Article originally posted on AZ Central on December 13, 2019
Phoenix will ring in the New Year as the ninth in the nation for the best city to start a business, according to Inc. magazine.
Based on data analyzed by the magazine to create its 2020 Surge Cities index, Phoenix’s low cost of living and low regulations pave the way for new businesses to thrive.
“Like a lot of the places on this year’s list, Phoenix is benefiting from the sky-high cost of living and running a business in pricier locales like New York City and San Francisco,” the magazine said.
The index also ranked Phoenix second in net business creation, seventh in population growth and ninth in job creation.
Citing U.S. Census data, the magazine said that between 2017 and 2018, Sun City added more than 25,000 new residents to become the fastest growing city in America. It added that Phoenix ranked second in business creation partly because of its new startup-friendly laws and the talent pool it draws from Arizona State University.
“Area entrepreneurs like the founders of mattress maker Tuft & Needle and meal-delivery service Freshly regularly dip into the school’s pool of graduates,” the magazine said.
In a tweet on Thursday morning, Phoenix Mayor Kate Gallego said the city’s 2020 ranking was two spots higher than in 2019.
Austin, Texas was ranked the first best city in the country for starting a business due to population and job increases, according to the index. The city also ranked third in population growth, 27 in net business creation and fourth in early-stage funding deals, it adds.
In order, others listed in the index include Salt Lake City, Durham, N.C., Denver, Boise, Idaho, San Francisco, Charleston, S.C. and San Diego.
Miami ranked 10th behind Phoenix, according to the index.