Amarillo Named One Of The Best Cities To Start A Business
A new report shows that Amarillo is one of the best large cities to start a business in!
Personal-finance website WalletHub recently analyzed the best large cities to start a business in and Amarillo made the list. This week is National Small Business Week so WalletHub decided to look into which cities give new business owners the best chance to succeed. According to the U.S. Department of Labor, about 10% of the U.S. workforce is made up of people who work for themselves. That comes out to about 15 million people.
WalletHub looked at the 150 most populated cities in the United States with 18 key indicators including:
- Length of Average Work Week (in Hours)
- Average Growth in Number of Small Businesses
- Startups per Capita
- Average Growth of Business Revenues
- Five-Year Business-Survival Rate
- Industry Variety:
- Entrepreneurship Index
- Financing Accessibility: Full Weight (~3.57 Points)
Note: This metric was calculated as follows: Total Annual Value of Small-Business Loans / Total Number of Small Businesses
- Venture Investment (amount) per Capita: Full Weight (~3.57 Points)
- Prevalence of Investors: Full Weight (~3.57 Points)
- Human-Capital Availability: Full Weight (~3.57 Points)
Note: This metric was calculated as follows: Number of Job Openings per Number of Civilians in Labor Force – Unemployment Rate
- Higher-Education Assets: Full Weight
Note: This metric measures the average university rank (based on U.S. News & World Report’s Best Colleges Rankings) and number of students enrolled per capita.
- Share of College-Educated Population: Full Weight
Note: This metric measures the percentage of the population aged 25 and older holding at least a bachelor’s degree.
- Working-Age Population Growth: Full Weight
Note: “Working-Age Population” includes individuals aged 16 to 64.
- Office-Space Affordability: Full Weight
- Labor Costs: Double Weight
Note: This metric measures the median annual income of the city.
- Corporate Taxes
- Cost of Living
According to their findings, El Paso didn't come out very high on the list, only hitting #29 but Amarillo did well at #9! Check out the other Texas cities that made the list here.