Drew Dixon
Florida is now the second-best home for entrepreneurs in America, according to a new study published this week by SimplifyLLC, a website and service dedicated to providing small businesses tools and techniques for running a company.
More small businesses were launched in the United States and the District of Columbia in 2023 than ever before, according to the U.S. Small Business Administration. There were 5.5 million new small businesses created last year. That figure applied to people between 18 and 64 years old who either became an entrepreneur or became an owner of a new business in 2023.
The new study analyzed six key factors to determine the rankings of states and their level of small business development. Corporate tax rates, inflation, migration of educated workers, new business formations, job creation and consumer spending were all factors in the equation that determined the best states for small businesses and entrepreneurs.
Florida came in second in the nation because the state ranks No. 1 for the net influx of educated workers, at 144,915; No. 6 for job creation rate, with a 12.7% increase; and No. 15 for consumer spending, which showed a 3.4% increase.
Florida was outranked only by Texas, which finished at the top of the list of best places for entrepreneurs.
“Texas was buoyed to the No. 1 slot by its strong influx of educated workers (with) a net of nearly 76,000 in 2022 and business growth of 23.7% in the year ending November 2023,” the Simplify report said.
Florida was followed by Wyoming as the third-best state for small businesses. Next were Missouri and Delaware to round out the top five states for entrepreneurs.
Louisiana was ranked 51st, the worst among the 50 states and Washington, D.C., for small businesses, according to the study. Washington, D.C., came in at No. 50, with California taking the No. 49 slot.
2 comments
Linwood Wright
February 21, 2024 at 3:28 pm
Good for business owners, but it’s shiat for employees.
Salaries are lagging far behind the rest of the country here.
Tom
February 21, 2024 at 3:42 pm
That’s interesting. I was reading earlier about Keith Rabois and some other execs moving back to Silicon Valley from Florida and Texas with comments like this:
“This trend could partly be due to the Bay Area’s stronger and more developed foothold in the industry. An August report from Insider noted that “the reality of day-to-day living and working in Austin’s tech scene leaves a lot to be desired,” citing a lack of “talent density” compared to the Bay Area.”
I guess we’ll see where it’s at in 15 or 20 years.
Comments are closed.