Colorado ranked as the fifth best place for business in the U.S. for this year, according to an analysis.
A major reason for the state’s ranking involved a high rate of jobs in science, technology, engineering, or mathematics (STEM). The prevalence of such occupations in the state indicates that there is more than enough room for innovation and growth, which may provide new opportunities for existing businesses.
The Centennial State has the second highest number of adults with a bachelor’s degree, just by a slight margin to Massachusetts. Hence, an educated workforce in Colorado remains a stable source of STEM professionals.
Workforce availability and skill level served as some of the factors for the analysis’ state rankings, aside from economic conditions, laws, technology and innovation, and the cost of doing business. For instance, it may be cheaper to hire video production companies like One Floor Up in Denver for digital strategies compared to the prices in most states. Colorado also has the second highest number of female-owned businesses in the country, according to a study.
Female Business Owners
Colorado’s population of female business owners exceed the number in any other state, except for Alaska. This led it to become among the top 20 states American women for this year. The analysis mainly used two categories to rank the states, comprising “Women’s Economic & Social Well-Being” and “Women’s Health & Safety.”
A high proportion of female-owned enterprises also contribute indirectly to the state’s median household income. A typical household earns more than $65,000 per year, which is higher than the national average by more than $8,000.
There are many factors to consider when planning to launch your own business, although the cost of doing so remains an important factor for many aspiring entrepreneur. What is your outlook on Colorado’s business environment for 2018?