Phoenix named top for entrepreneurs
Summary:
Entrepreneur magazine ranked Phoenix as the best large city in the country for starting a new business. The city received high marks for both growth rate and number of successful young companies, and the study cited comparatively low housing process as an asset over other metro markets.
Full Story:
Entrepreneur magazine ranked Phoenix as the best large city in the country for starting a new business.
According to the magazine, the Phoenix-Mesa area's 12,350 startups represent a larger percentage of its total companies than any other city. Entrepreneur listed housing as an asset because housing prices in Phoenix are "substantially" lower than those in other metro markets.
However, the magazine also listed challenges for the Valley, including the light rail project that is disrupting businesses, rising real estate costs, and a surging population.
Following Phoenix in the rankings were Charlotte-Gastonia-Rock Hill of North Carolina and South Carolina; Raleigh-Durham-Chapel Hill, North Carolina; Las Vegas; and Indianapolis.
The rankings were based on data from the Entrepreneurial Activity Index of the National Policy Research Council, a nonpartisan, Washington, D.C.-based organization that provides research, analysis, and information to state and local policymakers.
The complete listing of hot spots is available at http://www.entrepreneur.com/bestcities.
For more information:
"Magazine: Phoenix tops for entrepreneurs," The Business Journal, 9/26/2005