Pennsylvania Ranks Among Best States To Start a Business in 2023
A new Forbes Advisor report places Pennsylvania among the top five states to start a business in 2023, writes Kelly Main for Forbes.
To rank the best and worst states to start a business in 2023, Forbes Advisor looked at 18 key metrics across five categories that impact businesses and their ability to succeed, including business costs, business climate, and financial accessibility.
Pennsylvania ranked fourth of the best states to start a business, primarily due to the availability of resources and funding for entrepreneurs. In Pennsylvania, total small business loan funding is $27.7 million, which is double the national average. And while this number is significantly smaller than the $97.1 million in California, the Keystone State funding is spread across fewer businesses. This drives the average amount per business to be more than 20 percent higher than that of California and 17 percent higher than the national average.
Additionally, while Pennsylvania is the most expensive state for the cost of living coming in the top five, it is increasingly becoming an alternative to New York due to its lower cost of living and higher business survival rate at 83.3 percent.
Read more about the best states to start a business in Forbes.
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