When you’re an entrepreneur, or you’re hoping to become one, you have to choose the right location to start your business. You want a location where there are strong economic growth and positive momentum, but at the same time, you want somewhere with a relatively low cost of living.
The following are some places in the United States that can offer both if you’re looking for a location for your business or perhaps just somewhere to relocate.
Northwest Arkansas
The area of northwest Arkansas and southwest Missouri has seen pretty strong economic growth in recent years.
Northwest Arkansas was pretty under the radar, and the only thing relatively nearby that got a lot of national attention was the Walmart headquarters and the popular tourist destination of Branson. Now, however, there’s a lot more to the area.
The main cities in the area are Bentonville, Eureka Springs, Harrison, Rogers, Fayetteville, and Springdale.
Along with the Walmart headquarters, the area is also home to two other Fortune 500 companies, which are J.B. Hunt Transport Services and Tyson Foods.
The University of Arkansas is in Fayetteville and is a hub of not only education but also dining, nightlife, and culture. Other cultural venues in the area include the Crystal Bridges Museum of American Art, which is in Bentonville and the Walton Arts Center in Fayetteville.
Charlotte, NC
Charlotte, North Carolina, is a growing city with a strong economy, but still, it maintains a relatively low cost of living compared to some other metros around the country.
More than 100 people move to Charlotte every day, and Raleigh, which is a few hours away, sees similarly strong growth.
Charlotte is often ranked as one of the best places to live, and it’s also a great place to find a job with a median salary higher than the national average. Many of the jobs in Charlotte are centered around finance and insurance, and tech is growing in the area too.
A lot of companies have been relocating to Charlotte, and the job market in the area has outpaced the national average, yet the median home value is lower than the national average. The further out you go from the center of the city, the more deals you may be able to find.
However, neighborhoods near downtown including Uptown and Meyers Park can offer convenience and an urban-friendly lifestyle.
Salt Lake City, Utah
The economy of Salt Lake City is one of the fastest-growing in the U.S., and it’s also one of the most diverse. A lot of companies and people are moving into Utah, and analysts believe part of the economic strength of the city and state stem from ongoing collaboration between business, government, and labor.
There is an increasing focus on the technology sector in Salt Lake City, including big data, software and cloud computing. Aerospace and life sciences are also prominent sectors in Utah.
Utah had a growth rate that was the third-fastest in the U.S. in 2018, and exports went up 24%. Economic growth was more than 4% throughout 2018, while the U.S. economy grew at a rate of about 3% on average.
In addition to a strong economy, in Salt Lake City, you’ll find a lot of outdoor activities, including nearby skiing, and the scenery surrounding the city is nothing short of stunning.
Sugar Land, Texas
Sugar Land, Texas, is relatively close to the Houston area, which is thriving, but Sugar Land in and of itself also boasts economic growth and relative affordability.
Sugar Land has a lower unemployment rate than the national average, and there is no state income tax in Texas. The average income of a Sugar Land resident is more than $45,600 a year, while the U.S. average is $28,555 a year. The median household income is $105,400, compared to a national average of just over $54,400.
Sugar Land has an excellent public school system, and thanks to Highway 6 and 90A access, residents of Sugar Land can commute to Houston relatively easily.
College Station, Texas
Another Texas city you might consider moving to that’s one of the fastest-growing in the nation is College Station.
Home to Texas A&M University, College Station offers affordable housing and no state tax, as is the case in Sugar Land. College Station has a small-town feel, but it’s close to major cities, including Houston, Dallas, Austin, and San Antonio.
The area worked to develop the Research Valley Biocorridor, which is a tech research area that focuses on the biotechnology industry.
