FAIRFIELD COUNTY, Conn. -- As the old saying goes, in business it's all about "location, location, location." Well Connecticut residents better hope that there's more to it than that, because the Nutmeg State has ranked as one of the worst states to start a business.
The personal finance website WalletHub recently compared all 50 states across 20 key indicators of startup success to determine the best and worst states to start a business. The site looked at data related to each state's business environment, business costs and access to resources to compile its list.
Connecticut ranked the seventh worst state to start a business in 2017, according to WalletHub. The best state was North Dakota, while the worst is New Jersey.
WalletHub ranked Connecticut 47th in terms of the labor costs of starting a business, and 45th in cost of living. Connecticut also came in 42nd for office space affordability, 40th for average growth in the number of small businesses, 40th in average length of a work week, and 25th in industry variety.
On the positive side, Connecticut ranked 4th in terms of having the most educated population, and 8th in access to resources.
Click here to sign up for Daily Voice's free daily emails and news alerts.