Top 10 US cities for small business growth in 2015

A new report from WalletHub reveals where producers hoping to increase their small business clients can expect to prosper.

Insurance News

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Small businesses employ the vast majority of Americans. According to the Small Business Administration, 99.7% of all employer firms are small businesses, paying 42% of the private sector payroll.

And in the past 20 years, small businesses were responsible for creating 63% of all new jobs.

As such, becoming a trusted advisor to American small businesses is vital for an independent insurance agency looking to grow its book of business.

According to a new report for WalletHub, some cities are friendlier to the small business climate than others. The report ranks 150 major and mid-sized US cities on variables including cost of living, taxes, and access to resources and determined the 10 best and worst cities in which to start a business and to see that business blossom.

The top 10 cities for small business growth include:

1. Shreveport, Louisiana
2. Tulsa, Oklahoma
3. Springfield, Missouri
4. Chattanooga, Tennessee
5. Jackson, Mississippi
6. Sioux Falls, South Dakota
7. Memphis, Tennessee
8. Augusta, Georgia
9. Greensboro, North Carolina
10. Columbus, Georgia

WalletHub spokesperson Jill Gonzalez said the biggest surprise in the top 10 list was the dominate presence of the South.

“Over the past five or ten years, we’ve seen a boom in the South as far as entrepreneurial activity is concerned,” said Gonzalez. “You’re getting the same amount of resources for a lot cheaper, basically.”

On the other end of the spectrum, the worst cities to start a business were almost all located in California. They include:

141. Anaheim, California
142. San Jose, California
143. Santa Ana, California
144. Oakland, California
145. Ontario, California
146. Fremont, California
147. Yonkers, New York
148. Garden Grove, California
149. Jersey City, New Jersey
150. Newark, New Jersey

The complete WalletHub list can be found here.
 
 

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