Connecticut Earns High Rankings Among Best States for Small Business Employees

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In an analysis of the best states for small businesses, Connecticut earned a place in the top ten, ranking at #5. The analysis focused on states in which small businesses pay the highest salaries.

Analysis of recently released data by business advice company Venture Smarter established the average salary for employees in businesses of fewer than 5, 5-9, and 10-19 employees.

The study has revealed that Connecticut is one of just seven states to rank in the top ten salary payers for businesses of these three business-size categories.

  • Businesses of 5-9 employees pay an average salary of $50,200, this is the fifth-highest figure nationwide and comes in 12% above the average for such businesses, which is $44,900.

  • In businesses of 10-19 employees, Connecticut again ranks fifth for salary size, an average of $53,0000 in the state sitting 13% above the nationwide average.

  • In the final category of businesses, those of fewer than five employees, the Constitution State just makes the top ten with an average $59,600 coming in 7% above the nationwide average.

A spokesperson from Venture Smarter said of the findings: “This information sheds light on the diverse financial landscapes within the country, and it is certainly interesting to establish the states that offer more lucrative opportunities for small business workers. Recognizing and understanding these highlighted wage disparities among small businesses is crucial for businesses and workers alike. Factors such as the cost of living vary by area, and employers have a social responsibility to ensure they pay adequate and fair wages for their employees' locations. Awareness of wage disparities also allows businesses to stay competitive when it comes to attracting and hiring skilled workers.”

The most up-to-date Census Bureau (released 12/23) data including the number of employees and total payroll within each business size category, in each state, was analyzed to establish the median annual wage in each category in every state.