Grand Rapids is a great place to start a business according to consumer finance website NerdWallet. The city is ranked the 16th best place to be a business owner in a study of 123 Minnesota cities.
“The community’s investment in public infrastructure projects, like great streets, great schools, medical facilities, and additions to the YMCA, all play a vital role in economic development. We’re excited to see the community’s hard work pay off and look forward to continued growth,” said City Administrator Tom Pagel.
Cities were ranked based on six factors – average business revenue, percentage of businesses with paid employees, the number of businesses per 100 people, median annual income, median annual housing costs, and unemployment rates, and Grand Rapids came out near the top.
Though the top 10 cities were dominated by communities in the metro area, Grand Rapids muscled into the top 20 with over 1,000 businesses doing a brisk business and a low unemployment rate.