NEW MEXICO (KRQE) – New Mexico ranked as the 18th best state to start a business in the United States, according to a new WalletHub study. The study compared the 50 states across 28 key indicators of startup success to find the best place to launch a business. The top three states were Texas, Georgia and California.

“Starting a business is never easy. According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary. That’s without considering the economic damage done by the COVID-19 pandemic, which resulted in 200,000 more permanent business closures than usual within a year of the pandemic’s start,” the website wrote.

Starting a Business in New Mexico: WalletHub ranking

  • 5th – Labor Costs
  • 19th – Office Space Affordability
  • 21st – Industry Vareity
  • 24th – Cost of Living
  • 39th – Avg. Lengh of Work Week (in Hours)
  • 48th – Growth in Number of Small Businesses
  • 44th – Growth of Average Buinesss Revenues
Source: WalletHub

Top 10 Best States to Start a Business

  1. Texas
  2. Georgia
  3. California
  4. Florida
  5. Idaho
  6. Utah
  7. Colorado
  8. North Dakota
  9. North Carolina
  10. Massachusetts

Top 10 Worst States to Start a Business

  1. New Jersey
  2. Connecticut
  3. Rhode Island
  4. West Virginia
  5. Wyoming
  6. Alaska
  7. Missouri
  8. Pennsylvania
  9. Delaware
  10. Virginia