Oakland, California. – The San Francisco Bay region is considered a power of the technological industry Silicon Valley And several companies have its head office here.
That said, according to a Wallethub report, several cities in the bay region are considered among the worst cities to start a business.
Wallethub, a personal finance company, compared the starting opportunities for 100 large cities using measures, such as five years business survival rate, labor costs and affordability of office spaces.
Of the 100 large cities, San Jose Ranked 99th, only behind Washington, DC, in the general classification of the best largest cities to start a business.
In 97th place was FremontAnd San Francisco There are only slightly better in 91st place.
Oakland was also among the worst large cities to start a business, ranking 85th in the general classification.
Dig more deeply:
Fremont, San Francisco and San Jose equalized the dead for cities with the most beautiful labor costs in the start of a business, having the highest costs in terms of labor to support companies.
In this ranking, these cities are also linked to Irvine and Seattle.
In addition, San Francisco linked the last for the office space costs, with new York And Washington, DC
The cities would have seven times higher compared to the cheapest city, Toledo, Ohio, according to Wallethub’s results.
The other metrics that Wallethub examined were accessible funding, average growth of small businesses, the availability of human capital and the work week.
No city of Bay Area was considered as among the best or the worst of these categories.
In addition, Oakland, Fremont, San Jose and San Francisco classified 94th, 96th, 97th and 100th for the costs of corporate respectively. Wallethub has determined the rank of the company’s costs by analyzing the affordability of office spaces, labor costs, corporate taxes and the cost of living.
However, Fremont marked sharply in terms of educated population, ranking fourth compared to San Bernardino in the last place, six times worse, said Wallethub.
San Francisco also obtained a higher score for the commercial environment, placing 26th of the 100 large cities.
Local perspective:
Several local restaurants have closed their doors in recent months in the Bay region.
Two restaurants in San Francisco have closed, including Osito, holding a Michelin star.
Osito cited “the economy of San Francisco” Due to its closure, saying that the city “does not always make it durable for restaurants”.
Osito owner, Seth Stowaway, said that the restaurant’s $ 15,000 rent was no longer economically possible, the San Franciso standard reported.
A market, which has also supported a Michelin star for several years, said that closing was a mixture of personal and commercial reasonsIncluding a drop in pedestrian traffic in the region after the pandemic.
Wallethub’s full report can be viewed here.
The source: Wallethub classification, previous KTVU report