Stats Show New York is a brutal place to start a business in 2023

A new calendar year brings new opportunities. There are some who will try to exercise more and lose weight, while others will try to take up a new hobby or connect with friends and family more than they have in the last 365 days.

Still others, however, are attempting something on a much larger scale, such as starting a new business. If that describes you and you’re looking to open one in New York, statistics show that it might be wise to look elsewhere to put down your roots.

WalletHub shares stats on starting a new business in New York

A report by WalletHub used financial statistics to assess which U.S. states are ripe for opening a new business and which states should be avoided. WalletHub experts measured the 50 states against 27 key indicators and ranked the states from 1 to 50.

through their calculations New York received an “overall score” of 46.10, ranking it as the 31st best state to open a new business in. According to WalletHub, New York ranked here in some of the main criteria Diana Polk:

  • 41St – Avg. Growth in the number of small businesses
  • 47th – Affordability of office space
  • 37th – Labour costs
  • 5th – Availability of human capital
  • 39th – Avg. Length of working week (in hours)
  • 36th – cost of living
  • 27th – Industry diversity
  • 7th – Percentage of residents fully vaccinated against COVID-19

New York is a tale of two states when it comes to the financial viability of a new business. It was ranked as the country with the 5th best access to resources of any state in the Union, but also ranked 47th in cost of doing business. It all resulted in an overall ranking of 31, proving that an Empire State entrepreneur must weigh the good and the bad to be successful over the long term.

Starting a business in New York will be difficult in 2023 (Unsplash / Adeolu Eletu)

Starting a business in New York will be difficult in 2023 (Unsplash / Adeolu Eletu)

Here’s how other states around New York ranked in terms of their profitability for new business growth:

  • Massachusetts: 19
  • Vermont: 33
  • Connecticut: 49
  • New Jersey: 47
  • Pennsylvania: 44
  • New Hampshire: 39

Of course, a savvy businessman can build a business in virtually any environment, and thousands of startups will thrive in 2023. However, if you believe the statistics, New York will be more difficult to succeed than 60% of the other states in the country.

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