Five Texas cities rank in the top-20 best U.S. cities to start a business in 2021, according to a new ranking by the personal finance website WalletHub.
Ranking number one, Laredo, Texas is considered the most promising place for entrepreneurs in the country, according to the website. While many small businesses continue to feel the effects of ongoing coronavirus restrictions, Lubbock (No. 3), Austin (No. 8), Fort Worth (No. 9) and Dallas (No. 14) also stood in the top-20 best cities to launch a business.
“Now is one of the toughest times ever for business owners in the U.S. due to the COVID-19 pandemic, which has made 61 million small-business owners regret starting a business, according to a recent WalletHub survey,” the website said in its analysis. “Conditions in the U.S. are improving as people get vaccinated and states reopen, though.”
Texas’ population also saw the highest numerical growth since the 2010 Census, the U.S. Census Bureau said this week. The state grew by nearly 4 million people to 29.1 million, and will add two congressional seats for the next decade.
WalletHub’s analysis looked at 100 large cities and compared a variety of key figures like resources, expenses, and business environment to calculate a total score.
Both Florida and North Carolina each had four cities ranking within the top-20 best locations.
While cities in Republican-leaning states filled the top rankings, cities in Democratic-leaning states like Illinois, New York and New Jersey were among the lowest-ranking.
Chicago ranked 85th, while New York City (No. 98), Baltimore (No. 99), and Jersey City (No. 100), ranked in the bottom three cities for opening a business.