Bethesda Named One of Top Small Cities to Start Business

Bethesda’s healthy local economy, with a mix of large employers and smaller startups, has earned it the No. 8 spot on a new ranking of the top small cities to start a business in the nation.

The rankings were compiled by consumer finance site NerdWallet and Entrepreneur.com.

The study author’s examined 463 U.S. cities with populations of 50,000 to 100,000 to determine where the best opportunities are for those starting a business.

Some of the key characteristics for the top cities was a boom in fast-growing industries such as financial services and technology; close proximity to a major city such as Washington, D.C.; and unemployment below the average of 5.1 percent and a median income of $65,000.

Here’s how the list describes the Bethesda business scene:

This suburb of Washington, D.C., ranks in the top 10 because it has one of the healthiest local economies in the nation. A median annual income of $111,281 is among the highest in the U.S., and a local unemployment rate of 2.7% is the lowest in the top 10, according to the 2013 American Community Survey. Bethesda’s thriving local economy, with 15.63 businesses per 100 people, is well above the study’s average of 9.14.

What gives Bethesda its healthy economy? What makes it a great place to launch a business? Tell us in comments below.