AUSTIN, Texas - Attention, business owners! Austin has been named the eighth-best large city in the nation to start a business.
Texas has recently seen many large corporations moving their headquarters or opening new facilities, especially in the Austin area, including Tesla, Oracle, Apple, Google, and Amazon.
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According to a WalletHub study, Austin ranks eighth among the top 100 U.S. cities. Austin is also one of four Texas cities that ranked in the top ten, joining Laredo (#1), Lubbock (#3), and Fort Worth (#9). In fact, 13 Texas cities ranked in the top 100: Dallas (#14), Irving (#22), Arlington (#23), Houston (#38), San Antonio (#45), Garland (#58), Plano (#61), El Paso (#79), and Corpus Christi (#83).
WalletHub compared the cities across three key dimensions: Business Environment, Access to Resources, and Business Costs, then evaluated those with 21 metrics on a 100-point scale.
Austin, with a total score of 62.45, ranked second in business environment, ninth in access to resources, and 83rd in business costs. In addition to this, in the following metrics, Austin ranked out of 50:
- 41st – Average Daily COVID-19 Cases in the Past Week per Capita
- 46th – Cost of Living
- 15th – Length of Average Workweek (in Hours)
- 10th – Share of College-Educated Population
- 1st – Average Growth in Number of Small Businesses
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Some other metrics include startups per capita, the average growth of business revenues, five-year business survival rate, industry variety, job growth between 2015 and 2019, financing accessibility, venture investment, higher-education assets, working-age population growth, office space affordability, labor costs, and corporate taxes.
To see the full list and read the full methodology behind the study, visit here.