Chambersburg Ranked Among Top Best Places to Start a Business in Pa.

11894549_913833372014832_6807034480529504439_oChambersburg was ranked 21 out of 145 locations as one of the best places to start a business in Pennsylvania by NerdWallet, an online source for information, insight and consumer-driven advice about personal finance. Gettysburg ranked 22, Waynesboro 48, Carlisle 51 and Harrisburg 67.

Below is an excerpt from the original article:

The entrepreneurial spirit thrives in Pennsylvania, a state that several hundred thousand small businesses call home. Nearly half of all private-sector jobs in the state fall under the small-business umbrella.

Pennsylvania bounced back after the recession - its unemployment rate is the lowest it’s been in seven years, according to the U.S. Bureau of Labor Statistics. Regionally, the Pittsburgh area saw economic recovery sooner than most U.S. metro areas. Pennsylvania’s key industries include energy, technology, advanced manufacturing, life sciences, film and aviation, according to the state’s community and economic development department.

The state has its challenges. The corporate income tax is higher than in most states, and businesses must navigate a difficult permitting and regulatory system to get up and running. But Pennsylvania works to encourage entrepreneurs through state-funded resources such as regional outposts for Small Business Development Centers and Partnerships for Regional Economic Performance as well as programs made available through Ben Franklin Technology Partners.

NerdWallet’s Analysis
We looked at 145 places in Pennsylvania, each with a population of at least 5,000, then calculated the overall score for each location based on the business climate and economic health using data from the U.S. Census Bureau. We excluded communities with fewer than 500 businesses, regardless of the population.

Business climate, 65 percent of the overall score, is based on three metrics from the U.S. Census Bureau’s Survey of Business Owners.Average revenue of businesses is 20 percent of the score. A higher average contributed to a higher score. Percentage of businesses with paid employees is 25 percent of the score. A higher percentage contributed to a higher score. Businesses per 100 people is 20 percent of the score. A higher number contributed to a higher score.

Local economic health, 35 percent of the overall score, is based on three metrics from the U.S. Census Bureau’s American Community Survey. Median annual income is 10 percent of the score. A higher median income contributed to a higher score. Median annual housing costs are 10 percent of the score. Lower median costs contributed to a higher score. Unemployment rate for residents over age 16 is 15 percent of the score. A lower rate contributed to a higher score.


For the full NerdWallet story and list of rankings for the 145 places analyzed, click here.


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