Maryland is the second-worst state in America in which to start a business, a study by WalletHub found. Rhode Island is rated the worst of all. The latest ignoble recognition for the Old Line State is compounded by other recent rankings showing Maryland is #46 out of 50 in tax competitiveness, according to the Tax Foundation, and is way down at #36 on the list of best states to retire in - also compiled by WalletHub.
Montgomery County has the highest overall tax and fee burden in the region. What else makes Maryland a terrible place to start a business? A poor business environment, WalletHub says. That includes measurements of current small business growth statistics, job growth, variety of industries, startups per capita, five-year business survival rate, share of fast-growing firms, and the entrepreneurship index.
Another criteria examined was the cost of doing business. Beyond high County and State taxes, that takes into account the cost of living, the cost of office space, labor costs, employer-based health insurance costs, and the corporate tax rate. Not surprisingly, Maryland scores poorly across the board on business costs.
Also considered were access to capital and a skilled workforce. This includes the amount of venture capital being invested in Maryland businesses, rankings of colleges and universities in the state, and growth of the working age population.
Which states are the best to start a business in? According to WalletHub, Florida, Utah, Texas, Oklahoma, Idaho, Mississippi, Georgia, Indiana, Nevada, and California. Better start voting for better-qualified elected officials, or rent a moving truck for your business to relocate to greener pastures.
Imagine if they had factored in the exorbitant cost of energy in Maryland! We might have dropped to dead last. As it is, we're in real trouble, folks. How many more miles can Montgomery County and Maryland go down the road with tape over the Check Engine light on the economic development dashboard? Heckuva job, Brownie!
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