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Arizona ranks among best states in the nation to start a business

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PHOENIX — Are you looking to start your own business? If so, Arizona might be one of the best places for you.

Arizona was recently ranked as the ninth-best state in the nation for those looking to start a business, according to the personal finance website WalletHub.

Jill Gonzalez with WalletHub told KTAR News 92.3 FM that Arizona ranked well in part due to its percentage growth in small businesses.

“Over the past year, there has been a five percent growth in just the number of small businesses alone,” she said.

“That’s a huge number — it’s typically between one and two percent.”

The state also has the fifth-highest share of engaged workers, or workers who enjoy coming to their place of work, at 35 percent, Gonzalez said.

Another category where Arizona ranked really well was human capital availability, or how many people are in the workforce versus available jobs. Gonzalez said the state ranked in the top 15 for this metric.

But not all of the news was good: Arizona ranked dead last for least accessible financing. Gonzalez said banks typically give out about $500 to small businesses that are just starting out.

“In Arizona, you’re going to need to bootstrap your business, go to friends or family before going to the bank,” she said.

KTAR News 92.3 FM’s Jeremy Foster contributed to this report. 

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