Businesses in Arizona have a better outlook for startup success than those in most other states, according to a new report that measures which places around the nation are most amenable for entrepreneurs amid the economic challenges of 2022.
The Grand Canyon State came in at No. 15 in the nation in the study, called Best and Worst States to Succeed in Business, from Florida-based management software firm Harrington Group International.
The researchers delved into federal data with a focus on nine metrics across three categories: workforce and consumer habits, which considered job growth, where educated workers are moving and consumer spending; business culture, which considered business growth rates, startup survival rates and information from a business self-assessment survey from the U.S. Census Bureau; and financial climate, which considered GDP growth and a state’s credit rating.
Arizona’s showing was highest in the workforce and consumer habits category, where it ranked No. 11, benefitting from a 3.7% rate of job growth and a net migration of educated workers just topping 47,000. Consumer spending in the state is up 13.1%.
