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The consumer finance website, NerdWallet, recently conducted a study to determine the best places in Ohio to start a business. NerdWallet examined 228 communities with populations over 5,000 people and more than 500 businesses and looked for business climate and local economic health indicators to make its determinations.
Business climate indicators included average revenues of businesses, percentage of businesses with paid employees and businesses per 100 people. They also looked at median annual income, median monthly housing costs and unemployment rate.
Beachwood, which is just 10 miles east of Cleveland, is one of the most entrepreneurial places in the state with 20.88 businesses per 100 residents. Additionally, at 2.1%, it has the lowest unemployment rate in the top 10 places to start a business in Ohio.
“We’re pleased with this accolade,” said Mayor Merle S. Gorden. “We have always been, and continue to be, a City that is engaged and is committed to fostering a friendly environment to do business. “
Beachwood’s business community -- with about 2,500 companies that employ more than 25,000 workers – is populated with companies that range in size from Fortune 500 companies to small start-up ventures.
“The findings from this survey underscores what we found in the residential and business survey we just completed as part of our Master Plan with the Cuyahoga County Planning Commission,” said James Doutt, Director of Development for the City of Beachwood. “Businesses overwhelmingly voiced their satisfaction with doing business in the City of Beachwood.”
In the pursuit of continuing its booming economic development, Mayor Gorden and Beachwood City Council launched a Job Creation Incentive Grant Program that provides grants to companies that create jobs in the City.
“Studies such as the one conducted by NerdWallet verify that we are on the right track and motivates us to keep the momentum moving forward,” notes Gorden.