Oklahoma City ranks 17th among U.S. cities for small businesses, celebrates MED Week

This story originally ran on VeloCityOKC.com. 

Oklahoma City has been ranked 17th in a new report highlighting the best U.S. cities for small businesses in 2024, reflecting its strong entrepreneurial spirit and supportive environment for business growth. The ranking was based on key metrics like the growth rate of business applications, GDP growth, labor costs and the availability of coworking spaces, all of which position Oklahoma City as a great place for startups and small businesses. 

According to the report’s methodology, cities were evaluated on their attractiveness for entrepreneurship, with Oklahoma City standing out for its 1,913 business applications per 100,000 residents and a 19% GDP growth rate. 

These metrics, combined with affordable labor costs and a lower cost of living, make the city an appealing place for entrepreneurs to launch and grow their businesses. The city’s solid infrastructure for small businesses is further supported by its access to co-working spaces, flexible office environments and a high percentage of self-employed business owners, which highlights the thriving entrepreneurial culture. 

This accolade comes at a fitting time as Oklahoma City celebrates Minority Enterprise Development (MED) Week, an annual event dedicated to honoring and empowering minority-owned businesses across the metro area. This year’s theme, “Rise Above: Conquering Challenges, Building Legacies,” emphasizes the resilience and collaborative growth within the city’s minority business community. MED Week features networking events, educational programs and an awards ceremony focused on key business topics such as technology, access to capital, supplier diversity and e-commerce. 

Oklahoma City’s recognition as a top city for small businesses aligns with the mission of MED Week—cultivating a diverse and inclusive business environment. By fostering resilience and offering access to resources and support, both the accolade and MED Week emphasize the city's commitment to nurturing entrepreneurs from all backgrounds. 

Oklahoma City is not only a great place to start a business but also a city that embraces collaboration, innovation, diversity and the future of small business growth.