Houston is lauded for a lot of things, but our latest honor, however, is more inspirational: We're one of the best cities in America for young entrepreneurs.
Banking website MoneyRates.com analyzed 380 cities based on population growth, young adult affluence, state tax burdens, and educational attainment to determine which have the best environment for entrepreneurship. The Houston/The Woodlands/Sugar Land area ranks No 4.
"This already-huge metropolis has continued to grow rapidly. Besides its growth creating favorable conditions for entrepreneurship, the Houston area has a high level of young adult affluence. It also benefits from the business-friendly tax policies in Texas," says MoneyRates.com.
Indeed, the Lone Star State's relatively low tax burden makes it a hub for entrepreneurs. Texas dominated MoneyRates.com's list with more cities in the top 10 than any other state. In addition to Houston, Austin is ranked No. 1, Midland comes in at No. 3 and Odessa is tied for No. 5.
"As home to the annual South by Southwest Festival, Austin has built a national reputation for innovation and culture, and the 50,000-strong student body of the University of Texas at Austin ensures that the area has an energetic and educated population," says MoneyRates.com.
"According to the U.S. Census Bureau, Austin-Round Rock is the third fastest growing metropolitan area in the nation, and with over a third of its population having a bachelor degree or better, it is also one of the most well-educated places in the country."