Here are the 10 best — and 10 worst — US states to start a new business, according to a new report

Lakshmi VaranasiJan 22, 2023, 18:16 IST

The financial site WalletHub recently released a study on the best and worst states to launch a business.Jamie Grill/Getty Images

A new report from financial website WalletHub looked at which states were the best for starting a business.
The study analyzed states according to metrics like access to resources and potential business costs.

The 10 best

The financial website WalletHub recently ranked the 50 states according to which ones were the best and worst for starting a business.runner of art/Getty Images

1. Utah

Utah has a wealth of natural resources and a corporate tax rate of 4.85%, according to Tax Foundation.f11photo/Getty Images

2. Florida

Florida has one of the fastest-growing GDPs in the country, according to data from the Bureau of Economic Analysis compiled by Forbes.Alexander Spatari/Getty Images

3. Texas

Texas is considered one of the best states to launch a business for its friendly regulatory environment.Anton Petrus/Getty Images

4. Colorado

Colorado ranks high for its overall business environment and has a corporate tax rate of 4.55%, according to Tax Foundation.Steve Whiston - Fallen Log Photography/Getty Images

5. Idaho

Idaho has relatively low corporate taxes and limited business regulation.Anna Gorin/Getty Images

6. Georgia

Georgia has a relatively low corporate tax rate of 5.75%, according to Tax Foundation.f11photo/Getty Images

7. Arizona

Arizona ranks high on the list for a relatively low cost of living.Getty Images

8. Nevada

Nevada is often considered a business-friendly state for its low-regulation environment. While the state doesn't have a corporate income tax, but does levy a gross receipts tax.Getty Images

9. Oklahoma

Oklahoma ranked first out of 50 for business costs according to WalletHub's study.p_h / 500px/Getty Images

10. California

While California earned top stops for its overall business environment and access to resources, the state has one of the highest business costs in the country.Barry Winiker/ Getty Images

The 10 worst

Chris Maertz / EyeEm/Getty Images

1. Alaska

Business costs are high in Alaska. Though the state has no personal income tax and relatively low property tax, it has a high corporate tax rate of 9.4%, according to Tax Foundation.Patrick J. Endres/Getty Images

2. Connecticut

Between 1955 and 1980 more than 50 corporations left Connecticut including IBM, Gulf Oil, Texaco, and Xerox according to Slate.Getty Images

3. West Virginia

While West Virginia scored at the bottom for overall business environment and access to resources, business costs are among the lowest in the country.Posnov/Getty Images

4. New Jersey

New Jersey scored the lowest overall in business costs, even compared to its neighbor New York, which came in at 47th, according to WalletHub's study.TC Franco/Getty Images

5. Rhode Island

While Rhode Island ranked relatively high in terms of its access to resources the state has a tough business environment according to WalletHub.George Wirt/Shutterstock

6. Wyoming

Wyoming has the most startups per 100,000 residents, 214.67, which is three times more than in West Virginia, the state with the fewest at 72.2, according to WalletHub.Jeff R Clow/Getty Images

7. Pennsylvania

The corporate net income tax in Pennsylvania is among the highest rates in the country at 8.99%, according to the Pennsylvania Department of Revenue.Getty Images

8. North Dakota

North Dakota has a relatively low corporate income tax rate between 1.41% to 4.31% according to Tax Foundation.Denis Tangney Jr./Getty

9. Virginia

Virginia ranks low on WalletHub's list particularly for business costs.Dee/Getty Images

10. Maryland

While Maryland ranks high in terms of access to resources the high business costs ultimately brought down its ranking on WalletHub's list.David Shvartsman/Getty Images

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Here are the 10 best &mdash; and 10 worst &mdash; US states to start a new business, according to a new report