Quinstreet Press Release
So Florida, it’s not just for retirees or vacationing families. The Sunshine State is the hottest place for young entrepreneurs.
In its just-released America’s Top Cities for Young Entrepreneurs, it turns out setting up shop in America’s favorite vacation spot—with no less than six Florida cities in the Top 10—could really pay off. Yes, go Southeast, young entrepreneur… to Punta Gorda, which landed in the top 10!
Growth, education level, young adult affluence, and state business tax climate are the four factors that determined the top cities. In addition to six Florida cities just made for young people starting out with their own businesses, Provo, Utah, Raleigh, North Carolina, Bend, Oregon and Austin, Texas made the grade.
America’s Top Cities for Young Entrepreneurs
June 29, 2017 (Foster City, CA) – Florida is sunshine and retirees, theme parks and vacationing families. And perhaps surprisingly, it is home to the hottest, most dynamic cities ripe for young entrepreneurs and their new business start-ups. So, the Sunshine State’s not just for Golden Agers. Who knew? MoneyRates.com, that’s who.
According to MoneyRates.com’s just released study of America’s Top Cities for Young Entrepreneurs, six of the top 10 are cities in Florida. potential boom towns for aspiring young entrepreneurs.
“Sometimes reputation hasn’t caught up with reality, and looking at the data can reveal newly- emerging trends,” says Richard Barrington, Senior Financial Analyst for MoneyRates.com.
MoneyRates.com ranked the best cities for young entrepreneurs based on:
- Growth. A fast-growing population is generally a sign of a thriving economy.
- Business tax climate. Where states rank makes a big difference for young entrepreneurial startups.
- Educational level. A well-educated local population creates both a talented work pool from which to recruit, as well as a more affluent consumer base.
- Young adult affluence. Shows how receptive the local economy is to creating opportunities for young people and how strong a market young consumers represent.
America’s Top Cities for Young Entrepreneurs combined high marks on these criteria to help young business owners rethink location when looking for a competitive edge.
The clear winner is the North Port/Sarasota/Bradenton metro-area*, described by Barrington as a
welcoming environment for entrepreneurs, it landed in the top ten for all four individual evaluation categories. Most notably, the earning power of young adults was third strongest among the cities studied.
“It shows there is economic opportunity in the area for young adults, and the resulting affluence
makes them attractive consumers for new businesses,” Barrington says.
Not unlike other Florida cities that made the cut, the state’s favorable tax environment, which the Tax Foundation ranks as the fourth best in the nation, was a major driver. And while Florida dominated, cities in North Carolina, Texas, Utah and Oregon made the cut. In fact, second place was a tie between Provo/Orem and Raleigh.
Here is the entire top ten:
1. North Port/Bradenton/Sarasota, FL
2. (tie) Provo/Orem, UT
2. (tie) Raleigh, NC
4. The Villages, FL
5. Cape Coral/Ft. Myers, FL
6. Bend/Redmond, OR
7. (tie) Austin/Round Rock, TX
7. (tie) Punta Gorda, FL
9. Sebastian/Vero Beach, FL
10. Orlando/Kissimmee/Sanford, FL
Provo/Orem and Raleigh tied for second in part because both are fast-growing and well-educated with Provo/Orem having a business tax environment ranked among the 10 best and Raleigh ranked fourth in young adult affluence.
Many people have likely never heard of Punta Gorda or Orem, Round Rock or North Port. Now, the best kept secret for start-up business, great location, is out.
“Sometimes the data can reveal emerging conditions that are not yet reflected in popular impressions. That type of forward thinking is what can give a new business an edge over more established competitors,” Barrington says.
So go southeast, and yes, west, young entrepreneurs.
“Investing in starting a business takes time, energy and money,” says Barrington. “Choosing the
right location for your entrepreneurial start-up can be the first step towards ensuring that those precious investments pay off.”
*The Census Bureau often classifies neighboring cities together into a single metropolitan area.