No surprises here. Salt Lake City and Utah recently ranked as one of the top states to launch a business in a new report from Fit Small Business.
The Beehive State (and its capital city) ranked second behind North Carolina, while Texas, Indiana and Montana, rounded out the top five, according to a press release.
Massachusetts, Washington, New Hampshire, Michigan and Missouri also ranked in the top 10.
The rankings come from business resource website Fit Small Business, which compiled data from the Kauffman Foundation, the Bureau of Labor Statistics and the Small Business Administration.
The point of the study, according to a press release, was to offer advice for entrepreneurs on where to start a business.
David Waring, editor-in-chief of Fit Small Business, called these rankings “the most comprehensive list available” that “will greatly surprise you.”
All cities were ranked on various factors that influence entrepreneurs on where to start a business, including access to capital funds, the amount of startup activity, cost of living, quality of life and the cost of starting a business, according to the press release.
Utah’s high ranking came as a result of its access to capital and the tax-friendly climate, according to Fit Small Business.
Meanwhile, Salt Lake City’s success came from the University of Utah’s success.
“The biggest city in the state, Salt Lake City, is home to the University of Utah, one of the country’s leading biomedical and chemical research institutions. This has helped the city emerge as a technology hub,” according to Fit Small Business.
Salt Lake City also has a nice quality of life, the report said.
This is not the first time Utah and Salt Lake City ranked high on a list of states to start a business. WalletHub ranked Salt Lake City as the best state to start a career, for example.
Salt Lake City also placed eighth on another WalletHub list of best states for jobs overall.
Utah's capital city also topped Forbes’ best cities for young professionals list. The city also ranked as Forbes’ best city for business overall in 2016, the third year in a row.