When compared to the rest of the country, the northeast region of the US doesn’t really have many states known for being excellent places for entrepreneurs to start businesses. In fact, according to the US Bureau of Labor Statistics (BLS), some of the states ranked the worse in the country are in this corner of the country. Vermont, Rhode Island, and New Hampshire are ranked 47th, 48th, and 49th consecutively. In spite of those rock-bottom rankings, there are some really great places for entrepreneurs to start businesses in the northeast.
- Boston, MA
Boston seems to be the proverbial diamond in the rough. It hails from a state ranked 19 in the nation according to the BLS, and is likely the reason that the state of Massachusetts ranks so in the top twenty states to start businesses in. The city of Boston is actually ranked eighth-best city in the US to start a business in a recent study. The growth of startups in Boston has been described as robust, with nearly a half a billion in capital raised in February of 2018 alone.
- Wilkes-Barre, PA
While the BLS has Wilkes-Barre listed as the 20th best place to start a business in Pennsylvania, the city has a whopping 2,582 businesses, which is more than all of the top 25 ranked. This statistic is what gives this city such an advantage over the others in regards to entrepreneurs. When you combine that factor with the fact that you can always find things to do in Wilkes-Barre, and you have a fantastic location for entrepreneurs to start a business.
- Wilmington, DE
Entrepreneur Media collaborated with Nerd Wallet in 2015 to conduct a study to see what the best locations in the country to start a business. Wilmington, DE ranked third, just below Alpharetta, GA and Redmond, WA. This study concluded that Wilmington 8,500 businesses reported an average annual revenue of $6.75 million per business.
- Suffern, NY
Suffern is located about 35 miles from Midtown Manhattan and rests on the border of New Jersey. This village is home to 1,238 businesses that average $7.9 million annual revenue per business. This is almost eight times the amount of New Yorks second-ranked city (Garden City yearly average revenue: $1.1 million) for companies. Suffern is also home to the Small Business Development Center in the region, located at Rockland Community College.
- East Hanover, NJ
This city has a humble population of 11,200 residents, yet it has 1,500 businesses that average an astonishing annual revenue of $9 million per company. Among these businesses is the snack manufacturing giant, Nabisco.
While these listings are not in any particular order, these cities represent some of the best places for entrepreneurs in the northeast. While these locations are not what you may have expected, the statistics show that these areas are particularly kind to entrepreneurs. Take a closer look at what these locations have in story for your industry.