On lower Puget Sound, you'll find Tacoma, Washington, a city bound for success from the start. Its "City of Destiny" moniker was acquired in 1873, when the transcontinental railroad selected the city for its Western terminus. More than a century later, it's clear Tacoma's still on the right track--its economy is strong, and unemployment has reached a 31-year low.
Tacoma's proximity to the Pacific Rim offers a prime setting for international business; in fact, the Port of Tacoma is one of North America's largest. Two local military bases have brought thousands of consumers into the area, and Intel recently announced expansion plans for a new research and development facility in the community. Leading industries include financial services, manufacturing and high-tech.
Venture capital abounds, and a new SBA One-Stop Capital Shop opened last year. Taxation is not much of a problem for local entrepreneurs--there's no state income tax, and the state recently eliminated sales tax on manufacturing equipment. Currently in discussion: a proposal to give tax benefits to financial services companies that relocate to the area.
All this activity has led to congestion in the city, but Tacoma is working to relieve that--plans have been approved for a light rail system, which should be completed by 2001.
This article was originally published in the October 1997 print edition of Entrepreneur with the headline: 20 Best Cities For Small Business.
Life insurance as low as $14/mo for $250,000 or $21/mo for $500,000 of coverage. Contact MetLife®
Comments: