Below is the research result by Business Journal about Best Cities to Start Small Business. BJ has come up with Small-business vitality score based on small business per 1,000 residents, Change in Employment and Change in Population. Here is the ranking among Top 100 US metro area.
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| Rank | Metropolitan area | Small-business vitality score | Small businesses (2006) | Small businesses per 1,000 residents (2006) | Change in private-sector employment (2003-08) | Change in population (2002-07) | Population (2007) |
| 1 | Raleigh | 58.20 | 27,596 | 27.6 | 23.00% | 21.20% | 1,047,629 |
| 2 | Charlotte | 43.09 | 42,905 | 27.1 | 15.40% | 17.40% | 1,651,568 |
| 3 | Seattle | 39.40 | 96,040 | 29.4 | 15.10% | 5.90% | 3,309,347 |
| 4 | Austin | 37.26 | 36,559 | 23.9 | 21.00% | 17.90% | 1,598,161 |
| 5 | Boise, Idaho | 37.18 | 17,451 | 30.7 | 16.70% | 17.70% | 587,689 |
| 6 | Salt Lake City | 36.18 | 31,189 | 28.9 | 17.70% | 9.60% | 1,099,973 |
| 7 | Orlando | 35.33 | 56,459 | 28.3 | 18.20% | 15.60% | 2,032,496 |
| 8 | Oklahoma City | 28.95 | 31,418 | 26.7 | 10.40% | 6.40% | 1,192,989 |
| 9 | Denver | 27.03 | 72,867 | 30.2 | 9.20% | 8.10% | 2,464,866 |
| 10 | Portland, Maine | 23.14 | 17,582 | 34.4 | 3.50% | 2.40% | 513,102 |
| 11 | Portland, Ore. | 20.77 | 61,244 | 28.7 | 11.70% | 8.00% | 2,175,113 |
| 12 | Miami-Fort Lauderdale | 20.25 | 174,580 | 32.2 | 9.00% | 4.20% | 5,413,212 |
| 13 | Bridgeport-Stamford, Conn. | 19.22 | 27,965 | 31.3 | 4.10% | 0.30% | 895,015 |
| 14 | McAllen-Edinburg, Texas | 18.87 | 9,779 | 14.2 | 26.70% | 16.60% | 710,514 |
| 15 | Las Vegas | 18.52 | 39,016 | 22.0 | 20.00% | 21.10% | 1,836,333 |
| 16 | Washington | 17.44 | 137,721 | 26.2 | 8.50% | 5.80% | 5,306,565 |
| 17 | Houston | 16.65 | 114,262 | 20.8 | 16.70% | 12.80% | 5,628,101 |
| 18 | Charleston, S.C. | 16.58 | 16,202 | 26.3 | 14.60% | 11.10% | 630,100 |
| 19 | Virginia Beach-Norfolk | 16.36 | 38,012 | 22.9 | 7.80% | 3.30% | 1,658,754 |
| 20 | Cape Coral-Fort Myers, Fla. | 15.52 | 16,628 | 29.2 | 13.10% | 24.40% | 590,564 |
| 21 | Dallas-Fort Worth | 15.37 | 133,438 | 22.3 | 13.30% | 12.30% | 6,145,037 |
| 22 | Des Moines, Iowa | 14.98 | 14,447 | 27.0 | 10.30% | 9.90% | 546,599 |
| 23 | Colorado Springs | 14.20 | 16,477 | 27.4 | 5.50% | 7.60% | 609,096 |
| 24 | San Antonio | 13.28 | 38,778 | 20.0 | 14.80% | 11.90% | 1,990,675 |
| 25 | Jacksonville | 12.25 | 34,302 | 26.8 | 11.10% | 10.90% | 1,300,823 |
| 26 | Omaha | 11.94 | 21,325 | 26.0 | 5.20% | 6.00% | 829,890 |
| 27 | Richmond | 10.22 | 31,065 | 26.0 | 8.80% | 7.80% | 1,212,977 |
| 28 | Greenville, S.C. | 9.66 | 14,912 | 24.8 | 10.30% | 7.20% | 613,828 |
| 29 | Greensboro | 8.87 | 18,034 | 26.3 | 6.90% | 6.30% | 698,497 |
| 30 | Little Rock, Ark. | 8.85 | 17,172 | 26.1 | 7.60% | 7.00% | 666,401 |
| 31 | Atlanta | 8.75 | 130,550 | 25.5 | 8.70% | 15.80% | 5,278,904 |
| 32 | Madison, Wis. | 8.34 | 15,153 | 27.7 | 7.00% | 6.90% | 555,626 |
| 33 | Nashville | 8.21 | 36,237 | 24.4 | 10.40% | 11.50% | 1,521,437 |
| 34 | Indianapolis | 7.31 | 42,137 | 25.2 | 6.40% | 7.40% | 1,695,037 |
| 35 | New York City | 6.77 | 527,475 | 28.1 | 4.90% | 1.30% | 18,815,988 |
| 36 | Boston | 6.52 | 122,042 | 27.3 | 4.70% | 0.60% | 4,482,857 |
| 37 | Ogden, Utah | 6.43 | 11,116 | 22.1 | 15.00% | 12.20% | 518,349 |
| 38 | New Orleans | 6.31 | 28,061 | 28.3 | -11.50% | -21.40% | 1,030,363 |
| 39 | Tulsa | 6.16 | 23,851 | 26.7 | 10.00% | 3.50% | 905,755 |
| 40 | Minneapolis-St. Paul | 5.24 | 90,905 | 28.7 | 4.50% | 5.00% | 3,208,212 |
| 41 | Baltimore | 5.12 | 65,972 | 24.8 | 7.50% | 2.80% | 2,668,056 |
| 42 | Hartford | 4.58 | 29,453 | 24.9 | 6.50% | 1.90% | 1,189,113 |
| 43 | Palm Bay-Melbourne, Fla. | 2.00 | 13,687 | 25.7 | 6.30% | 8.40% | 536,161 |
| 44 | Bradenton-Sarasota, Fla. | 1.36 | 20,930 | 30.8 | 7.90% | 11.10% | 687,181 |
| 45 | Baton Rouge, La. | 1.21 | 16,876 | 22.1 | 11.70% | 7.90% | 770,037 |
| 46 | Phoenix | 1.00 | 87,818 | 21.7 | 16.00% | 19.50% | 4,179,427 |
| 47 | San Diego | 0.86 | 76,417 | 25.9 | 5.60% | 2.30% | 2,974,859 |
| 48 | San Francisco-Oakland | 0.66 | 118,049 | 28.4 | 3.00% | 0.90% | 4,203,898 |
| 49 | Albuquerque | 0.58 | 18,957 | 23.2 | 8.50% | 10.80% | 835,120 |
| 50 | San Jose | (0.90) | 44,928 | 25.3 | 5.90% | 3.90% | 1,803,643 |
| 51 | Daytona Beach, Fla. | (1.27) | 12,997 | 26.2 | 6.40% | 9.10% | 500,413 |
| 52 | Harrisburg, Pa. | (2.22) | 13,138 | 25.0 | 4.80% | 3.00% | 528,892 |
| 53 | Tampa-St. Petersburg | (2.25) | 71,088 | 26.4 | 8.00% | 9.60% | 2,723,949 |
| 54 | Knoxville, Tenn. | (3.00) | 16,116 | 24.0 | 7.80% | 7.70% | 681,525 |
| 55 | Bakersfield, Calif. | (3.53) | 11,976 | 15.5 | 18.10% | 14.50% | 790,710 |
| 56 | Poughkeepsie, N.Y. | (3.71) | 16,454 | 24.7 | 3.10% | 4.30% | 669,915 |
| 57 | Birmingham | (3.90) | 26,141 | 23.8 | 5.20% | 4.10% | 1,108,210 |
| 58 | Columbus | (4.18) | 39,480 | 22.8 | 4.90% | 5.70% | 1,754,337 |
| 59 | Columbia, S.C. | (4.31) | 16,933 | 24.1 | 9.80% | 7.90% | 716,030 |
| 60 | Chicago | (4.42) | 234,989 | 24.8 | 3.80% | 2.80% | 9,524,673 |
| 61 | Albany | (6.25) | 20,564 | 24.2 | 2.70% | 2.40% | 853,358 |
| 62 | Honolulu | (6.39) | 21,616 | 23.8 | 9.10% | 2.50% | 905,601 |
| 63 | Philadelphia | (6.82) | 145,341 | 25.0 | 3.50% | 1.70% | 5,827,962 |
| 64 | Los Angeles | (6.87) | 331,140 | 25.7 | 3.60% | 1.50% | 12,875,587 |
| 65 | Kansas City | (7.25) | 51,055 | 26.0 | 5.60% | 5.20% | 1,985,429 |
| 66 | Pittsburgh | (7.60) | 59,633 | 25.2 | 2.30% | -2.30% | 2,355,712 |
| 67 | Jackson, Miss. | (8.53) | 12,580 | 23.7 | 4.60% | 5.80% | 534,047 |
| 68 | Allentown-Bethlehem, Pa. | (8.69) | 18,388 | 23.1 | 5.40% | 6.30% | 803,844 |
| 69 | Louisville | (8.79) | 29,548 | 24.2 | 4.90% | 4.50% | 1,233,735 |
| 70 | Wichita, Kans. | (9.77) | 14,430 | 24.5 | 8.40% | 3.00% | 596,452 |
| 71 | El Paso, Texas | (10.62) | 12,554 | 17.3 | 8.50% | 6.40% | 734,669 |
| 72 | New Haven, Conn. | (12.22) | 20,258 | 24.0 | 4.00% | 1.50% | 845,494 |
| 73 | Scranton-Wilkes-Barre, Pa. | (12.88) | 13,392 | 24.4 | 3.60% | -0.60% | 549,430 |
| 74 | Chattanooga, Tenn. | (13.30) | 11,210 | 22.0 | 6.30% | 5.50% | 514,568 |
| 75 | Syracuse, N.Y. | (13.68) | 15,247 | 23.6 | 2.50% | -0.70% | 645,293 |
| 76 | St. Louis | (13.93) | 70,200 | 25.1 | 2.30% | 2.50% | 2,803,707 |
| 77 | Milwaukee | (14.36) | 39,157 | 25.4 | 3.00% | 1.60% | 1,544,398 |
| 78 | Sacramento | (14.71) | 45,696 | 22.2 | 5.90% | 8.60% | 2,091,120 |
| 79 | Akron, Ohio | (15.03) | 17,027 | 24.3 | 4.30% | -0.10% | 699,356 |
| 80 | Grand Rapids | (15.11) | 18,541 | 24.0 | 2.00% | 2.70% | 776,742 |
| 81 | Lakeland, Fla. | (16.50) | 11,388 | 20.4 | 12.00% | 15.30% | 574,746 |
| 82 | Cincinnati | (18.68) | 46,880 | 22.1 | 3.20% | 4.10% | 2,133,678 |
| 83 | Cleveland | (18.78) | 54,463 | 25.9 | -1.00% | -2.10% | 2,096,471 |
| 84 | Buffalo | (19.26) | 26,470 | 23.4 | 0.60% | -2.60% | 1,128,183 |
| 85 | Stockton, Calif. | (19.80) | 11,150 | 16.8 | 8.10% | 10.10% | 670,990 |
| 86 | Youngstown, Ohio | (19.87) | 13,493 | 23.4 | -0.60% | -3.90% | 570,704 |
| 87 | Augusta, Ga. | (21.18) | 10,525 | 20.1 | 2.40% | 4.30% | 528,519 |
| 88 | Fresno, Calif. | (22.27) | 15,987 | 18.1 | 8.90% | 8.20% | 899,348 |
| 89 | Providence | (22.38) | 42,772 | 26.7 | -1.00% | -0.50% | 1,600,856 |
| 90 | Tucson | (23.70) | 20,568 | 21.7 | 8.60% | 10.20% | 967,089 |
| 91 | Oxnard-Thousand Oaks, Calif. | (24.08) | 19,179 | 24.2 | 2.60% | 2.60% | 798,364 |
| 92 | Memphis | (24.29) | 25,934 | 20.4 | 4.30% | 4.60% | 1,280,533 |
| 93 | Worcester, Mass. | (25.25) | 18,024 | 23.1 | 1.00% | 1.80% | 781,352 |
| 94 | Springfield, Mass. | (25.57) | 15,160 | 22.2 | 0.90% | 0.00% | 682,657 |
| 95 | Riverside-San Bernardino, Calif. | (27.07) | 64,678 | 16.2 | 14.30% | 16.90% | 4,081,371 |
| 96 | Rochester, N.Y. | (27.97) | 22,970 | 22.3 | 0.10% | -0.80% | 1,030,495 |
| 97 | Dayton | (32.57) | 18,238 | 21.8 | -4.20% | -1.00% | 835,537 |
| 98 | Modesto, Calif. | (34.41) | 8,923 | 17.6 | 2.50% | 6.90% | 511,263 |
| 99 | Toledo, Ohio | (38.09) | 15,229 | 23.3 | -2.50% | -1.20% | 650,955 |
| 100 | Detroit | (49.73) | 102,035 | 22.7 | -7.50% | -0.50% | 4,467,592 |
- Most of Top 10 cities for starting small business are located in non-real estate bubble place, namely Charlotte, Raleigh and Austin. Key factors such as healthy economy, low cost of living and steady increase of population are contributing success of these cities.
- As noted in previous posting, major metro with high cost of living and doing business (such as New York, San Francisco, Los Angles) will continuously lose populations to high ranking cities.
Earn at least $120K if you want to feel middle class in Manhattan.....
http://www.latimes.com/business/la-fi-leaving-california18-2008dec18,0,5838.story- Compared to previous data, cities where real estate bubble has busted (like Central Valley in Californial, major Florida cities, Las Vegas and Phoenix) are facing siginificant decline in these ranking. If you look at data 2 years ago, these cities are ranked very high.
- Cities in rust belt (Michigan, Ohio, Upstate NY, etc) with declining jobs and populations are ranked very low in this ranking. When economy is declining, it is certainly have hard time starting successful business.
I think high ranking cities such as Austin, Raleigh and Oklahoma City risk of real estate price decline very limited and it is great time to buy properties at below fair market value from distressed seller.
2009 Real Estate Market Outlook by Fortune Magazine
Ranking of Metro where Real Estate Price is Stable. - 2009 Real Estate Forecast
Happy Investing!!!!
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