(CBS DETROIT) — 2020 was a challenging year for many due to the coronavirus pandemic. Every two in three business owners say that it was their hardest year ever.
WalletHub, the personal-finance website, released its most recent report on the 2021 Best Large Cities to Start a Business.
They compared 100 U.S. cities across 21 key indicators of startup viability.
The data set ranges from the five-year business survival rate to COVID-19 cases to office-space affordability.
Here are some of the findings they included in the report:
Top 10 Best Large Cities to Start a Business
- Laredo, TX
- Durham, NC
- Lubbock, TX
- Orlando, FL
- Boise, ID
- Charlotte, NC
- Raleigh, NC
- Austin, TX
- Fort Worth, TX
- Tampa, FL
Detroit ranked No. 94 on the list. Here are some facts specific to Detroit:
- Detroit has the lowest labor costs (median annual income), $30,894, which is 4.3 times lower than in Fremont, California, the city with the highest at $133,354.
- In terms of human-capital availability, Detroit ranked No. 1 compared to the other cities.
Facts about other areas:
- Toledo, Ohio, has the lowest average annual rent for office space, $11.93 per square foot, which is 6.7 times cheaper than in San Francisco, the city with the highest at $80.22 per square foot.
- Laredo, Texas, has the lowest cost-of-living index, 79.00, which is 2.5 times lower than in Honolulu, the city with the highest at 198.60.
- Miami and Hialeah, Florida, have the most startups per 100,000 residents, 244.10, which is three times more than in Toledo, Ohio, the city with the fewest at 81.97.
To review the entire report visit, https://wallethub.com/edu/best-cities-to-start-a-business/2281.
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