Grand Junction and Colorado ranked in business assessment

Grand Junction ranks in the top third in the latest analysis of the best and worst small cities in which to start a business.

Colorado ranks 10th in the analysis.

Grand Junction finished 400th overall among 1,261 small cities evaluated by WalletHub. The personal finance website offers credit scores, reviews and other services.

WalletHub used information from federal agencies, other organizations and its own research to track 18 metrics in cities with 25,000 to 100,000 residents. Business environment accounted for half the overall score, while access to resources and business costs each accounted for a quarter of the score.

Out of a possible 100, Grand Junction received an overall score of 45.64. Grand Junction ranked 288th for business costs and 357th for access to resources, but 805th for business environment.

Business costs included those for labor and office space as well as cost of living and taxes. Access to resources include those for financing, investors and workers as well as the educational attainment of local workers and job growth. The business environment included the growth in the number of small businesses and business revenues as well as commute times, the length of the workweek and industry variety.

Grand Junction was among 16 small Colorado cities evaluated in the latest analysis.

Littleton ranked the highest at 76th, followed by Loveland at 93rd, Greeley at 103rd and Commerce City at 138th.

Lafayette came in at 139th, Longmont at 140th, Fountain at 161st, Broomfield at 268th, Wheat Ridge at 278th, Northglenn at 353rd, Englewood at 384th and Brighton at 396th.

The ranking also included Parker at 484th, Castle Rock at 529th and Pueblo at 868th.

Among small cities nationwide, Holland, Mich., placed first, followed by St. George, Utah; Aberdeen, S.D.; Wilson, N.C.; and Cheyenne, Wyo.

In a separate, but similar, analysis of 182 large cities conducted by WalletHub, Denver ranked 12th overall.

Denver received an overall score of 58.58 and ranked 15th for business environment, 22nd for access to resources and 110th for business costs.

Colorado Springs ranked 32nd in the evaluation, while Aurora came in 44th.

Colorado fared well in the ranking for venture investments, a college-educated population and small business growth, but less well for business costs in the analysis conducted by WalletHub.

Colorado received an overall score of 55.43. Colorado ranked sixth overall for metrics related to business environment, but 24th for access to resources and 32nd for business costs.

Colorado ranked first for venture investment amount per capita and  second only to Massachusetts for its proportion of college-educated residents in the population. Colorado came in sixth for the average growth in the number of small businesses, 14th for the average length of its workweek and 27th for industry variety. The state fared worst in ranking third lowest among the 50 states for work force availability.

Texas placed first in the analysis after ranking first for business environment, 12th for access to resources and 16th for business costs.

Utah ranked second overall, followed by Georgia, Montana and Oklahoma. Florida, North Dakota, California and Arizona also made the top 10.