Phoenix Ranked 14th Among Best Cities For Young Entrepreneurs
By Matthew Holloway |
A recent study from Search Logistics has yielded an encouraging result for the Phoenix metro area, ranking the city as the 14th best city in the nation for young entrepreneurs. The survey from the UK SEO firm ranked the fifty most populous cities in the U.S. by analyzing co-working affordability, wage data, internet infrastructure, tax data, cost of living, and personal income.
According to the study provided to AZ Free News, each of the determining factors was assigned a rank value out of 100 and the overall index score was calculated to produce a ranking. Although Phoenix was outstripped by Florida cities Jacksonville, which ranked #1, and Tampa in second place, followed by Texas centers like Fort Worth, Houston, San Antonio, in the Southwest there seemed to be a consistent pattern: cities in conservatively governed, business-friendly states ranked best with the exception of Baltimore, MD.
- “The city that was revealed as the best for young entrepreneurs was Jacksonville, FL, with an overall index score of 70.91 out of 100. Jacksonville ranked best in cost of living, with a score of 92.82 out of 100.
- Following in second place was Tampa, FL, with an index score of 70.35 out of 100. Tampa reported the best internet speed of any city in the study, with an average download speed of 180.5 Mbps. This meant that it scored 100 out of 100 for this factor.
- In third was Indianapolis, IN, with an index score of 69.10 out of 100. The city performed well among the cost of living factors, producing a score of 95.98 out of 100.
- Baltimore, MD, ranked fourth, generating an index score of 67.08 out of 100. Baltimore’s best category was cost of living, with a perfect score of 100 out of 100.
- Rounding out the top five was Fort Worth, TX, with an index score of 65.15 out of 100. Notably, Fort Worth was among several cities that offered the lowest minimum wage of $7.25, which meant it scored the maximum 100 out of 100 for this factor.
- Completing the top 10 best cities for young entrepreneurs were Houston (63.45), Philadelphia (63.14), San Antonio (62.71), Raleigh (62.60), and Charlotte (62.17).”
Conversely, cities which would be traditionally associated with the growth of big tech and finance like New York, Los Angeles, San Francisco, Seattle, Washington, D.C., Portland, and Chicago ranked low. Matthew Woodward, a spokesperson for Search Logistics said, “While it may be tempting to start a business in New York or California, young entrepreneurs locating to a city in another state may pay off significantly, especially while their venture is still in its infancy. Young entrepreneurs will be able to reap the benefits of all that these cities have to offer and enjoy living in a city that will support their work as much as possible.”
Notably, Mesa, AZ, was excluded from the rankings, owing to a lack of co-working space available. This was also true of Fresno, CA; Bakersfield, CA; Long Beach, CA; Oakland, CA; and Arlington, TX.
Woodward added, “This ranking may provide some clarity for young and budding entrepreneurs wondering where to launch their business. This can often be a difficult decision to make as there are many factors to consider, such as cost of living, tax regulations, access to co-working spaces, and internet infrastructure. Fortunately, certain cities will likely be more conducive to business owners and allow their enterprises to flourish easily.”
“According to the ranking, cities in southern states, such as Florida, North Carolina, and Texas, tend to be some of the best for young entrepreneurs. Many of these have a lower cost of living and are therefore more affordable options.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
