TEXAS — New Year, new job. With the many layoffs taking place across the country right now, if you have an entrepreneurial spirit, this might be the time to consider starting your own business. According to a new study, you could do a lot worse than the Lone Star State. 

In a study conducted by WalletHub, researchers looked at all 50 states and compared 27 key factors to determine which were the best and worst states to start a business. These factors include the business environment, availability of resources and business costs among others.

Following behind Utah and Florida, Texas ranks as the third best state in the nation in which to start a business. The worst states in which to start a business, according to the study, are Alaska, Connecticut and West Virginia.

According to the U.S. Bureau of Labor Statistics, nearly 25% of startups don’t survive their first year and about half make it past five. Amid troubling economic conditions, choosing the right state — with access to skilled workers, cash and affordable office space — is crucial.

Source: WalletHub