We’re sure you’ve been wondering about the best cities for starting an online business, and a internet company named CenturyLink has the answer. Quick note: no city in the Volunteer State made the top 10, but those in two neighboring states were ranked #1 (Raleigh, NC), #2 (Charlotte, NC), and #6 (Richmond, VA).
The criteria used to develop the list included:
The following variables were used to determine the best cities to start an online business:
- Quality of Life Index. Fifty-three cities with the highest quality of life index from the “Quality of Life in the United States” report made the list. It is based on an average from the following variables: Purchasing Power Index, Safety Index, Healthcare Index, Cost of Living Index, Property Price to Income Ratio, Traffic Commute Time Index, Pollution Index, and Climate Index.
- Tax Rank. This variable was determined based on the rank provided by the Tax Foundation. The data includes 50 states and is based on the 2022 “State Business Tax Climate Index Ranks and Component Ranks.” To get the overall rank, CenturyLink used the Corporate Tax Rank, Individual Income Tax Rank, Sales Tax Rank, Property Tax Rank, and Unemployment Insurance Tax Rank.
- Economy Ranking. This ranking was based on a U.S. News and World Report data set that measured states’ economic stability and potential based on the following variables: business environment, employment, and growth.
- Average speed and Broadband. This dataset contains 50 U.S. states listed within the “Average Internet Speed by State 2022” from World Population Review. Internet Speed is important because it measures how much data and information can be transferred over the web in a single connection. Bandwidth measures the number of frequencies that a network connection can handle.
- Government Tech Grade. This variable was created based on Government Technology‘s biennial survey titled “Digital States Survey 2020” that evaluates states’ use of technology to improve service delivery, increase capacity, streamline operations, reach policy goals and assign each state a grade based on quantified results.
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