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Maryland Ranks 40th Worst State to Open a New Business

Maryland is one of the most expensive states in which to start a new business, a WalletHub analysis recently concluded.

Overall, Maryland is the 40th worst place to start a new business, according to the WalletHub report, which looked at factors important to startups including financing accessibility, startups per capita and college education levels.

The state’s highly educated population and access to business resources helped to temper the state’s lower scores for high costs.

Maryland ranked 47th when it comes to “business costs” such as office space and labor. The state ranks 46th for office space costs and has the highest labor costs in the country. But that’s because Maryland’s median annual income is highest in the country at $78,916.

According to WalletHub’s metrics, the best state to start a business is Texas and the worst is Rhode Island.

Also in the analysis, Maryland was third for most-educated population, behind Massachusetts and Colorado.

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Maryland Ranks 40th Worst State to Open a New Business