Mississippi is the state with the lowest labor costs, while Maryland is the state with the highest, according to personal finance site WalletHub.
In a report released Jan. 16, WalletHub determined the best and worst places to start a business. The site compared the 50 states across three metrics: business environment, access to resources and business costs. These dimensions were evaluated using 25 relevant metrics, including startups per capita, financing accessibility and cost of living. Read more about the methodology here.
Here are the five states with the lowest labor costs:
1. Mississippi
2. West Virginia
3. Arkansas
4. Louisiana
5. New Mexico
Here are the five states with the highest labor costs:
1. Maryland
2. New Jersey
3. Massachusetts
4. Hawaii
5. California