Illinois ranked as one of the top states for entrepreneurs in the US – NBC Chicago

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A recent study shows that California and Texas are the top two states for entrepreneurs to start small businesses, but Illinois also performed really well, finishing in the top five.

The ranking was created by take a look, a company that provides logo design and other services to small businesses. The list ranks Illinois fourth, praising the state for its median household income and a good testing ground for businesses with five employees or fewer.

California and Texas held the positions 1 and 2, respectively, while New Jersey finished third and Georgia finished fifth.

To compile its ranking, Looka analyzed six different metrics to come up with an overall score. These metrics included a state’s median household income, its rating for businesses with fewer than five employees, its survival rate, its annual cost of living, the average annual payroll for small businesses, and its entrepreneurship rate.

Illinois landed 36th in the most recent metric, but ranked fifth in the performance of its businesses with fewer than five employees and in its annual small business payroll.

The state ended in the 17thth in median household income and 21St in the survival rate of small businesses.

Indiana was ranked 26th, largely due to the strength of its cost of living, and Wisconsin 27th.

Rhode Island, West Virginia and Delaware were ranked as the top three worst states for entrepreneurs.

Data was collected from a variety of sources, including the US Census Bureau, the American Community Survey, and the World Population Review 2022.

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