As Dallas real estate professionals we know there are so many reasons to make Dallas your home, it would be impossible to list them all. If you have ever dreamed of starting a business, now there’s another reason to consider the Dallas-Fort Worth metro – it’s one of the top cities in the country for business startups, according to a recent study from personal finance website WalletHub!
The Bureau of Labor Statistics claims that over 15 million people in the U.S. – that’s 10% of the workforce – work for themselves. Considering National Small Business Week was celebrated May 5th-11th, WalletHub conducted a study to determine which U.S. cities were best when it comes to business startups. Of the 100 cities in the country compared in the study, Dallas took the no. 15 spot. Pretty impressive!
Texas had seven cities come in at the top 20 of the study including Houston at no. 13, Irving at no. 17, Fort Worth at no. 11, and Austin at no. 4. Other cities in the top 20 were Lubbock, Laredo and San Antonio. It’s also interesting to note that Texas was named the no. 1 state for female entrepreneurs recently.
A 2018 Annual Survey of Entrepreneurs from the U.S. Census Bureau revealed that minorities owned more than 29,000 firms in the DFW area, while men owned nearly 69,000 and women just over 22,000.
What were the metrics used in determining where Dallas stood in the WalletHub study? Some included accessibility of financing, labor costs, availability of human capital, average length of work week, expense of office space, and average growth in number of small businesses. Overall, Dallas ranked no. 11 in the business environment category which took into consideration length of average work week, startups per capita, and average growth of business revenue among other factors.
Other cities outside of Texas that ranked high on the list include Atlanta, GA (no. 9), Charlotte, NC (no. 6), Miami, FL (no. 3) and Orlando, FL which took the no. 1 spot. We’re excited that Texas had so many cities in the top 20, but not at all surprised!
Which cities came in dead last in the U.S. when it comes to starting a business? Toledo, OH (no. 96), Philadelphia, PA (no. 97), Cleveland, OH (no. 98), Pittsburgh, PA (no. 99) and Chesapeake, VA at no. 100.
It seems that for the most part the south rules when it comes to cities best for those looking to start a business.
If there weren’t already plenty of reasons to make the DFW metro your home, there are now! We invite you to trust our Dallas Realtors to help you locate the perfect home for your family’s needs.