Top News

Posted on: May 9, 2016

SGF named 8th Best City to Start a Business in WalletHub.com study

bestcitiesbusiness.jpg

FOR IMMEDIATE RELEASE

Springfield was named the eighth Best City to Start a Business in a recent study by WalletHub.com.

In order to identify the best cities to start a business, WalletHub’s analysts compared the 150 most populated U.S. cities across three key dimensions, namely “Business Environment”, “Access to Resources” and “Costs.” With regard to our sample, please note that “city” refers to city proper and excludes surrounding metro areas.

First, WalletHub identified 16 relevant metrics, which are listed below with their corresponding weights. Each metric was given a value between 0 and 100, wherein 100 represents the most favorable conditions for startups and 0 the least. Data for metrics marked with an asterisk (*) were available at only the state level.

Finally, WalletHub calculated the overall score for each city using the weighted average across all metrics and ranked the cities accordingly.

Business Environment – Total Points: 50

• Length of Average Work Week: Full Weight (~8.33 Points)
• Average Growth of Number of Small Businesses: Full Weight (~8.33 Points)
• Number of Startups per 100,000 Residents: Full Weight (~8.33 Points)
• Average Growth of Business Revenues: Full Weight (~8.33 Points)
• Five-Year Business-Survival Rate: Full* Weight (~8.33 Points)
• Industry Variety: Full Weight (~8.33 Points.

Access to Resources – Total Points: 25
• Financing Accessibility: Full Weight (~4.17 Points)
Note: This metric was calculated by dividing the “total annual value of small-business loans” by the “total number of small businesses.”
• Venture Investment (amount) per Capita: Full Weight (~4.17 Points)
• Prevalence of Investors: Full Weight (~4.17 Points)
• Human-Capital Availability: Full Weight (~4.17 Points)
Note: This metric was calculated by subtracting the “unemployment rate” by the “number of job openings per number of population in labor force.”• Higher Education Assets (Average University Score & Number of Students Enrolled per Capita): Full Weight (~4.17 Points)
• College-Educated Workforce: Full Weight (~4.17 Points)
Note: This metric measures the percentage of the population holding at least a bachelor’s degree.
• Costs – Total Points: 25
• Office-Space Affordability: Full Weight (~6.25 Points)
Note: This metric measures the per-square-foot cost of commercial office space.Labor Costs: Full Weight (~6.25 Points)
Note: This metric measures the median annual income of the city.
• Corporate Taxes: Full* Weight (~6.25 Points)
• Cost of Living: Full Weight (~6.25 Points).

Sources: Data used to create these rankings were collected from the U.S. Census Bureau, Bureau of Labor Statistics, National Venture Capital Association, Yelp, Indeed.com, U.S. News & World Report, Tax Foundation, Areavibes, Council for Community and Economic Research, LoopNet and Federal Deposit Insurance Corporation.

View the study results.
Facebook Twitter Google Plus Email

Other News in Top News

CouncilSummary.jpg

Jan. 9 City Council meeting summary

Posted on: January 9, 2017
right-turn.jpg

Thankful for a City of Action

Posted on: December 30, 2016