The analysts at WalletHub’s recently compared the relative startup opportunities that exist in the 150 most populated U.S. cities. Using 16 key metrics, ranging from five-year survival rate, to office-space affordability to educational attainment of the local labor force.
The study found Grand Rapids, Michigan, leads the nation in the highest average growth of number of small businesses. Conversely, Toledo, Ohio, is the top 150-sized city to see the lowest growth in small business volume.
Other notable findings:
- Toledo, Ohio, has the lowest average annual rent per square foot of commercial office space, $11.63, which is nearly nine times cheaper than in San Francisco, the city with the highest, $99.42.
- Detroit has the lowest labor costs per employee, $26,095, which is about four times lower than in Fremont, Calif., the city with the highest, $103,591.
- Laredo, Texas, has the lowest cost-of-living index, 75, which is nearly three times lower than in New York, the city with the highest, 200.3.
- Irvine, Calif., has the highest percentage of college-educated workforce, 65.6 percent, which is nearly six times higher than in San Bernardino, Calif., the city with the lowest, 11.7 percent.
- Miami has the most startups per 100,000 residents, 246, which is nearly 12 times more than in Columbus, Ga., the city with the fewest, 21.
And if you’re looking for a small business loan, Arizona leads the top-5, placing four cities in the “Least Accessible Financing” category.
Explore this interactive map: