If it feels like a new storefront pops up every time you turn the corner in Jacksonville, you’re not imagining it. The city is in the middle of a business boom.
A new report from WalletHub ranks Jacksonville among the top five large U.S. cities to start a business, underscoring what many locals are already seeing firsthand: growth is everywhere. From freshly opened Pilates studios to buzzing new restaurants, crave-worthy dessert shops and trendy coffee shops, entrepreneurs are planting roots across the city — and betting big on its future.
That surge comes with risk. “Starting a business can be very scary, considering one in every five startups doesn’t make it past the first year,” said Chip Lupo, WalletHub analyst. “That’s why it’s especially important to live in a city that provides an environment where new businesses can thrive, with enough capital, workers and customers to keep it going longterm.”
For Jacksonville, the data shows those advantages are falling into place. Already ranked No. 45 among the top U.S. cities to retire by WalletHub, the city is now gaining momentum as a place where businesses don’t just open, they stand a strong chance of long-term success.
Here’s what WalletHub found.
What makes Jacksonville a good place to start a new business? Where does it rank compared to other big cities?
“Jacksonville is the third-best large city to start a small business in, and it has the highest Entrepreneurial Activity Index score in the country, indicating a very active start-up environment that helps many different types of new businesses launch and grow successfully,” WalletHub said.
The city has some of the lowest corporate taxes in the country, “which can provide a boost to new businesses by allowing them to reinvest more of their capital.”
According to WalletHub, “Businesses that are currently in Jacksonville are thriving, as the city has a very high number of startup firms per capita, indicating a strong environment for launching new businesses.
“It also has some of the highest rates of growth in business revenues in the country, which suggests that companies in the city have strong potential to expand and succeed.”
6 Florida cities in Top 10 of best places to start a business
The Top 10 best large cities to start a business, according to WalletHub, are:
➤ Florida falls short of top 20 hardest-working US cities. Which made it
Thinking of opening a new business? What’s the best large city to start a business in the US?
“Tampa is the best large city for starting a small business, in part because it has a low corporate tax rate, allowing businesses to keep more of their revenue,” WalletHub said.
“It also has a high number of investors per capita, and the combination of low taxes and high capital gives businesses more resources to survive the difficult initial years.
“The monetary benefits of Tampa are evident in the fact that the city scores very high on the Entrepreneurial Activity Index, which indicates that there is a large number of startups in the city and those startups have a high survival rate.”
Orlando, Florida, ranks No. 2 in US as best place to start a business
“Orlando is the second-best large city to start a business in, due in part to the fact that the number of small businesses has grown faster than in most other cities,” the WalletHub study said.
“It’s also one of the top cities on the Kauffman Early-Stage Entrepreneurship Index, which means that in addition to Orlando having a lot of startups, those startups also have a high survival rate.
“One of the reasons why startups are so prevalent and successful in Orlando is that the city has a very high number of investors per capita, so new businesses are able to get the funding that they need to survive and thrive.”
While Orlando is known as a retirement haven, it has one of the highest growth rates for the working-age population, so businesses have plenty of potential new employees,” WalletHub said.
What are the best 20 large cities to start a business in US?
➤ See where all 100 cities ranked
How did WalletHub determine best cities to launch new business?
WalletHub compared 100 cities, across three dimensions:
Doris Alvarez is a Breaking and Trending Reporter for The Florida Times-Union. You can get all of Jacksonville’s best content directly in your inbox each weekday by signing up for the free Daily Briefing and News Alerts newsletters at jacksonville.com/newsletters.
This article originally appeared on Florida Times-Union: Jacksonville ranks among top 5 best large cities to start a business
Reporting by Doris Alvarez Cea and Cheryl McCloud, Jacksonville Florida Times-Union / Florida Times-Union
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