A new study found South Carolina is the No. 21 Best State to Start A Business in 2024. Simplify LLC analyzed data from the Census Bureau, Bureau of Economic Analysis, and Federation of Tax Administrators from 2021 to 2023 to create the list.
A few key findings in South Carolina show the corporate tax rate is 5% (Ranks No. 16 in U.S.), new businesses grew by 1.3% (No. 44), inflation increased by 19% (No. 35), and the state gained 36,316 educated workers (No. 6).
Key National Findings
- Wyoming No. 1 Best State: Despite having the smallest population in the U.S., ranks No. 1 in new business growth (39.2%) and corporate taxes (0%), and No. 13 in job growth (11.8%).
- Illinois No. 1 Worst State: Ranked No. 50 with a high corporate tax rate of 9.5% and No. 49 losing 53,778 workers to net migration.
- 10 Best States: Wyoming, Texas, South Dakota, Florida, Missouri, Tennessee, Delaware, Kansas, North Carolina, and Nevada.
You can see the full list here.
