15 Worst States in America To Start A New Business

3. New York

Unsurprisingly, the state of New York boasts one of the highest GDPs in the United States. This value sits at $64,579 and is obviously thanks to the ever-burgeoning New York City. This internationally recognized city is not only the most populated city in the state, but it is also the most populated city in the entire United States. About 60% of the state’s population resides in the municipality of New York while a further 40% in Long Island. The Duke of York gave both the city and state its name in the 17th century. New York may not be the state capital, that is Albany, but that has not stopped it from making its name known globally and in every possible circle.

New York City has been known as the capital of finance, culture, and media. It is also the base for the headquarters of the United Nations. Furthermore, the economy of the state of New York is so sizable and profitable that it can even rank among entire countries.

In 2015 the GSP (Gross State Product) of the state of New York came in at a whopping $1.44 trillion. Going on these values, if it were to be ranked as an independent nation it would land up being either the 12th or 13th biggest economy in the world.

One would think that these numbers would make New York a good place to start a business. While there is a high density of start-ups, it is not a favorable location for small businesses. The state has one of the harshest tax climates in the country, which few small businesses would be able to withstand.  This state may be ideal for huge corporations and investors, but it is not welcoming to small-scale entrepreneurs.