Oregon Ranks Among Best for Entrepreneurs

Wednesday, November 04, 2015

GoLocalPDX News Team

A new study finds the Oregon is a superior place to be an entrepreneur in America, The states in the Pacific northwest finished #1 Washington, #3 California, and #5 Oregon.

According to the study, “Entrepreneurship is a cornerstone of the American economy, and it has reached record heights in recent years. Becoming an entrepreneur is a dream for many Americans; two in five employees hope to someday strike out on their own.” The desires of Americans was unveiled by a survey from the University of Phoenix Business School.

GOBankingRates argues that “starting a business is a serious undertaking, and part of launching a company means getting an idea of how well your state fosters new businesses and startups.”

Here is what they reported about Oregon:

Oregon scored well for small business lending due to its high ratio of 80.2 loans per 1,000 small business employees. This ratio indicates that entrepreneurs can gain easier access to funding in Oregon than they would in most states. Oregon small businesses also benefit from low business taxes, and a higher-than-average GDP per capita indicates a strong local economy with high productivity. These factors put Oregon at No. 5 among the best states for entrepreneurs.

Oregon fell behind in a couple of categories, including a higher cost of living that can drive up costs for businesses. The state also had a lower-than-average rate of new startups.

Related Slideshow: Slideshow: Oregon Receives Average Ranking for Business Climate

The state of Oregon is neither the best nor worst state to run a company, according to data pulled from nationwide business publications and testimonies from Oregon business owners.

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Thumbtack/Kauffman

Oregon receives a C+ grade for its overall friendliness to small businesses, according to a new survey conducted by Thumbtack.com and the Kauffman Foundation.

The study, drawing upon over 12,000 pieces of data, provides new insights about the nation’s business climate using a state by state approach. Click here to read the full article.

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CNBC

Top States for Business 2014

Oregon Ranking: 22

The survey notes Oregon’s “idyllic quality of life [and] healthy economy” but also its “struggling education system and high cost of living.” Read more here.

By Jim.henderson (Own work) [CC0], via Wikimedia Commons

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Forbes

Best States for Business and Careers

Oregon Ranking: 19

Over the past 5 years, Oregon's economy has grown steadily, up 2.8% annually, which is the second best growth in the U.S. The state’s outlook is just as strong, with a forecasted 3.2% expansion per year. Read more here.

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Chief Executive

Best States for Doing Business

Oregon Ranking: 38

Notable Quote: “Oregon is going to kill the small business owner’s incentives to remain in the state if the 13.6% maximum state income tax passes in November of 2014. Many of the successful small business owners will relocate to Washington state (0% income tax) or other states.” Read more here.

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Tax Foundation

Tax Climate

Oregon Ranking: 12

High income and corporate tax rates are balanced out by low sales and property tax figures, putting Oregon in the #12 spot according to the Tax Foundation’s State Business Tax Climate Index system.

"The Tax Foundation’s 2014 edition of the State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare." Read more here.

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WalletHub

Best States to be a Taxpayer

WalletHub analyzed how state and local tax rates compare to the national median in all 50 years. . Eight different types of taxation were compared to determine the following:

"1) Which states have the highest and lowest tax rates; 2) how those rates compare to the national median; 3) which states offer the best tax rates when adjusted by the cost-of-living index."

Oregon Rank: 40

0% sales tax and the nation’s lowest alcohol tax are overcome by high income and gasoline taxes. Read more here.

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ALEC

Economic Outlook for 2014

Oregon Ranking: 42

The 2014 economic outlook ranking helps determine how each state can expect to perform economically based on 15 policy areas that are proven determinants of economic success. Read more here.

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US Chamber of Commerce Fo

This report goes state by state, addressing individual topics like Business Climate, Innovation and Entrepreneurship, Infrastructure, and Talent Pipeline.

Oregon receives an above average ranking, including a top-spot ranking in Productivity Growth, which indicates a state's shift toward higher-value jobs and industries. Read more here.

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PEW Charitable Trusts

Oregon is among ten states to have the highest growth rates, according to Moody’s analytics.

Fast Job Growth Outlook Ranking: 7th

Job outlook is particularly strong out West, including Oregon. Categories like steady home construction, increasing levels of investment in high tech and the aerospace industry, and trade with Asia all are strong contributors to the positive forecast. Read more here.

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