~ Well Done Riverside!!! #6 is not shabby 😉 ~
The 2018 Best Cities for Small Business Growth study by Biz2Credit has revealed New York is the best city for small business growth.
Biz2Credit looked at cities across the country along with the data of small businesses including annual revenue, credits scores, and time in operation. It was then analyzed with the company’s BizAnalyzer by factoring cash flow, debt-to-income ratio, taxes and other information to determine the best cities.
The top 25 are all large cities, which give small businesses access to a large population and a diversified economy, providing more opportunities for growth. Biz2Credit CEO Rohit Arora, who oversaw the research, addressed this very point in the report.
He explains, “New York is where small businesses are making the most money, and New York companies far outpaced businesses based in other areas in annual revenues. The city has a diverse economy, and the sectors it is strong in — finance, IT, travel and tourism, real estate and construction — are thriving.”
The study looked at close to 30,000 businesses with under 250 employees, less than $10 million in annual revenue and more than a year of operation.
New York kept its number one spot from 2017 to remain on top in 2018. According to Arora, the thriving tech industry in the city is also driving growth in other sectors, including fashion, food and beverage and hospitality.
It also helps that New York is an iconic city which attracts global talent across all industries.
Looking at the top 10, California is the clear leader when it comes to states with the most cities on the list. The Golden State had six cities in the top 10, capturing the No. 2, 4, 5, 6, 9 and 10 spots with San Jose, San Francisco, Los Angeles, Riverside-San Bernardino, San Diego and Sacramento.
Miami-Fort Lauderdale, FL; Washington, DC; and Austin, TX got the remaining top 10 positions at No. 3, 7 and 8 respectively.
Here are the top 25 cities for small business growth in 2018, with the results for 2017 in parenthesis:
- New York, NY (No. 1)
- San Jose, CA (No. 4)
- Miami-Fort Lauderdale, FL (No. 2)
- San Francisco, CA (No. 8)
- Los Angeles, CA (No. 5)
- Riverside-San Bernardino, CA (No. 10)
- Washington, DC (No. 16)
- Austin, TX (No. 3)
- San Diego, CA (No. 14)
- Sacramento, CA (No. 18)
- Phoenix, AZ (No. 7)
- Chicago, IL (No. 19)
- Dallas-Fort Worth, TX (No. 13)
- Seattle, WA (No. 6)
- Atlanta, GA (No. 20)
- Baltimore, MD (No. 12)
- Denver, CO (No. 17)
- Las Vegas, NV (No. 23)
- San Antonio, TX (No. 21)
- Detroit, MI (No. 15)
- Houston, TX (No. 11)
- Philadelphia, PA (No. 24)
- Portland, OR (No. 11)
- Charlotte, NC (No. 22)
- Kansas City, MO