N.Y. (WETM) — New York is the second most expensive state in the country to start a business in, according to a study by SimplifyLLC.

The study looked at startup filing fees, corporate tax rates, the cost of commercial space, and utility fees. It also considered the salary, qualifications, and availability of workers. On average, business owners in New York State pay their employees about $62,000 every year and can expect to spend over $800 on electric bills every month.

New York’s corporate tax rate is 6.88%, which is far from the highest, but when SimplifyLCC compared all other factors, this rate did contribute to the state’s ranking on their list. Minnesota is both the most expensive state to start a business in and the state with the highest corporate tax rate, with a rate of 9.8%. The cheapest state is Nevada, which has a 0% corporate tax rate.

As a whole, the Northeast is the most expensive region of the U.S. to start a business in. Despite being so expensive to start a business in, New York State does have some of the most qualified workers in the country. According to SimplifyLLC, 39.9% of post-college-age adults have at least a bachelor’s degree, giving New York a ranking of ten on the list of most qualified workers.