After numerous calculations, San Francisco-based financial education website, NerdWallet has deemed Redmond the best place in Washington to start a business. Woodinville came in second and Issaquah was ranked fifth. Bellevue snuck into the top ten by placing eighth.
In order to rank the cities, NerdWallet analyzed 126 Washington locations with a population of at least 5,000 and home to more than 500 businesses. Information about each city’s economic health, including average revenue, percentage of businesses with paid employees, and number businesses per 100 people, was sourced from the U.S. Census Bureau. NerdWallet also figured in median annual income, median annual housing costs, and unemployment to create its ranking system.
Redmond earned the top spot thanks to heavy hitters like Microsoft and Nintendo of America that help raise the average annual revenue to $7.3 million for Redmond’s 6,200 companies. The powerhouse companies also help draw tech talent to the area, helping out other local and smaller businesses.
Woodinville wineries and breweries, with its tourist draw, came in second place with almost $5 billion in annual revenue for the town of 11,000 citizens. Issaquah held strong, due to a strong median income of $82,000. Bellevue had its entrepreneurial spirit and plethora of businesses rooted in city limits to thank for its rating. (Not that we’re keeping score or anything but Seattle was ranked at #34…)
To see a further break down of categories and to see how other city’s fared head here.