New York has been named the most expensive state to start a business in for 2024 by business consulting firm Venture Smarter.
The firm considered factors including commercial rent costs, average wages and LLC filing costs, according to a Jan. 17 news release sent to Becker's.
The state offers the highest yearly commercial rent cost per square foot at $38.92, and the highest average weekly wage at $2,015.
It costs $200 on average to file an LLC in New York, which is the fourth most expensive in the country. New York also has the fourth-highest average sales tax rate at 4.5% and the fourth-highest hourly minimum wage at $14.20.
The 10 most expensive states to start a new ASC in 2024:
1. New York
2. Washington
3. Massachusetts
4. California
5. Illinois
6. New Jersey
7. Connecticut
8. Minnesota
9. Texas
10. Maryland