(The Center Square) — South Carolina ranked as the 16th best state to start a business, a new analysis reveals.
WalletHub ranked The Palmetto State behind neighboring Georgia (No. 6) and North Carolina (11). Nationally, Utah topped the list, followed by Florida, Texas and Colorado, while Alaska, Connecticut and West Virginia rounded out the bottom of the list.
“South Carolina registered significant growth in the number of small businesses, almost 11%, as well as in average business revenues — almost 19%. The state also ranks high in terms of industry cluster strength,” WalletHub analyst Jill Gonzalez told The Center Square. “The areas where it could improve include industry variety, the amount of venture investment and the employer-based health insurance premium, which is one of the highest in the country.”
To develop its rankings, WalletHub examined 27 “key indicators” of start-up success, including business costs, cost of living and affordability of office space.
“The key takeaways for policymakers from this report involve focusing on encouraging and promoting new business development,” Gonzalez said. “This includes analyzing the existing industries and trying to attract both start-ups and employees to complement the business environment they already have.”
Earlier this month, South Carolina officials touted the state’s economic development record in 2022, which they said included nearly $10.3 billion in capital investment, the largest year in state history.
“We have consistently proven that our people are among the most talented and hard-working in the world, that we’re committed to fostering a competitive business-friendly environment, and that there is no better place to live, work, and raise a family,” South Carolina Gov. Henry McMaster said in an announcement.