Accounting
The Best and Worst Cities to Work for a Small Business
Small businesses collectively make up 99.7 percent of all U.S. employer firms, employ nearly 49 percent of the private workforce, pay about 42 percent of the private payroll, and created 63 percent of all new jobs added during the past 20 years.
May. 11, 2015
Small businesses collectively make up 99.7 percent of all U.S. employer firms, employ nearly 49 percent of the private workforce, pay about 42 percent of the private payroll, and created 63 percent of all new jobs added during the past 20 years, according to the U.S. Small Business Administration. Considering their omnipresence alone, it’s no wonder these job creators merit a five-day national recognition each year.
But with no shortage of commentary on the best cities to start a small business, WalletHub analyzed the small business environment within the 100 most populated U.S. metro areas to assess their friendliness toward employees and job seekers. They did so using 11 key metrics, ranging from net small business job growth to industry variety to earnings for small business employees. The results of the study, as well as expert commentary and a detailed methodology, can be found below.
|
|
Best Metro Areas to Work for a Small Business |
|
Worst Metro Areas to Work for a Small Business |
||
|
|
1 |
Charlotte, NC |
|
91 |
Springfield, MA |
|
|
2 |
Raleigh, NC |
|
92 |
Tucson, AZ |
|
|
3 |
Oklahoma City, OK |
|
93 |
Augusta, GA |
|
|
4 |
Austin, TX |
|
94 |
New Haven, CT |
|
|
5 |
Omaha, NE |
|
95 |
Bakersfield, CA |
|
|
6 |
Nashville, TN |
|
96 |
Fresno, CA |
|
|
7 |
Salt Lake City, UT |
|
97 |
Scranton, PA |
|
|
8 |
Dallas, TX |
|
98 |
Toledo, OH |
|
|
9 |
Houston, TX |
|
99 |
Stockton, CA |
|
|
10 |
Boston, MA |
|
100 |
Youngstown, OH |
Key Stats
- The number of small businesses per 1,000 inhabitants is two times higher in the Miami metro area than in the Bakersfield, Calif., metro area.
- The earnings for small business employees adjusted for cost of living are three times higher in the Houston metro area than in the Honolulu metro area.
- The median annual income adjusted for cost of living is two times higher in the Ogden, Utah, metro area than in the McAllen, Texas, metro area.
- The unemployment rate is four times higher in the Fresno, Calif., metro area than in the Provo, Utah, metro area.
- By 2042, the Cape Coral, Fla., metro area is projected to experience the highest population increase, at 103.4 percent, and the Youngstown, Ohio, metro area the highest population decrease, at 11.1 percent.
For the full report and to see where your city ranks, please: http://wallethub.com/edu/best-cities-to-work-for-a-small-business/3768/