In Money Rates’ “2017 America’s Top Cities for Young Entrepreneurs,” the Provo and Orem area was ranked second in the nation, just behind the North Port area in Florida.
According to Richard Barrington, the senior financial analysts for MoneyRates,the study is important for young business owners looking for places to establish their roots.
“Knowledge is power right? We try to empower consumers by giving them info on where to find the best bank rates, tips on retirement savings and explanations of various financial literacy topics,” Barrington said.
When it comes to the economy, people think it’s one big homogenous thing that is the same everywhere you go, according to Barrington. In reality, it varies depending on where you live.
“Economic conditions in different states and cities effect people who live and work in those areas,” Barrington said.
Studies that show what kind of environment the city or states provide, help people make important decisions. Barrington said it is especially important when people are looking at retirement or starting a new business.
“It’s not the same everywhere you go and you can really improve your odds of success by choosing an area that’s conducive to what you’re trying to do,” Barrington said. “Whether it’s to save for retirement, start a new business or just try and get by and make a living.”
The study included the 25 metro areas that had the highest percentage population growth over the last year. Then, those cities are ranked on the percentage of people who have a bachelor’s degree or higher, along with young adult affluence and the business tax environment. The scores are then averaged out for the overall rankings. That’s where Orem and Provo came in second.
“Population growth really spells opportunity for entrepreneurs because a growing population creates growing demand,” Barrington said.
If you’re starting a business, it helps to have a well-educated talent pool to recruit from. Barrington said a well-educated population tends to be a more affluent population so that makes a stronger market for goods and services.
