Rhode Island Ranks #48 for Starting a New Business, Second Poor National Ranking in a Week

Tuesday, July 20, 2021

 

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RI ranks consistently in national business rankkings

Rhode Island ranks near the bottom for those looking to start a new business, according to a study released on Tuesday. This is the second poor national ranking in the past week.

“Starting a business is never easy. According to U.S. Bureau of Labor Statistics data, about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary. That’s without considering the economic damage done by the COVID-19 pandemic, which resulted in 200,000 more permanent business closures than usual within a year of the pandemic’s start,” writes Wallethub.

In this new study, Rhode Island comes in at #48 and trails only Connecticut and New Jersey, but don’t think that the study is biased against the Northeast — Massachusetts is ranked 10th in the country.

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