Best Cities To Run Your Business In 2024

Are you looking for the best places to start or expand your business in the USA? If yes, you should read this piece to the end.

According to the World Economic Forum, the global economy has grown at an average of 3% yearly since 2000. In other words, companies worldwide have increased from 2 million in 2000 to over 7 million in just over two decades. However, businesses must be in the best locations for effective competition and success.?

I have compiled some cities with the best business opportunities in 2024. Let’s jump in!

Top Cities to Invest In 2024

Here are some of the best locations to start or expand your company:

Oxnard in California

The city of Oxnard is located 60 miles northwest of Los Angeles on the coast of the Pacific. With a population of 208,000, the city is a hotbed of technological advancement. Additionally, retail sales in the city totaled $2.3 billion in 2020, making it an attractive market for small businesses, including retail establishments. Oxnard's metro region witnessed a 17.6% rise in new businesses in 2020 compared to 2019.

In addition, nearby universities such as the University of California Los Angeles, Caltech, and Cal Poly Pomona attract tech-savvy business people.

Salt Lake City, Utah

Visitors from all over the country flock to Salt Lake City because of its hilly landscape and several ski resorts.

Many business owners are unaware that Salt Lake City is home to many successful startups and small enterprises. Overstock, Ancestry.com, and Vivint (a smart-home startup worth more than $3 billion) are all located in neighboring cities, allowing Salt Lake-based businesses easy access to various networks.

About 43 percent of employment in the larger Salt Lake City metro region could be done from home, and 92.2 percent of households have an internet subscription, making it possible for effective remote work arrangements.

Oregon's Corvallis

East of the Pacific Coast, Corvallis is located around 50 miles from Portland. In addition to Oregon State University, the city is home to the state's second-largest university, the University of Oregon. Small businesses in Corvallis have access to various services geared to help them expand.

For example, the Business Enterprise Center and the Oregon Small Business Development Center Network provide mentorship and networking opportunities as well as virtual and in-person training on budgeting and business basics.

The city of Raleigh, NC

With Duke, UNC-Chapel Hill, and NC State within a short drive, the "Research Triangle" of North Carolina has become a significant draw for prospective students, bringing in an estimated 80,000 new residents for the 2020-2021 school year.

Thanks to the many students, researchers, and professionals, entrepreneurs have a wide range of options for employment, business development, and networking with industry specialists.

Cisco, Fidelity Investments, and IBM all have offices on the city's southern outskirts, and so do an increasing number of small enterprises. More than 16,000 new businesses were established in North Carolina in January 2021, setting a new record. 91.2 percent of households in the metro region have an internet subscription, the highest percentage in the area.

Baltimore, Maryland

Baltimore's Inner Harbor, the city's beating center, is home to many stores, eateries, tourist attractions, and other small enterprises. Baltimore's inner-city population has decreased over the previous decade despite the city's overall growth in the surrounding metro area. By 2030, Mayor Brandon Scott has formally stated his plans to expand the city's population.?

As a result of the administration's growth strategy, the metro area will become more equitable, neighborhood-focused, and safer for residents.

Local institutions, including Johns Hopkins University and the University of Maryland, as well as the associated medical centers, all contribute to the community's technology, innovation, and development.

As of mid-December 2021, 66.6 percent of persons in Baltimore were vaccinated entirely, which was more significant than in many other urban regions. In addition, new business establishments rose by 29.4 percent between 2019 and 2020, helping to bolster the metro area's expanding neighborhoods.

Illinois's Windy City

Nearly 10 million people call the Chicago metropolitan area home. Many students are also drawn to the area by universities such as Loyola, the University of Chicago, DePaul, Northwestern, and others.

The city's neighboring educational institutions, corporations, and family-friendly attractions have aided Chicago's expansion during the last decade.

Since 2010, Chicago's Loop area has grown from 29,000 people to 42,300 people. According to a study by the Chicago Loop Alliance, Chicago's downtown is now the nation's fastest-growing downtown area, making it a viable alternative for new enterprises.

From 2019 to 2020, there was a 49.7 percent increase in the number of new firms in the Chicago metropolitan region. There has been a 3.2 percent rise in jobs since January 2021; this ranks it as one of the top 100 fastest-growing employers in the country.

Madison, Wisconsin

Two lakes surround Madison, located about 80 miles west of Milwaukee. Madison is a terrific place to do business and a cultural hotspot in the Midwest.

Employment in the metro area increased by 3.5 percent from January 2021 to October 2021, making it one of the country's top 100 employment growth areas from the beginning of 2021 to the end of October.

The Wisconsin Women's Business Initiative Corp. offers seminars on beginning a business and handling finances for women who want to start their own business in the city. Additionally, the University of Wisconsin-Madison collaborates with the Small Business Development Center (SBDC) to assist budding entrepreneurs in Madison.

More than 90% of Madison residents have internet access, making it an excellent place for firms and employees to do business. Finally, as of mid-December, 74 percent of people in the Madison metro region were fully immunized.

California and Maryland

Over 12,000 people call California, Maryland home, while St. Mary's College of Maryland is only ten miles away. Despite its reputation as a sleepy waterside hamlet, the metro region had a median family income of $87,947 in 2010. 51.9 percent of the occupations in the metro area may be done from home. Because of its digital friendliness, it's an attractive relocation option for workers looking for places with greater flexibility and work-life balance.

Employment in the city has a lot of latitude, but new firms and entrepreneurs are also finding success here. The metro area saw a 22.4 percent growth in new business establishments between 2019 and 2020.?

Denver, Colorado?

In 2019, Denver welcomed nearly 17 million overnight visitors, making it the city's largest industry. Approximately 64,000 of the city's jobs are directly related to the tourism industry, including hotels, retail establishments, and restaurants, where people come to spend their hard-earned cash.

If you want to start a business in Denver, you don't have to limit yourself to brick-and-mortar establishments. Built-In Colorado, a network of over 1 million technology experts and professionals, is also a well-known startup in the area. Most residences in Denver's metropolitan region are connected to the internet.

Between January 2021 and October 2021, employment in the metro area increased by 3.2%, while new businesses were founded in the metro area at a 10.2% annual rate.

Massachusetts city of Boston

Historic landmarks and attractions aren't the only reason to visit Boston; the city's downtown area is home to the headquarters of firms like Liberty Mutual Insurance and General Electric.

New citizens are drawn to the city annually by companies, schools, and universities, including Boston College, Boston University, and Northeastern University. As the population grows, so does the opportunity for small enterprises.

More than 40,000 small businesses in Boston generate more than $15 billion in sales each year, thanks to the city's support. Various awards and financial assistance connected to COVID-19, disaster preparedness, and other topics are available through the Greater Boston Chamber of Commerce (GBCC).

Among the metro areas we studied, Boston had the fifth-highest median household income, at $94,000, and the resources accessible to small businesses. According to a recent study, 44.4 percent of Boston-area employment may be done from home.

?Los Angeles, California

Los Angeles County is home to about 244,000 enterprises. According to Los Angeles County, many businesses are owned by minorities and women in Los Angeles. In 2019, 50 million people visited the city, with 7 million visitors from outside the country. Visitors worldwide come to the region, creating a diverse consumer base for small companies of all kinds.

As a result of programs like the Los Angeles County Small Business Concierge, entrepreneurs can connect with other resources in and around the region. In addition to new firms, Los Angeles saw a 7.4% growth in employment between January 2021 and October 2021.?

Conclusion

While some smaller regions that made the list may not have the most significant number of firms, they have unique qualities to attract new entrepreneurs and workers. Many of these regions are prime relocation sites for people looking for work-life balance and a more cultural experience than what can be found in other parts of the country.

Since entrepreneurship involves risk, taking advantage of opportunities, and minimizing failure, government assistance is often offered to encourage new businesses. On our list of cities with huge opportunities, many offer programs that attempt to shape local economies in their favor by providing financial assistance and incentives to new businesses. However, government assistance is no guarantee of success; only those businesses that can adapt best will prosper.