OnDeck study finds top Utah ZIP codes for business startup success

If you have an idea for a startup business, online lender OnDeck has found the right place for your new venture. The study reveals the 10 most promising ZIP codes in Utah for new businesses, based on 13 variables.

Sugar House (84105), Logan (84341) and American Fork (84003) top OnDeck’s list, giving them the best chance to be one of the 82 percent of U.S. startups to survive their first year.

OnDeck created a new small-business index scoring system based on 13 local statistical data points, including local small-business wages and wage growth, tax rates, cost of living, density of working-age population and business broadband Internet speed, to give each area a score out of 100 potential points. The business lender then used this score to analyze and rate the conditions of nearly 10,000 large U.S. ZIP code areas as they relate to small businesses in the area.

After the top three, the other Utah areas making the top 10 were, in order, the west side of Salt Lake City, including the Rose Park and Glendale neighborhoods (84105); the rapidly growing city of Vineyard and parts of western Orem in Utah County (84059); Moab (84532); the Utah State University neighborhood in Logan (84321); Layton (84041); Washington, just east of St. George in Washington County (84780); and Cedar City.

The 07650 ZIP code in Palisades Park, New Jersey, ranks as the premier U.S location to start a small business, while the Brooklyn neighborhood of New York City has that state’s best chance of success. The Castro District and Eureka Valley in the Bay Area of San Francisco are the best places in California for a startup.

The 13 metrics that made up the OnDeck survey were recorded as of February and the study released last month.