-educated adults by nearly 76,000 in 2022. This includes being supported by a strong influx of workers. This includes new business growth of 23.7% for the year ending November 2023.
According to the study, the top 10 states for entrepreneurs, from No. 1 to No. 10, are: Texas, Florida, Wyoming, Missouri, Delaware, South Dakota, Kansas, Washington, Utah, and Indiana. Louisiana ranked as the worst state in the study.
Entrepreneurship on the rise
According to the SBA, Simplify LLC announced that a record 5.5 million entrepreneurs will launch a new business across the United States in 2023, marking the third year in a row that a historic number of Americans This shows that he has decided to become independent and enter the business world.
The study notes that a wave of entrepreneurship began during the global coronavirus pandemic due to job losses, quiet retirements, and the normalization of remote work. Simplify said advances in technology have made Americans realize they can be just as innovative and productive when working from home without sacrificing functionality.
Simplify also said that using artificial intelligence will allow entrepreneurs to reduce overhead costs and further streamline processes, and more new businesses are likely to be formed in the coming years. Ta.
Simplify said it analyzed the latest federal data across six indicators to identify the best and worst states for entrepreneurs in 2024.
These indicators include job creation, consumer spending, inflation, business growth, corporate taxes, and whether educated workers are more likely to move in and out of the state.
You can see the entire study by visiting here.
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