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“Location, location, location” has been a real estate industry cliché for nearly a century and, since clichés are clichés because they are largely true (according to the well-known, er, cliché), the mantra still applies — and across many industries. To wit, a less-than-ideal location or failed geographic expansion was a factor in 9 percent of business start-up failures in a recent analysis of 101 shuttered new businesses from research firm CB Insights. Around one-fifth of all start-ups, in fact, don’t survive one year of operation, according to the U.S. Bureau of Statistics, reports WalletHub in its recent “2018’s Best & Worst States to Start A Business” ranking.
Here’s a look at the 10 absolute worst U.S. states in which to start a business, according to the WalletHub list. For the full ranking of all 50 states, visit WalletHub’s site.
By CNBC's Kenneth Kiesnoski Source: WalletHub
Posted 2 July 2018
Total score: 45.90
“Business environment rank”: 48
“Access to resources” rank: 41
“Business costs” rank: 9
Source: WalletHub
Traveler1116 | Getty Images
9. MarylandTotal score: 45.85
“Business environment rank”: 29
“Access to resources” rank: 8
“Business costs” rank: 45
Source: WalletHub
Smith Collection | Getty Images
8. ConnecticutTotal score: 45.05
“Business environment rank”: 42
“Access to resources” rank: 4
“Business costs” rank: 46
Source: WalletHub
Denis Tangney Jr, | Getty Images
7. New JerseyTotal score: 44.00
“Business environment rank”: 23
“Access to resources” rank: 9
“Business costs” rank: 50
Source: WalletHub
Emile Wamsteker | Bloomberg | Getty Images
6. West VirginiaTotal score: 43.60
“Business environment rank”: 50
“Access to resources” rank: 38
“Business costs” rank: 4
Source: WalletHub
Walter Bibikow | Getty Images
5. Pennsylvania
Total score: 42.81
“Business environment rank”: 47
“Access to resources” rank: 22
“Business costs” rank: 37
Source: WalletHub
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4. VermontTotal score: 42.53
“Business environment rank”: 46
“Access to resources” rank: 49
“Business costs” rank: 27
Source: WalletHub
Glenn Van Der Knijff | Getty Images
3. Rhode IslandTotal score: 41.88
“Business environment rank”: 49
“Access to resources” rank: 11
“Business costs” rank: 35
Source: WalletHub
Jeff Greenberg | UIG | Getty Images
2. New HampshireTotal score: 38.11
“Business environment rank”: 45
“Access to resources” rank: 48
“Business costs” rank: 40
Source: WalletHub
Don Emmert | AFP | Getty Images
1. HawaiiTotal score: 37.16
“Business environment rank”: 40
“Access to resources” rank: 50
“Business costs” rank: 43
Source: WalletHub
Naomi Hayes of Island Memories Photography | Getty Images
