Arizona is among the country’s best states to start a new business in, according to a study released Monday.
Personal finance website WalletHub ranks the Grand Canyon State seventh overall in its 2019 study “Best & Worst States to Start a Business.”
“A state that provides the ideal conditions for business creation – access to cash, skilled workers and affordable office space, for instance – can help new ventures not only take off but also thrive,” WalletHub said.
Arizona received a total score of 54.39, being beat out by Florida, Oklahoma, North Dakota, Georgia, Utah, and Texas, which notched the top spot.
WalletHub ranked each state in three primary categories – business environment, access to resources and business costs – using “26 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.”
Arizona ranked ninth for its business environment, 12th for its access to resources, and 29th for business costs.
The Phoenix area also had the highest percentage increase in jobs last year, according to data from the U.S. Bureau of Labor Statistics.
The Phoenix-Mesa-Scottsdale area added 66,500 non-farm jobs in 2018, a 3.2 percent increase.
Arizona Gov. Doug Ducey said the state is “open for business and our economy is booming.”
“It’s not by accident: Arizona’s pro-business policies, low taxes and light regulations are delivering more job opportunities and bigger paychecks for Arizona workers,” Ducey added.