Two recent publications have ranked Logan as one of the top places to start a new business. Logan was recognized as the top overall small city to start a business by go.verizon.com.
“Utah State University is crucial to both the economic and educational infrastructures of the city,” the report states, “and the state’s low tax rate makes starting and sustaining a small business surprisingly manageable.”
The Verizon report looked at a number of data points to determine the top small city, including its size. The population needed to be between 50,000 and 75,000. It also looked at the percentage of the population with post-high school education, income per capita (fair wages for employees and manageable labor costs for employers), broadband access, loans per capita (how easy is it to get a loan in the city), tax scores (tax-friendliness of each city was determined) and the number of non-farm businesses.
“Though Logan is technically categorized as a small city, it clings to its pioneering small-town roots and features dozens of locally owned and operated businesses, some of which have been fixtures in the city for decades.”
A number of other Utah cities made the Top 10, including South Jordan (4), Lehi (7) and Taylorsville (8).
Financial website WalletHub also recognized Logan as one of the best small cities to start a business. The report ranked Logan 67th nationally. One of the biggest differences between the two studies was what each considered a “small city.” Whereas the Verizon report narrowed population between 50,000-75,000, the WalletHub report broadened the population base to between 25,000-100,000 residents. WalletHub examined three key areas: Business Environment, Access to Resources and Business Costs, utilizing 18 key metrics like labor costs, cost of living, commute time, investor access, industry variety, startups per capita and more.
According to these factors, St. George was recognized as the 2nd best small city in America for starting a business. St. George was also recognized as being 8th overall specifically in the Business Environment category. Other Utah communities in the top 20 small cities include Clearfield (18), Cedar City (19) and Springville (20).
In the key areas of Business Environment, Access to Resources and Business Costs, Logan was ranked 318, 345 and 65 respectively.