Scottsdale has been crowned the top city for small businesses in the United States, according to a recent ranking. This recognition is not surprising, considering the enduring popularity of entrepreneurship in America. New business applications have surged across the nation, reflecting a growing interest in entrepreneurship.
However, choosing the right city for a small business is just as important as having a sound business plan. To determine the best locations for entrepreneurs in 2024, a study analyzed various factors such as GDP growth, business applications, labor costs, and more. The results revealed that the Metro Phoenix area, particularly Scottsdale and Gilbert, offers favorable conditions for small business growth.
Scottsdale, in particular, stands out with impressive statistics in areas like self-employment, unemployment rates, education levels, GDP growth, and coworking space density. Gilbert, another city in Metro Phoenix, also demonstrates a strong business environment with low unemployment, high GDP growth, and a growing labor force.
These rankings highlight the supportive business ecosystem in Scottsdale and Gilbert, making Metro Phoenix an attractive destination for entrepreneurs seeking to establish and grow their small businesses.
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A Thriving City for Business and Lifestyle Claimed No. 1 Spot
Scottsdale, one of Arizona’s largest cities with a population of over 240,000, has consistently been recognized as a top destination for business performance, job growth, and livability. The city’s commitment to its residents and businesses is evident in its low taxes and progressive leadership.
With a strong tourism industry, Scottsdale attracts millions of visitors annually, contributing significantly to its local economy. The city offers many amenities, including world-class shopping, dining, resorts, and art galleries. While tourists come for the attractions, residents choose Scottsdale for its exceptional quality of life.
Scottsdale has a diverse range of housing options to suit various lifestyles and budgets, from modern urban living to luxury estates and family-friendly neighborhoods. The city’s commitment to long-range planning ensures a high standard of living for its citizens.
For businesses, Scottsdale provides a supportive environment with networking opportunities, talent attraction initiatives, and other programs. The city is home to a large number of businesses, including many corporate headquarters.
Reasons to Choose Scottsdale:
- Low Catastrophic Risk: Scottsdale ranks among the top 10 U.S. cities for lowest disaster risk.
- High Quality of Life: Enjoy a higher quality of life at a lower cost compared to other major cities.
- Excellent Accessibility: Benefit from proximity to major airports, Phoenix Sky Harbor International and Scottsdale Municipal.
- Strong Financial Stability: It has the highest financial rating from all three major national bond rating agencies.
- Top-Performing Schools: Choose from some of the country’s best high schools.
- Environmental Commitment: Scottsdale is committed to open space preservation and sustainable municipal operations.
- Reliable Water Supply: Benefit from over 100 years of investment in the region’s water supply system.
Gilbert: A Hidden Gem for Entrepreneurs
While Scottsdale often steals the spotlight in the Metro Phoenix area, Gilbert, a neighboring city, has quietly established itself as a thriving hub for small businesses. Ranked 19th in the latest rankings of the best cities for entrepreneurs, Gilbert offers a compelling blend of factors that make it an ideal location for business growth.
With a low unemployment rate of 3.5%, Gilbert provides a stable economic environment where businesses can thrive. Additionally, its impressive GDP growth of 38% demonstrates the city’s robust economic vitality. The high labor force participation rate of 72% ensures a steady supply of skilled workers, while the 13.9% growth rate for business applications highlights the increasing interest from entrepreneurs looking to set up shop in Gilbert.
These factors collectively paint a picture of Gilbert as a city that actively fosters a supportive environment for small businesses to flourish. Its combination of economic stability, a skilled workforce, and a growing entrepreneurial ecosystem make it a hidden gem worth considering for entrepreneurs seeking a prime location to launch and grow their ventures.
Gilbert’s Strong Business Environment:
- Low Unemployment: 3.5% (5th lowest nationwide)
- Rapid GDP Growth: 38% (5th fastest)
- High Labor Force Participation: 72% (11th highest)
- Growing Business Applications: 13.9% (15th highest)
These factors demonstrate Gilbert’s commitment to fostering a thriving business environment and making Metro Phoenix an attractive destination for entrepreneurs.
FAQs
Scottsdale offers a favorable business environment with factors such as low taxes, a strong economy, and a high quality of life.
Factors like low catastrophic risk, high quality of life, accessibility, financial stability, education, and environmental commitment. A reliable water supply contributes to Scottsdale’s appeal for businesses.
