According to a recent study by WalletHub, Grand Rapids is the second best large city in America in which to start a business in 2016. For those of us that live here, the findings come as no surprise. Grand Rapids has seen enormous growth over the last 20 years, with no end in sight.
The study analyzed the 150 largest cities in the U.S. and ranked them based on 16 metrics relevant to entrepreneurship and business startups.
Grand Rapids’ total score of 52.52 out of 75 points coming second place to No. 1-ranked Sioux Falls, S.D. at 52.65.
The 16 metrics were each given a corresponding weight and separated into three categories: business environment, access to resources and costs.
Grand Rapids ranks 16th in business environment, 43rd in access to resources and 13th in costs.
It is the top overall city in “highest average growth of number of small businesses.”
Grand Rapids also ranks highly in prevalence of investors, 6th, financing ability, 18th, and industry variety, 23rd.
As one would guess, Detroit didn’t fare as well as Grand Rapids. Detroit ranks No. 56 overall but did rank as the city with the lowest labor costs and second highest availability of human capital.
Top 10 List
1. Sioux Falls, South Dakota (52.65)
2. Grand Rapids (52.52)
3. Oklahoma City (52.22)
4. Lincoln, Nebraska (52.03)
5. St. Louis (51.81)
6. Salt Lake City (51.07)
7. Charlotte, North Carolina (50.85)
8. Springfield, Missouri (50.77)
9. Tulsa, Oklahoma (50.69)
10. Amarillo, Texas (49.70)