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This map tracks the number of new business applications per 10,000 residents made between January and November 2024, by state. Data is sourced from the Census Bureau.
While overall new business growth in the country strongly correlates with America’s population centers, some states are punching above their weight on a per capita basis.
Wyoming saw 925 new business applications per 10,000 residents, almost twice as much as second-ranked Delaware.
Both states are outliers compared to the rest of the country, with the national average at 142 new applications per 10,000 people.
The top two states have some tax benefits helping boosting application numbers. Wyoming has no individual or corporate income tax. Meanwhile, Delaware has no corporate income tax requirements for businesses not operating in the state.
Wyoming’s neighbor Colorado is also actively trying to promote new business growth. After slashing the application fee from $50 to $1 in 2022, the state saw the highest growth in applications in 2023. In 2024, it slipped to top five.
However, if there’s an overall winner, that would be Florida. The Sunshine State ranks first in total new applications (500,000+) and third on a per capita basis (257), beating out coastal hubs California and New York by both metrics.
The pandemic spurred entrepreneurial spirit like never before in America, with total new applications peaking at 546,000 in July 2020.
A key reason behind this surge is that unlike the 2007 recession, median American household wealth went up during the pandemic. Measures taken by the government and Federal Reserve kept the economy going, boosting optimism, and sustaining consumption.
With more of a security net, Americans felt better positioned to take on some risk. Internet usage and screen time also trended upwards and better platform technology allowed working professionals to offer skills and services across the country.
With the large-scale disruption of the pandemic now long behind us, the growth of new applications has slowed considerably. However, it’s interesting to note levels still remain nearly double what they were in the mid-2000s.
State taxes play an important role in many ways. Check out the Tax Burden of Every U.S. State for more correlations between these two maps.
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