ROCHESTER, N.Y. (WROC) — A new study from Wallethub, a personal finance company, reports that New York State ranks 38th as the best state to start a business. Utah ranks as the top state in this study.
According to Wallethub, the individual rankings that make up #38 are:
- New York overall ranking: 38th
- 47th – Increase in average number of small businesses
- #47 – Office space affordability
- 37th place – Labor costs
- Fifth – Human Capital Availability
- 40th – Length of average weekly working hours (in hours)
- 36th – Cost of Living
- 25th – Industry Diversity
Bob Duffy of the Greater Rochester Chamber of Commerce says there's more good than bad happening for business in New York right now. As such, he believes the rating was a little low, but admits the state has room for improvement.
Duffy says programs like FAST NY and the Tech Hub initiative will give people more space to work and improve access to talent here in the Rochester area.
Mr. Duffy also said that focused and localized legal reform could lower the cost and ease of doing business in New York.
“If that's what New York City and New York Metro want and it doesn't work here, could we find a way to adjust it geographically?” he said. “One of the precedents in the past was the minimum wage law many years ago, but it started out different in New York City and changed.”
New York State Senate Republicans also announced their 2024 legislative agenda, with a focus on reducing costs for small businesses. Sen. Pam Helming said she introduced a proposal to do so on her agenda.
The Governor's State of the Union Address will primarily address development efforts and other conservation initiatives.
