CNBC creates list of top places to start a business

CNBC named Richmond and Washington, D.C. on its list of best places to start a business.

The first-ever CNBC Metro 20: America's Best Places to Start a Business identified Richmond as No. 11 on its top 20 list as well as Washington, D.C., as No. 3. CNBC considered metrics from Northern Virginia, District of Columbia and the West Virginia and Maryland suburbs of Washington.

“Richmond offers entrepreneurs the best of both worlds: an educated workforce, low costs, both government agencies and private-sector companies as potential customers, as well as a thriving outdoor lifestyle, great restaurants and cost-of-living advantages,” CNBC’s report said.

CNBC cited Richmond’s Mid-Atlantic location, low unemployment rate, cost of living and quality of life.
“Small-business owners will find fit-minded employees in Richmond,” the report states. “There's a new 50-mile Capital City bike trail, class IV rapids on the James River and signature running events. Richmond has 100 local parks and 6,500 acres of parkland.”

For the Washington, D.C. region, the CNBC report noted its educated workforce, diversity and access to capital, pointing out that venture capitalists “pumped more than $700 million into new DC-area tech companies last year.”

The CNBC list considered 20 metrics, including tax and regulatory climate, workforce, access to capital and cost of living. The list considered a variety of data available from sources like the U.S. Bureau of the Census, U.S. Bureau of Labor Statistics, Energy Information Administration and Small Business & Entrepreneurship Council.

The data also was weighted using results of a survey of YPO, a chief executive officer organization with more than 24,000 members. Members cited qualify of life, taxes and regulation among the most important factors for choosing a place to start a business.

Here is CNBC’s full list.

1. Austin, Texas
2. Provo, Utah
3. Washington, D.C.
4. Denver
5. Charlotte, N.C.
6. Houston
7. Ogden, Utah
8. Dallas
9. Des Moines, Iowa
10. San Antonio
11. Richmond
12. McAllen, Texas
13. Colorado Springs, Colo.
14. Raleigh, N.C.
15. Sarasota, Fla.
16. El Paso, Texas
17. Atlanta
18. Salt Lake City
19. Las Vegas
20. Seattle