A new study has ranked Maryland the 11th worst state in the U.S. to start a business.
The analysis by personal finance website WalletHub found that despite the state's educated population and access to resources such as financing, the high cost of doing business brought its overall score down to 43.42 out of 100. To create its ranking of 50 states, WalletHub looked at 26 key indicators known to be helpful to startups. Maryland performed best in the access to resources category where it was ranked No. 9 across all 50 states. WalletHub said the state has the third most educated population behind Massachusetts and Colorado. However, the state faltered when it came to business costs, ranking No. 47. Labor costs in Maryland are the highest of any state, the study found, and office space tends to be more expensive.