The United States has a broad range of business opportunities for entrepreneurs, startups, and established companies. We take a look at 12 states that stand out for their business-friendly climates and opportunities:
Texas
Texas is known for its strong economy, growing 2.5% in the first quarter of 2024, which is the second best in the country. Much of Texas’ success is due its favorable tax climate with no personal income tax, alongside growth in key industries. Energy, healthcare and manufacturing are strong in Texas, as is the technology sector which is booming throughout the U.S. There’s job opportunities in most of Texas but Austin, Houston, Dallas and San Antonio are the main places people look to further their careers.
Florida
Florida’s no state income tax policy is attractive for both individuals and businesses. Businesses have flocked to the state to enjoy the tax benefits, leading to it becoming a leader in many industries including technology and healthcare. Being a popular tourist destination, Florida leads in all things hospitality with 2022 seeing a massive $87.6 billion in revenue from the industry.
North Carolina
North Carolina is known for its successful “research triangle”, which consists of Raleigh, Durham and Chapel Hill tech and research industries. It is believed that the triangle receives $3 billion in research funding annually, funding many jobs in the area. For small businesses, North Carolina boasts competitive business costs and a skilled workforce. With a low cost of living, people in North Carolina enjoy a high quality of life and children receive a top-class education.
Georgia
Atlanta’s logistics and transportation sectors are booming as are its film, technology and logistic industries. With such a diverse economy with pro-business policies Georgia’s economy has grown by 4.5% in the past decade. The state’s strategic location and robust infrastructure attracts people from all over the U.S who recognize its place as a strong business hub.
Tennessee
Tennessee has emerged as a thriving hub for businesses and entrepreneurs. With a favorable business climate, including no income tax, and a skilled workforce, the state offers numerous opportunities for growth and success. Nashville’s music industry contributes an impressive $5.5 billion to the state’s economy, including $3.2 billion of labor income.
Utah
With a strong economy, a skilled workforce, and a business-friendly environment, Utah’s economy has grown by 6.1% in the past year. Salt Lake City;s growing tech industry has contributed to this boom as has the good quality of life that has drawn people to the state. With beautiful surroundings and a positive attitude towards a work-life balance, there’s so many opportunities for business in the area.
Colorado
With its stunning natural beauty, strong economy, and business-friendly environment, the state offers a unique blend of outdoor lifestyle and professional opportunities. Colorado has a strong tech and aerospace industry as well as a talented workforce in the outdoor recreation sector. In the 3rd sector of 2023, Colorado’s economy grew by an impressive 5.8%.
Arizona
Arizona, known for its stunning landscapes and warm climate, has rapidly become a hub for business opportunities in recent years. The state’s economic environment, supportive policies, and strategic location offer numerous advantages for entrepreneurs, investors, and corporations alike. Cities like Phoenix and Tucson are emerging tech hubs and with a surge in population, the economy of Arizona has seen a 3.8% growth over the five years to 2024.
Nevada
Nevada has cultivated a reputation as a business-friendly state. With its low taxation, strategic location and booming technology and logistic industries, it offers significant opportunities for entrepreneurs and established businesses alike. Nevada’s economy has been boosted to the tune of 6.3% in the past year.
Virginia
Northern Virginia’s proximity to Washington, D.C. sees its economy benefiting. The state also has a strong economy of its own, growing 4.2% in the past year. Defense, technology and education sectors are strongest but its strategic location and diverse economy mean there’s lots of opportunities for businesses of all sizes.
Ohio
With a strong manufacturing base, a growing tech scene, and a favorable business climate, Ohio has seen its economy grow by 2.8% over the past 5 years. While not as strong as some states, it’s an improvement on previous years when the state struggled to attract businesses. Now, people are wanting to capitalize on the low cost of living by moving to the state’s finance, healthcare and education sectors.
Washington
Home to giants like Amazon, Microsoft, and Boeing, the state offers a dynamic and innovative environment for entrepreneurs and established companies alike. The highly educated and skilled workforce of Washington has helped its GDP grow to 5.4% in the past 5 years.
