The entrepreneurial spirit drives job creation and wage growth by introducing innovation and increasing competition. Startups are a significant source of new jobs, with new business establishments creating approximately 3 million jobs in 2019. More recent data shows that business startups surged post-pandemic, leading to the creation of more than 5 million new businesses in 2023 and reflecting their crucial impact on the economy.
MoneyGeek analyzed and ranked 168 U.S. metropolitan areas to determine the best metro areas for startup success. Our analysis focused on the best metropolitan areas for self-employed individuals and small business owners, considering factors such as self-employment rates and income, business success and access to funding. We learned that metros in the South and West tend to offer the best climate for startups and small businesses.