Why Many New Businesses Have Opened in Idaho the Last Few Years
Over the last couple of years, many businesses have closed their doors in Idaho. Some of them are local businesses that were affected by the pandemic, some are major chains that had to close select locations, and others have come and gone for different reasons. For as many places that have closed, just as many, if not more, have moved in and Idaho has seen a good amount of chains open up stores in the Gem State and seen many new businesses open up all across the state. While these companies are expanding into Idaho and new businesses are calling our state home, are they in the best state to be successful or are they set up to fail? Which states are the best to start a new business, which is the worst, and how does Idaho compare?
The Best and Worst States to Start a Business
Opening a new business can be scary, but figuring out where to do it can be vital to the success of that business. WalletHub recently released a list of the best and worst states to start a new business and used categories such as business environment, access to resources, and business costs, and it was determined that Utah is the best state to start a new business. The second-best state is Florida, with Texas coming in at third. The worst state to start a new business is Alaska, with Connecticut being second to last and West Virginia rounding out the bottom three.
Is Idaho a Good State to Start a Business In?
With so many new businesses having to move to Idaho over the last few years, there has to be a reason. Idaho ranks as the fifth best state to start a new business in, ranking 9 in business environment, 21 in access to resources, and 10 in business costs. Utah was number one in access to resources, which makes the lower ranking for Idaho, not as bad, since Utah isn't that far, especially from the Magic Valley. Idaho ranks number one in the entire country in average growth in the number of small businesses. One other interesting number is that Utah ranks number one in the shortest hours per work week. Maybe Idaho should try to do that as well.
With a top ten business environment and costs, don't be surprised to see more and more new businesses pop up in the state of Idaho. Where they decide to plant their roots in the state, is up to them, but Twin Falls is growing fast and may continue to grow shortly as more and more businesses decide to pop up and call the Gem State home. To see the full list broken down, make sure to click on the link above.