Forbes Ranks Pennsylvania as the 7th Best State to Start a Business in 2024


Northeastern Pennsylvania - Pennsylvania ranks in seventh position in the U.S. as the "Best State to Start a Business", as per a recent study conducted by Forbes Advisor.

The findings by Forbes reveal that Pennsylvania has witnessed a notable 12% net increase in the count of small businesses, coupled with an impressive business survival rate of 79%.

Forbes undertook a comprehensive analysis, examining 18 metrics distributed across five key categories: business costs, business climate, economy, financial accessibility, and workforce. This thorough evaluation aimed to discern the most and least favorable states for initiating a business in the year 2024.

Maintaining its top spot for the second consecutive year, North Dakota claimed the leading position, trailed by Indiana, Arkansas, South Dakota, North Carolina, Ohio, and ultimately Pennsylvania.

Forbes Advisor clarified that its rankings took into account a diverse range of factors such as population demographics, tax considerations, the pace of small business expansion, and the accessibility of funding. The data scrutinized incorporated aspects like income tax, corporate tax, property tax, formation fees, and average funding per small business. Additionally, economic indicators such as GDP per capita and the cost of living index were considered.

In a statement, Forbes emphasized that the rankings were a result of a nuanced examination of these elements, reflecting the distinctive business environment and potential for entrepreneurial success in each state.