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Report: Springfield 3rd best city to start a business

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A report by personal finance website WalletHub.com ranks Springfield No. 3 among the best cities to start a business, behind Shreveport, La., and Tulsa, Okla.

Released yesterday, the study analyzes startup opportunities in the 150 most populated U.S. cities by 13 metrics: financing accessibility, office space affordability, employee availability, median annual income, corporate taxes, cost of living, length of average workday, workforce education level, entrepreneurial activity, five-year business survival rate, small businesses per capita, industry variety and small-business friendliness. The metrics were split into two categories: access to resources and business environment.

Springfield grabbed the No. 1 position in access to resources and was 70th in business environment.

Among subcategories, the Queen City ranked:
  • second in office space affordability;
  • ninth in financing accessibility;
  • 12th in cost of living;
  • 12th  in labor costs;
  • 45th in industry variety; and
  • 58th in employee availability.
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