A new study by WalletHub ranks Maryland as one of the worst states in the country to start a business.
Maryland ranked 47 out of 50 overall with a total score of 38.03. The top five best states for starting a business are Georgia (60.22), Florida (60.17), Idaho (58.69) and Nevada (56.68). The worst state is Rhode Island with a score of 35.55.
Maryland’s other rankings include:
27th – Average growth in number of small businesses
46th – Office-space affordability
50th – Labor costs
45th – Availability of human capital
25th – Average length of work week
44th – Cost of living
49th – Variety of industry
The total score is tabulated by using a total of 25 metrics between three categories, business environment worth 50 points, access to resources and business costs both worth 25 points each. Maryland ranked 27th in business environment, 24th in access to resources and 47th in business costs.
Data used to create this ranking were collected as of Dec. 20, 2023 from the U.S. Census Bureau, Bureau of Labor Statistics, Ewing Marion Kauffman Foundation, Center for Digital Government, National Venture Capital Association, Indeed.com, Tax Foundation, U.S. Cluster Mapping Project, Deloitte, Gallup, U.S. Bureau of Economic Analysis, Council for Community and Economic Research, LoopNet, Federal Deposit Insurance Corporation, Kaiser Family Foundation and WalletHub research.
For more information, check out the original study results here.
