Portland ranks low among best cities for starting a business
Detroit, San Francisco and Seattle are all better cities for opening a business than Portland, according to a new report by WalletHub.
PORTLAND, Ore. (KOIN) — Detroit, San Francisco and Seattle are all better cities for opening a business than Portland, according to a new report by WalletHub.
Out of 100 “large” cities, WalletHub ranked Portland as the 79th best city for starting a business in the U.S. The personal finance company compiled the list using “key metrics,” like five-year business-survival rates, labor costs and office-space affordability. Seattle ranked 58th, comparatively.
“Recent years have been some of the toughest ever for business owners in the U.S. due to the COVID-19 pandemic, the Great Resignation and high inflation,” the WalletHub study states. “In order to help aspiring entrepreneurs — from restaurant owners to high-tech movers and shakers — maximize their chances for long-term prosperity, WalletHub compared the relative startup opportunities that exist in 100 U.S. cities.”
According to the “2023 State of Small Business” report presented to the Portland City Council on April 10, the Portland metro area outshines other comparable cities when it comes to its percentage of women-owned businesses. Portland’s share of small, women-owned businesses is roughly 6% higher than the national average, the report shows. However, this metric was not factored into Wallet Hub’s study.
WalletHub listed Orlando, Fla., Tampa, Fla., Charlotte, N.C., Jacksonville, Fla., and Miami as the top five cities for starting a business in the U.S. The lowest-ranking cities included New York, Pittsburg, San Jose, Calif., Fremont, Calif., and Washington, D.C.