Florida holds four of top five large U.S. cities to start a business in 2024
ORLANDO, Fla. – Two Florida cities could be the best destination for entrepreneurship after Orlando and Tampa were named the best large cities to start a business in America for 2024.
Analyzed by WalletHub, the study placed Orlando in the top spot overall, along with ranking first for business environment, 13th for access to resources, and 29th for business costs.
Tampa, in second place, finished fourth in business environment, 26th for business costs, and 39th for access to resources.
“Starting a business can be very scary, considering one in every five startups doesn’t make it past the first year,” WalletHub analyst Cassandra Happe said. “That’s why it’s especially important to live in a city that provides an environment where new businesses can thrive, with enough capital, workers and customers to keep it going long-term.”
For its findings, WalletHub analyzed startup opportunities from 100 U.S. cities over 19 key metrics, including five-year business-survival rate to labor costs and office-space affordability.
Jacksonville finished fourth overall, with a fifth place rank in business environment. The city also placed 13th for business costs and 68th for access to resources.
Miami, in fifth place, received a second place ranking for business environment, 52nd for access to resources, and 55th for business costs.
Furthermore, Miami was named as one of the best cities for business startups per 100,000 residents. The city ranked 4.2 times higher than Toledo, Ohio, the city with the fewest.
Hialeah, which ranked 17th overall, also was listed as one of the best cities for business startups per 100,000 residents.
Outside of Florida, Charlotte, North Carolina was named the third best large city to start a business. The city finished 11th in business environment, 20th in access to resources, and 30th for business costs.
Atlanta, Georgia; Fort Worth, Texas; Austin, Texas; Durham, North Carolina; and St. Petersburg, Florida rounded out the top 10.
Just outside Tampa, St. Petersburg finished seventh in business environment, 19th for business costs, and 93rd for access to resources.
On the flip side, Washington, D.C. was named the worst place to start a business in this ranking. The nation’s capital ranked 95th for business environment, 94th for business costs, and 44th for access to resources.
New York City also placed in the bottom five in fifth place. The city finished 84th in business environment, 88th in business costs, and 26th for access to resources for a total score of 40.32.
Fremont, California; San Jose, California; and Pittsburgh, Pennsylvania also finished in the bottom five.
