Florida is ranked the second-best state to start a business in 2023, according to a WalletHub study. To determine the most fertile grounds for planting and growing new ventures, WalletHub compared the 50 U.S. states across 27 key indicators of startup success. The data set ranges from financing accessibility to the percentage of residents to office-space affordability. Florida earned a fourth-place ranking in average growth in number of small businesses and was 14th in labor costs, 21st in availability of human capital, 23rd in average length of work week and 25th in cost of living. Utah was the top-ranked state with Texas third, Colorado fourth and Idaho fifth.