Payson and Globe were ranked among the top ten communities in Arizona to start a business by NerdWallet, which analyzed 65 places in Arizona with a population of at least 5,000. Cities with fewer than 500 businesses were also excluded, regardless of population.
The site says the business climate accounted for 65% of the overall score which they based on three metrics from U.S. Census Bureau’s Survey of Business Owners. A location ranked higher based on a higher-than-average revenue, higher percentage of paid employees and higher number of businesses per 100 people.
The other factor, local economic health, accounted for the remaining overall score, again based on the Survey of Business Owners.Communities which ranked higher had a higher median annual income, lower median annual housing costs, and lower unemloyment rate for residents over 16 years old.
Globe was rated #6: “Globe is among the most affordable cities on the list, with median monthly housing costs of $690, well below the median of $895 for the communities in this study.”
Payson was rated # 8 : “A tourist town in Tonto National Forest, Payson is home to over 2,500 businesses and has an average annual revenue per business of about $335,000. ”