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Study: Durham No. 6, Raleigh No. 12 as best place to start a new business

A salute to Durham

May, 1 2017, 8:16 AM

The Bull City beats the City of Oaks as the best big city to start a business, according to a new study. But the big North Carolina winner is the Queen City, which ranks No. 3.

So says WalletHub in its report, which was issued Monday morning.

Tops in the country is Oklahoma City followed by Salt Lake City.

Based on a variety of economic statistics, government data and weighting by its own evaluation team, WalletHub gave Durham a score of 53.59 for the sixth spot.

No doubt the Bull City would have ranked higher had it not scored a low of No. 147 among 150 ranked cities for access to financing.

"In order to help aspiring entrepreneurs — from restaurant owners to high-tech movers and shakers — maximize their chances for long-term prosperity, WalletHub’s analysts compared the relative startup opportunities that exist in the 150 most populated U.S. cities," the authors explained. "We did so using 18 key metrics, ranging from five-year business-survival rate to office-space affordability."

Three overalle key factors included:

Durham ranked highest (14) in access to resources overall, 29th in business costs, and 69th in business environment.

Raleigh earned a 52.42 score.

The capital scored best in access to resources (16) followed by business costs (47) and access business environment (58).

Charlotte led the state at 54.90.

The Queen City's best score came in business environment (14) followed by access to resources (36) and business costs (48).

Other North Carolina cities in the ranking:

Fayetteville was the only North Carolina city to lead in a statistical category, sharing the top spot for longest average work week.

Read the full report at: