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July 8, 2019

Maine is best New England state for starting a business: WalletHub

In WalletHub's latest ranking of the best and worst states to start a business, Maine fared the best out of all six New England states while coming in at No. 23 overall.

Source: WalletHub

Texas, Utah and Georgia topped the list at No. 1, No. 2 and No. 3, respectively, while Rhode Island was at the back of the pack, at No. 50.

Among other New England states, Massachusetts was No. 36; Vermont, 43; Connecticut, 47; and New Hampshire, 48.

The personal finance website compared the 50 states across 26 key indicators of startup success, though the authors also cite U.S. Department of Labor statistics showing that one in five startups typically don't make it past the first year and nearly half never make it to their fifth anniversary.

States were assigned rankings in the categories of business environment, access to resources and business costs, which were then used to calculate the overall ranking.

In a separate sub-list of states with the cheapest office spaces, Maine came in at No. 2 behind Iowa. 

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