WalletHub’s recent list of the Best and Worst States to Start a Business lists Iowa as the 23rd best state overall, falling between West Virginia and Wisconsin. That middle of the pack rating might seem average, but the survey breaks down state rankings over 20 different indicators and reveals some areas where Iowa excels and shows where business owners should be looking for greater costs or savings.
The overall ranking comes from three major categories, business environment, access to resources, and business costs. Iowa ranked 19th in business environment, 18th in access to resources, and 36th in business costs. The low business costs ranking is made up of factors like office-space availability, labor costs, corporate taxes, and cost of living.
Iowa ranked as the best state for cheap office spaces, beating out Maine, South Dakota, Nebraska, and Minnesota to claim the top spot. Iowa also came in third for states with the most accessible financing, after North Dakota and Utah, but before Mississippi and West Virginia.
Notably, Iowa did not rank in the bottom of any of the smaller categories measured. New Jersey came in last for business costs, Michigan last for access to resources, and Alabama last for business environment.
