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The 10 Best US States for Business in 2023

Best US States for Business

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Some states have better business environments than others because they make it easy for people to start new businesses and invest in private property.

As part of its 2023 Best States rankings, U.S. News looked at five factors to find the states with the best business environments. These were the number of new businesses started in the private sector, the amount of taxes paid, the number of top company offices, venture capital investment, and the number of patents created. The business environment rankings were based on how well each state did in comparison to the others. This helped determine the best states for the economy and the overall Best States rankings.

The Best places analysis says that these are the 10 best states for business. In our approach, you can find out more about how states are ranked.

These 10 States are the Best for Business:

  1. Massachusetts
  2. California
  3. Delaware
  4. Washington
  5. Colorado
  6. Connecticut
  7. Utah
  8. Idaho
  9. Rhode Island
  10. Nevada

1. Massachusetts

Business creation rate: 3.94%

Top company headquarters: 4.73 per million residents

Patent creation rate: 1,248.2 per million residents

Tax burden: 9.27%

Venture capital: $23.89 per $1,000 GDP

Overall Best States ranking11

2. California

Business creation rate: 3.74%

Top company headquarters: 3.36 per million residents

Patent creation rate: 1,248.7 per million residents

Best US States for Business

Tax burden: 9.91%

Venture capital: $25.27 per $1,000 GDP

Overall Best States ranking33

3. Delaware

Business creation rate: 4.29%

Top company headquarters: 8.84 per million residents

Patent creation rate: 327.1 per million residents

Best US States for Business

Tax burden: 10.4%

Venture capital: $20.09 per $1,000 GDP

Overall Best States ranking18

4. Washington

Business creation rate: 3.78%

Top company headquarters: 2.18 per million residents

Patent creation rate: 1,146.3 per million residents

Best US States for Business

Tax burden: 9.01%

Venture capital: $8.76 per $1,000 GDP

Overall Best States ranking: 2

5. Colorado

Business creation rate: 4.3%

Top company headquarters: 3.60 per million residents

Patent creation rate: 634.5 per million residents

Best US States for Business

Tax burden: 8.67%

Venture capital: $8.66 per $1,000 GDP

Overall Best States ranking15

6. Connecticut

Business creation rate: 4.13%

Top company headquarters: 6.62 per million residents

Patent creation rate: 924.6 per million residents

Best US States for Business

Tax burden: 10.77%

Venture capital: $3.21 per $1,000 GDP

Overall Best States ranking16

7. Utah

Business creation rate: 4.89%

Top company headquarters: 1.48 per million residents

Patent creation rate: 609.8 per million residents

Best US States for Business

Tax burden: 8.55%

Venture capital: $8.63 per $1,000 GDP

Overall Best States ranking1

8. Idaho

Business creation rate: 5.18%

Top company headquarters: 2.06 per million residents

Patent creation rate: 626.9 per million residents

Best US States for Business

Tax burden: 8.23%

Venture capital: $2.80 per $1,000 GDP

Overall Best States ranking: 3

9. Rhode Island

Business creation rate: 4.83%

Top company headquarters: 6.40 per million residents

Patent creation rate: 434.7 per million residents

Best US States for Business

Tax burden: 9.56%

Venture capital: $1.43 per $1,000 GDP

Overall Best States ranking: 32

10. Nevada

Business creation rate: 5.36%

Top company headquarters: 3.15 per million residents

Patent creation rate: 315.3 per million residents

Best US States for Business

Tax burden: 8.66%

Venture capital: $4.25 per $1,000 GDP

Overall Best States ranking38


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