Stats Suggest North Dakota Might be a Great Place to Start a Business

States with the Best Economies

If you haven’t looked at North Dakota for your next business venture, you should reconsider doing so now. According to a new infographic based on research conducted by PlayUSA, the state gets high marks.

The infographic, “The States With The Best Economic Prospects” asks which states you should gamble on when making your decision to set up your life. PlayUSA researched the 10 Best US States for Young Pioneers based on key metrics to determine the best prospects for young entrepreneurs.

For young entrepreneurs and small businesses looking for better opportunities, a new location can make all the difference.

In a release, the company explains,” The economic environment of where you live is deeply connected to your own financial success in life.”

The research was carried out with metrics across the most recent 10 year period available for each state. The percentage growth year-over-year was then evaluated to come up with an average, which was ranked from 1 to 10 and measured.

Six economic metrics were evaluated over the last 10 year period 2007-2017. If this wasn’t available, due to data release, the most recent 10 year period was used, such as 2004-2014. Metrics used include employment, GDP, house price, college admission, household income and number of new businesses started.

States with the Best Economies

North Dakota was number one and it arrived at this spot because of the recent boom in the oil industry before the price hit record lows. But the reversal in oil prices hasn’t stopped the state from growing, making it a great place to both live and start a business.

Low housing and college admission prices make North Dakota a great attraction, along with a high 7.36 percent GDP for the state. And when it comes to unemployment, it has a low 0.81 percent.

Washington and Massachusetts completed the top three with similar GDPs at 4.47 percent and 4.10 percent respectively. The unemployment numbers, however, are vastly different as Massachusetts boasts a great -0.49 percent, and Washington is on the high side at 3.07 percent.

The remaining top 10, according to the research, are California, Missouri, Oregon, Kentucky, Texas, Colorado and Iowa.

You can take a look at the infographic below for a detailed breakdown.

States with the Best Economies

Images: PlayUSA

More in: 2 Comments ▼

Michael Guta Michael Guta is the Assistant Editor at Small Business Trends and currently manages its East African editorial team. Michael brings with him many years of content experience in the digital ecosystem covering a wide range of industries. He holds a B.S. in Information Communication Technology, with an emphasis in Technology Management.

2 Reactions
  1. Any list that ranks California in the top-10 of a business friendly list needs to rethink their methodology. The state’s tax burden and regulatory environment are stifling.

  2. As a Entrepreneur and Small business owner, I can write a book. My first store was opened in 1999. We have opened and closed 5 different businesses, in 5 different states and/or Canada. The economy, the unemployment, etc are not important for the Success of the business. We are living in the Age, where people in general don’t support Small companies. They rather go to big corporations, or order online from a complete stranger. They hate to see people like them, running a business, which they can’t have or do. The less customers know about you, the better. You can have the best price, best product, best service and people still will not support your business. Your success depends on people’s acceptance. Very difficult times indeed. I have met many Small business owners. Many have closed their businesses, others have their business as a hobby, nothing else. Malls are dying. Not even, there you will get the support. It’s all about low overhead and it’s all about convenience. If customers see you as a benefit to them, they will support your store.