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July 3, 2018

WalletHub ranks Maine at No. 31 for business startups

In a WalletHub assessment of the best and worst states in which to start a business, Maine came in at No. 31, sandwiched between Tennessee (No. 30) and New York (No. 32).

The study looked at all 50 states across 25 key indicators of startup success — including business environment, access to resources and business costs — to determine the most fertile grounds in which to launch and grow an enterprise.

Factors used to gauge the business environment include average work-week length, startups per capita and five-year business survival rates.

According to U.S. Bureau of Labor Statistics data cited by WalletHub, about a fifth of all startups typically don't survive past year one of operation, and nearly half never make it to their fifth anniversary.

Maine's No. 31 ranking was based in part on its No. 22 position for business costs, No. 40 in access to resources and No. 30 for business environment.

Texas leads the pack at No. 1 overall, while Hawaii is last overall and in access to resources.

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