GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
You might be thinking ofstarting a small business.
Youre in good company, too.
In 2023, 5.5 million new business applications were filed across the country.
But where would be the ideal place to start a business?
Coworking space platform CoworkingCafe wanted to find out, so theyanalyzed data from more than 100 cities.
The citys GDP went up 38% between 2018 and 2022, meaning Scottdale has seensignificant economic growth.
Miami has a high cost of living, but low labor costs at $34,934 annually.
Orlando, Florida
Another Florida city is in the top five.
Like Miami, Orlando has also seen a high amount of business applications: 3,698 per 100,000 residents.
Labor costs are relatively low at $39,148, which is good news for fledgling business owners.
The city has also seen an impressive 35% in GDP growth.
Austin, Texas
Austin has the highest GDP growth rate on the list at 46%.
That can be attributed to thegrowing tech industrythats booming in the city.
Though labor costs are high at $50,676, they have a low unemployment rate at 4.4%.
Tampa has a low cost of living, which already makes it ideal to navigate startup costs.
More From GOBankingRates
Share This Article:
