A new study finds a record 5.5 million new businesses were formed last year and Arizona is the No. 26 best state to start a business in 2024.
AZ Big 100: 50 Arizona business leaders to watch in 2024
In a decade of changes in how Americans work, an unprecedented number of entrepreneurs are using remote work and AI capabilities to launch companies from their laptop. Less beholden to any particular location, business owners have new factors to consider when deciding where to set up their business.
Simplify LLC today released a study on the Best States to Start a Business after analyzing data from the Census Bureau, Bureau of Economic Analysis, and Federation of Tax Administrators from 2021 to 2023
Seven factors were analyzed in all 50 states and D.C.
A few key findings for those looking to start a business in Arizona show the corporate tax rate is 4.9% (Ranks No. 14 in U.S.), new businesses grew by 3.7% (No. 38), inflation increased by 19.8% (No. 44), and the state gained 40,645 educated workers (No. 4).
Key National Findings
• Wyoming No. 1 Best State: Despite having the smallest population in the U.S., ranks No. 1 in new business growth (39.2%) and corporate taxes (0%), and No. 13 in job growth (11.8%).
• Illinois No. 1 Worst State: Ranked No. 50 with a high corporate tax rate of 9.5% and No. 49 losing 53,778 workers to net migration.
• 10 Best States: Wyoming, Texas, South Dakota, Florida, Missouri, Tennessee, Delaware, Kansas, North Carolina, and Nevada.
Visit the complete study for more information.
