A new data study by USA TODAY Blueprint ranks Dallas as one of the four best U.S. cities for entrepreneurs to start a business.
The study found that a record 5.5 million new business applications will be submitted in the U.S. in 2023, but 18% of startups will fail within the first year, giving choosing a top location like Dallas a crucial advantage.
Blueprint analyzed eight data points from the 46 most populous U.S. cities, including the number of new businesses started, business closure rates, GDP growth and the percentage of households with self-employment income, to compile its ranking of the “Best Cities to Start a Business.”
Austin ranked first, with Miami, Florida; Nashville, Tennessee; Dallas; and Atlanta, Georgia rounding out the top five.
Taking the sixth through 10th spots on the list are Phoenix, Arizona; Jacksonville, Florida; Raleigh, North Carolina; Houston and Tampa, Florida.
Dallas ranked third overall in net business openings
According to USA Today Blueprint, here are some key findings that landed Dallas in the top four:
- Dallas’ “High Business Success Rate”: The city ranks third overall in net business openings and ninth in net entry rate, with openings outnumbering closures by 4,388 in one year.
- Dallas has the fifth-highest number of startup jobs at 4.4% (1 in 23).
- “One in eight Dallas households has an entrepreneur”: 12.5% of Dallas households have one or more self-employed members.
- Dallas had the sixth-highest GDP growth, with the city’s GDP growth in 2021 being 13.5%.
“Dallas stands out with the third-highest number of new business openings and the fifth-highest rate of new jobs, suggesting a supportive environment for new business,” the report states.
The full report, its key takeaways and its methodology can be found here.
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