getting off the ground
Fort Worth gets the job done as one of the country's best cities to start a business
Ten percent of the United States workforce — 15.3 million people — work for themselves, according to the Bureau of Labor Statistics. In honor of National Small Business Week, a recent study sought out the best cities for starting a business, and Fort Worth came in at No. 11.
WalletHub, a personal financial website, used 19 key metrics — such as five-year business-survival rate and office-space affordability — to compare 100 cities in the U.S.
Fort Worth ranked highest in the business environment category, at No. 3. This ranking considered startups per capita, average growth of business revenue, length of an average work week, and more.
The other two rankings were access to resources and business costs. For those, Fort Worth ranked No. 24 and No. 74, respectively.
There were 114,273 firms in the Dallas-Fort Worth-Arlington area in 2016, according to the Annual Survey of Entrepreneurs released by the U.S. Census Bureau in 2018. Of those, almost 50,000 had been in business for 11 years or longer.
As one of the nation's most diverse metros, the survey recorded 29,216 DFW firms owned by minorities. Meanwhile, women owned 22,199 firms in the Metroplex, and men owned 68,957, according to the survey. More than 7,000 were owned by veterans.
Texas, which was recently named the top state for female entrepreneurs, fared well overall in the WalletHub study, with seven cities in the top 20. Here's how the rest of the state ranked:
- Austin, No. 4
- Houston, No. 13
- Dallas, No. 15
- San Antonio, No. 16
- Irving, No. 17
- Laredo, No. 18
- Lubbock, No. 23
A version of this story originally appeared on CultureMap's sister site, InnovationMap.