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Indiana ranked eighth best state to start a business

The Indiana Statehouse in Indianapolis.

Indiana ranks as the eighth best state nationwide and first in the Midwest to start a new business, according to a new study.

A report by the British merchant services firm Paymentsense found California, Texas, New York, Massachusetts and North Carolina were the best states nationwide to start a business in.

"Boasting a huge population of 39.5 million, high rates of employment, and a 52.8% chance of business survival, it’s no wonder so many go to Silicon Valley and wider California seeking the all-American dream," Paymentsense said in the report. "And, while there are no guarantees your start-up idea is going to reach the heights of Apple, you may as well give it a go. Failure isn’t frowned upon in California among its the ambitious business community makes it the top state to start a business."

The study crunched data that included population, employment rate, average wages, average cost of living, and the five-year enterprise survival rate.

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Indiana placed just behind Connecticut – which has the highest per capita income nationwide – and ahead of the other 11 U.S. Census-designated Midwestern states. The Hoosier state has a population of 6.69 million, 3.89 million jobs, average income of $45,150 per person, and a 53.7% business survival rate over five years.

Illinois placed ninth in the study with a population of 12.7 million, 7.8 million jobs, average income of $54,203 and a business survival rate of 51.2%.

Paymentsense also determined the United States was the best country in the world to start a new business in, placing it ahead of Belgium, Ireland, Canada and France.

For more information, visit paymentsense.com.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.