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Home » The U.S. States Where Small Businesses Thrive, Grow Rapidly
Money & Finance

The U.S. States Where Small Businesses Thrive, Grow Rapidly

adminBy adminDecember 10, 20240 ViewsNo Comments2 Mins Read
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Millions of Americans are becoming entrepreneurs: The U.S. is averaging 430,000 new business applications per month in 2024, 50% more than in 2019, according to the U.S. Department of the Treasury.

More than 40% of people followed their passion into entrepreneurship, while nearly 30% started their businesses to gain the flexibility and autonomy that comes with being their own boss, SCORE, a provider of business resources and mentorship, reported.

Related: This Little-Known U.S. City — Where Self-Employed People Make $179,080 a Year on Average — Could Be a Great Place to Start a Side Hustle

Small businesses employ nearly half of the American workforce and represent 43.5% of America’s GDP, per the U.S. Chamber of Commerce, yet a staggering 50% of them will fail within five years of launch, according to the Bureau of Labor Statistics.

Location can play a significant role in a business’s long-term survival and growth. So, which U.S. states are most attractive to emerging entrepreneurs?

Small business lending company OnDeck determined which states have the fastest-growing number of new small businesses by analyzing the latest available small business data from the U.S. Census (2020-2021).

Related: Entrepreneurs Are Driving the Most Economic Growth In These 10 U.S. States, According to Shopify Internal Data

Nearly every state showed small businesses growing to some extent, with two exceptions: West Virginia, which saw no growth year over year, and New York, which saw a .05% decline compared to the year prior.

And the state with the fastest-growing number of small businesses? That would be Idaho, where small businesses increased by 6.55% year over year.

Related: These Are the ‘Wealthiest and Safest’ Places to Retire in the U.S. None of Them Are in Florida — and 2 States Swept the List.

See below for OnDeck’s complete state-by-state analysis of where small businesses thrive across the U.S.:

Image Credit: Courtesy of OnDeck

Read the full article here

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