New York: A new study conducted by DesignRush has revealed the best states in America for entrepreneurial success, with Oregon taking the top spot.
DesignRush, a digital marketing site, analyzed data from the US Bureau of Labor Statistics to find the change in the number of business establishments per state between September 2022 and September 2023. The states with the greatest percentage increase of businesses over the year determined the ranking.
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Oregon ranks top, with a 9.9% increase in business establishments over the course of the year. Oregon reported a total of 185,096 businesses in 2022 and 203,369 in 2023 for a net increase of 18,273.
Coming in second place is Montana, with a 9.4% gain in businesses over the 12 months. The state had 61,185 businesses in 2022 and grew to 66,947 in 2023 for a net increase of 5,762.
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Third in the ranking is Michigan, with an 8.9% rise in businesses during the year. From 298,855 establishments in 2022, Michigan climbed to 325,467 in 2023 for a net increase of 26,612.
Hawaii places fourth, with an 8.6% increase in business establishments over the course of the year. Hawaii reported a total of 52,863 businesses in 2022 and 57,387 in 2023 for a net increase of 4,524.
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In a close fifth comes Tennessee, with an 8.0% gain in businesses over the 12-month period. The state had 204,873 businesses in 2022 and grew to 221,247 in 2023 for a net increase of 16,374.
Idaho comes in sixth, with a 7.9% rise in businesses during the year. From 88,300 establishments in 2022, Idaho climbed to 95,294 in 2023 for a net difference of 6,994.
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Seventh on the list is South Carolina, with a 7.7% increase in business establishments over the course of the year. South Carolina reported a total of 166,793 businesses in 2022 and 179,675 in 2023 for a net increase of 12,882.
In eighth place is Mississippi, with a 7.4% gain in businesses over 12 months. The state had 82,187 businesses in 2022 and grew to 88,265 in 2023 for a net increase of 6,088.
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North Carolina ranks ninth, with a 7.2% rise in businesses during the year. From 350,211 establishments in 2022, North Carolina climbed to 375,569 in 2023 for a net difference of 25,358.
Landing the tenth spot is Arizona, with a 6.8% increase in business establishments over the course of the year. The state reported a total of 208,792 businesses in 2022 and 223,054 in 2023 for a net increase of 14,262.
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Virginia came bottom of the ranking, with a 5% decrease in businesses over the 12-month period. The state had 332,311 establishments in 2022 and fell to 315,789 in 2023 for a net decrease of 16,522.
Gianluca Ferruggia, general manager at DesignRush, said, “It’s great to see states from all areas of the US making the top ten ranking. This could suggest that America as a whole is well equipped for entrepreneurs and business ventures. It’ll be interesting to see if any new states make the ranking in the future as more establishments are founded.”
