Newark named worst city to start a business nationwide

By Jessica Mazzola | NJ Advance Media for NJ.com
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on April 27, 2015

NEWARK — Despite a rash of recent testimonies claiming the state's largest city is revitalizing its corporate community, Newark has been named the worst city to start a business in nationwide.

WalletHub, which has often featured the city on its "worst-of" lists, announced Monday that Newark topped its "Worst Cities to Start a Business" ranking.

The list, WalletHub said, evaluated the 150 largest cities across the U.S. on 13 metrics related to entrepreneurship, like financing accessibility, five-year business survival rate, and the education level of the local workforce.

The ranking comes after Newark Mayor Ras Baraka has made a push to attract businesses to the city, saying that it is on the cusp of experiencing a renaissance. He has also called for the city to embrace a "Newark 3.0" concept, which involves enhancing technology in the city, and attracting tech-based businesses.

Last week, the mayor described "Newark as a center for business, a source of capable and committed entrepreneurs and employees, a hub for transportation and home to a united administration and people."

Earlier this month, Audible founder and CEO Don Katz reportedly appeared at a TEDx event during which he sang the praises of operating a large company in Newark, and encouraged other business owners to do the same.

But, WalletHub's ranking disagrees. Newark scored exceptionally low in terms of education level of the local workforce, and employee availability, the list said.

The Brick City was not alone; Jersey City ranked second-worst on the list.

On the flip side, WalletHub named Shreveport, Louisiana the best city to start a business.

See the full list here.

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