By Nora Tooher
Entrepreneurs, take heed: Akron is one of the best cities in the country to start your business.
A study by WalletHub rates Rubber City as No. 94 on its list of 2014’s best cities to start a business.
Akron was among the five cities with the cheapest office space, at $12.92 a square foot. Cape Coral, Fla. has the cheapest office space, at $11.28 a square foot, followed by Toledo, $11.40; Springfield, Mo., $11.71 and Colorado Springs, Colo., $11.92.
The study analyzed more than a dozen factors, including five-year, new-business survival rate, affordability and cost of office space, access to financing, housing costs and the educational background of the local labor force among the nation’s 150 largest cities.
Other Ohio cities deemed entrepreneurial-friendly were Columbus, No. 30; Toledo, No. 39; Cincinnati, No. 80 and Cleveland, No. 96.
Jacksonville, Fla., was deemed the best city in the country to start a business, followed by Fayetteville, N.C., second; Augusta, Ga., third; Jackson, Miss., fourth; Memphis, Tenn., fifth; New Orleans, sixth; Tulsa, Okla., seventh; Columbus, Ga., eighth; Cape Coral, Fla., ninth and Las Vegas, 10th.
Newark, N.J., was determined to be the worst city in the country to start a business. Other cities ranked as unfriendly to business startups were Providence, R.I.; Glendale, Garden Grove and Santa Ana, all in California; Seattle; Anaheim and Santa Clarita, Calif.; Jersey City, N.J.; and Ontario, Calif.
The study says that Salt Lake City provides the most local lending per small business, followed by Madison, Wis.; Springfield, Mo.; Lubbock, Texas; and Sioux Falls, S.D.
Laredo, Texas, has the lowest cost of living, followed by Greensboro, N.C.; Toledo; Springfield, Mo.; and Brownsville, Texas.
Irvine, Calif.; has the highest-educated workforce, followed by Overland Park, Kan.; Seattle; Madison, Wis.; and Plano, Texas.