NEW MEXICO (KRQE) – A new WalletHub study looking at which small cities are the best to start a business highlights many New Mexico spots. Of the 1,334 cities ranked, Carlsbad, NM came in at #137.

Source: WalletHub

To rank the cities, WalletHub looked at three main factors: business environment, access to resources, and business costs. Each of those factors was evaluated by looking at 18 different metrics, all with their own weights, and graded on a 100-point scale.

Carlsbad had an overall score of 52.92. Their Business Environment score of 333, an Access to Resources score of 527, and a Business Costs score of 209.

Santa Fe made the list at #265 with an overall score of 49.34, Roswell had a score of 44.63 at #615, and Clovis came in at #896 with an overall score of 41.88. Hobbs, Alamogordo, Rio Rancho, and Farmington were also ranked.

WalletHub used data from the U.S. Census Bureau, Bureau of Labor Statistics, Federal Deposit Insurance Corporation, AreaVibes, Yelp, Indeed, Tax Foundation, LoopNet, and WalletHub research.