Online publication FitSmallBusiness.com has named Washington the ninth best state in the country to start a business.
Compiling data from sources such as the Kauffman Foundation, Small Business Administration and federal Bureau of Labor Statistics, the site ranked states in seven categories: access to capital, startup activity, taxes, cost of living, quality of life, cost of starting a business, and availability of the labor market.
Washington, the site said, ranks well in five out of seven categories, “highlighted by strong positions in access to capital and labor market, where it placed third and sixth, respectively.” The site also cited Washington receiving the sixth largest amount of venture capital in the country — $1.12 billion — as well as the 12th highest amount of SBA loans at over $5 billion.
The state’s labor force also ranks high, with 34.2 percent of its population having a bachelor’s degree.
Working against the Evergreen State were two major factors: cost of living, where Washington came in at 37th, and the cost of starting a business, where the state was 43rd.
The site’s verdict for the best state to start a business? North Carolina, followed by Utah, Texas, Indiana and Montana. At the bottom of the list was tiny Rhode Island, joined dubiously in the bottom five by New Mexico, South Carolina, New Jersey, and Louisiana.