Millions of Americans are becoming entrepreneurs: According to US data, in 2024, an average of 430,000 recent business applications will appear per thirty days in the US, which is 50% greater than in 2019. US Treasury Department.
Over 40% of individuals followed their passion for entrepreneurship, and almost 30% began a business to realize the flexibility and autonomy of being their very own boss, RESULTprovider of business resources and mentoring, reported.
Small businesses employ nearly half of the American workforce and represent 43.5% of U.S. GDP US Chamber of Commercenevertheless, in response to estimates, as many as 50% of them will fail inside five years of launch Bureau of Labor Statistics.
Location can play a significant role in a company’s long-term survival and growth. So which US states are the most tasty for emerging entrepreneurs?
Small business lending company On board determined which states are seeing the fastest growth in small business startups by analyzing the most recently available small business data from the U.S. Census (2020-2021).
Nearly every state saw some small business growth, with two exceptions: West Virginia, which saw no year-over-year growth, and New Yorkwhich suggests a decrease of 0.05% in comparison with the previous yr.
And the state with the fastest growing variety of small businesses? That can be in Idaho, where the variety of small businesses increased by 6.55% yr over yr.
Below is OnDeck’s full state-by-state evaluation of where small businesses are thriving across the United States:
Image credit: Courtesy of OnDeck