Which Metro Areas Are Best for New Entrepreneurs and Startups?

Name: Which Metro Areas Are Best for New Entrepreneurs and Startups?
Item: Which Metro Areas Are Best for New Entrepreneurs and Startups?
Author: Anja Solum, CEPF

Updated: September 12, 2024

Advertising & Editorial Disclosure

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.

KEY FINDINGS

As the second-largest metro area in the U.S., Los Angeles ranks No. 1 for entrepreneur and startup success. More than 11% of LA’s working population is self-employed, and nearly a third of businesses are three years old or younger.
No Midwestern metro area lands in the top 50. This region's highest-ranking metro area, Sioux Falls, South Dakota, takes the No. 57 spot, which holds the seventh-highest rate of new businesses studywide.
Self-employed households earn the highest annual income in Bridgeport, Connecticut ($71,188).
Nationally, the average loan size for an SBA-backed 7(a) funding is $479,685, while for the 504 funding, that figure is more than double at $1,083,622 for the fiscal year 2023.

Best Metros for Starting a Business

The Los Angeles metro area ranks No. 1 for entrepreneurs and startup success. Eleven percent of the population is self-employed, and self-employed households earn an average annual income of $53,421, the 21st-highest in the study. North Port, Florida, and Austin, Texas, follow with self-employment rates above 8% and self-employment household incomes over $48,000.

Additionally, entrepreneurs in Austin and other Texas metros (Dallas and Wichita Falls) at the top of the list benefit from higher-than-average loan amounts for both 7(a) and 504 SBA-backed loans. The Lone Star state ranks No.6 for 7(a) and No.3 for 504 loans in terms of average loan amounts ($687,993 and $1,570,801, respectively). No other state whose metros rank in the top 10 studywide offers higher averages.

TOP 15 RANKING METROS FOR STARTUP SUCCESS

Overall Rank	Metro Area	Self-Employment Rate (%)	Avg. Self-Employment Household Income
1	Los Angeles-Long Beach-Anaheim, CA	11.3%	$53,421
2 (Tie)	North Port-Sarasota-Bradenton, FL	8.3%	$48,027
2 (Tie)	Austin-Round Rock-Georgetown, TX	13.1%	$54,480
4	Dallas-Fort Worth-Arlington, TX	8.6%	$50,899
5	Charleston-North Charleston, SC	9.2%	$48,349
6	Wichita Falls, TX	8.8%	$64,530
7	Spokane-Spokane Valley, WA	8.2%	$63,990
8	Fayetteville-Springdale-Rogers, AR	10.4%	$51,971
9	Miami-Fort Lauderdale-Pompano Beach, FL	14.0%	$47,159
10	San Diego-Chula Vista-Carlsbad, CA	9.7%	$55,355
11	Durham-Chapel Hill, NC	7.8%	$50,293
12	Nashville-Davidson--Murfreesboro--Franklin, TN	8.6%	$47,537
13	Orlando-Kissimmee-Sanford, FL	9.5%	$43,750
14	Jackson, MS	9.7%	$39,876
15	Boulder, CO	10.9%	$44,800

Self-Employment Trends

The five metros with the highest self-employment rates all rank in the top 50 overall. The Naples, Florida, metro area barely has the highest number of self-employed persons relative to its entire population (15%), followed closely by another Sunshine State metro, Miami, at 14%.

The top-ranking metro for self-employment income is Bridgeport, Connecticut, the only metro with a self-employed household income over $70,000. The San Jose, California, and Bowling Green, Kentucky, areas follow with average self-employed incomes of $68,762 and $66,975, respectively.

Metros With the Highest
Self-Employment Rate

Naples-Marco Island, FL: 14.9%
Miami-Fort Lauderdale-Pompano Beach, FL: 14.0%
Kingston, NY: 13.3%
North Port-Sarasota-Bradenton, FL: 13.1%
Wilmington, NC: 13.0%

Metros With the Highest Self-Employment
Annual Avg. Household Income

Bridgeport-Stamford-Norwalk, CT: $71,188
San Jose-Sunnyvale-Santa Clara, CA: $68,762
Bowling Green, KY: $66,975
Wichita Falls, TX: $64,530
Spokane-Spokane Valley, WA: $63,990

Business Environment Trends

Dover, Delaware, has the highest percentage of businesses that are three years old or younger (40%). But in the last two years, the number of established businesses (those operating for 11 years or longer) has decreased by 28%. Dover is the only metro in the top five with a significant number of new businesses that has also seen a significant decline in business longevity.

Ranking eighth-best studywide, the Fayetteville, Arkansas, metro area has the highest two-year growth in established businesses (67%), followed by Jackson, Mississippi (58%) and Charlotte, North Carolina (55%).

Metros With Highest Percentage
of New Businesses1. Dover, DE: 39.7% 2. Las Vegas-Henderson-Paradise, NV: 35.6% 3. Austin-Round Rock-Georgetown, TX: 34.6% 4. Orlando-Kissimmee-Sanford, FL: 34.3% 5. Miami-Fort Lauderdale-Pompano Beach, FL: 32.9%

Metros With Highest 2-Year Change
in Established Businesses1. Fayetteville-Springdale-Rogers, AR: 66.5% 2. Jackson, MS: 57.7% 3. Charlotte-Concord-Gastonia, NC-SC: 54.5% 4. Punta Gorda, FL: 51.7% 5. Oshkosh-Neenah, WI: 46.0%

Worst Metros for Startup Success

Entrepreneurs may find it harder to establish a successful new business in the metros that ranked lowest in our study. Fourteen of the worst 20 metros are in the Midwest, including the two worst-ranking (South Bend, Indiana, and Saginaw, Michigan). Although the self-employment rate in the bottom 10 metros is roughly 4% less than in the top 10, the average income is only $18,000 less annually.

The number of new businesses is close to zero in three of the bottom 10 metros. In the other bottom 10 areas, the only one where new business growth exceeds 11% is Manchester, New Hampshire (19%). When considering longevity, the picture gets worse — the number of established businesses (operating for 11 years or longer) has declined by 18% on average in the same areas, with Bloomington, Illinois, experiencing a 46% decline.

WORST 15 RANKING METROS FOR STARTUP SUCCESS

Overall Rank	Metro Area	Self-Employment Rate (%)	Avg. Self-Employment Household Income
168	South Bend-Mishawaka, IN-MI	5.4%	$30,912
167	Saginaw, MI	6.6%	$29,113
166	Manchester-Nashua, NH	5.8%	$32,431
165	Dayton-Kettering, OH	6.8%	$38,731
164	Toledo, OH	6.8%	$33,352
163	Allentown-Bethlehem-Easton, PA-NJ	6.5%	$39,920
162	Bloomington, IL	5.4%	$41,795
161	Springfield, IL	5.7%	$41,909
160	Green Bay, WI	7.0%	$36,219
159	Canton-Massillon, OH	7.3%	$34,780
158	Appleton, WI	6.3%	$38,015
157	Decatur, IL	3.4%	$23,596
156	Cumberland, MD-WV	5.9%	$40,780
155	Cleveland-Elyria, OH	6.7%	$36,767
154	Rockford, IL	6.5%	$29,797

Expert Insights

To get more context about the startup landscape in the U.S., MoneyGeek sought the expertise of business consulting experts. Here are their insights.

What trends or shifts have you observed in the distribution of successful entrepreneurial ventures across the country?
How do differences in regional industry strengths influence the types of startups that thrive in particular cities?
What is the single most important piece of advice you can give to potential or “just starting out” entrepreneurs?
In your opinion, how much risk is too much risk as an entrepreneur? How much is too little?

Inbar MadarCEO and Business Consultant at M.I. Business Consulting

Christian MunteanPresident at Vantage Consulting

Essential Finance Tips for the Self-Employed

Following these key tips can help self-employed individuals and small business owners thrive. From handling taxes and insurance to securing financing and managing cash flow, these practical insights can support your entrepreneurial success.

Understand self-employment taxes

Knowing how to calculate and pay your taxes as a self-employed person is essential to avoid penalties and stay compliant with IRS regulations.

Choose the right health coverage

Explore your options for a self-employed health insurance plan that suits your needs and budget.

Insure your business

Protect your business with the right self-employed business insurance coverage, including general liability, property and professional liability insurance.

Use business loans wisely

If you need financing, explore your options for startup funding, like SBA loans, and understand the terms before committing. Consider different funding options, such as business credit cards and loans, to determine what works best for your needs.

Methodology

To rank the best metros for startup success, MoneyGeek analyzed Census data from the American Community Survey (ACS) and Annual Business Survey, as well as data from the U.S. Small Business Administration. We ranked metros based on six factors:

Self-employed population (full weight): The proportion of self-employed people within a city's total population, as reported by the 2022 ACS, the most recent data available. Nationwide, an average of 9% of people are self-employed.

Annual average self-employment household income (full weight): This is the aggregate self-employed income for households divided by the number of households with self-employed members.

New business rate (full weight): The percentage of businesses operating for three years or less as a percentage of all businesses in the area.

Two-year percentage change in established businesses (full weight): This is the percentage change between 2019 and 2021 for businesses that have been in operation for 11 years or longer.

Average loan size for 7(a) loans (half weight): This is the average dollar amount granted in loan approvals. A 7(a) loan is an SBA-backed loan that helps small businesses with working capital, equipment or debt refinancing. Data comes from the SBA’s 7(a) & 504 Lender Report, which is at state-level and is for fiscal year 2023. The national average is $479,685.

Average loan size for 504 loans (half weight): This is the average dollar amount granted in loan approvals. A 504 loan provides SBA-backed funding for small businesses to purchase real estate or equipment. Data comes from the SBA’s 7(a) & 504 Lender Report, which is at state-level and is for fiscal year 2023. The national average is $1,083,622.

Each metro was ranked in every metric. We then used the rankings to calculate a final ranking score through a weighted average. The metro area with the highest final ranking score ranks as the best metro for startup success.

Full Dataset

Below is the data that informed our analysis. Key indicators like earnings, business environment and access to funding contribute to understanding the economic profile of self-employed Americans.

Rank	Metro Area	Self-Employment Rate	% of Self-Employed in Own Incorporated Business	% of Self-Employed in Own Unincorporated Business	Avg. Self-Employment Household Income	% of Businesses That Are New Businesses	2-Year % Change in Established Businesses	Avg. Loan Size for Approved 7(a) Funding	Avg. Loan Size for Approved 504 Funding
1	Los Angeles-Long Beach-Anaheim, CA	11.3%	44.9%	55.1%	$53,421	30.0%	1.6%	$594,690	$1,261,864
2 (Tie)	North Port-Sarasota-Bradenton, FL	13.1%	53.6%	46.4%	$54,480	31.7%	4.1%	$482,707	$1,092,948
2 (Tie)	Austin-Round Rock-Georgetown, TX	8.3%	48.0%	52.0%	$48,027	34.6%	4.1%	$687,993	$1,570,801
4	Dallas-Fort Worth-Arlington, TX	8.6%	41.0%	59.0%	$50,899	32.8%	1.0%	$687,993	$1,570,801
5	Charleston-North Charleston, SC	9.2%	44.0%	56.0%	$48,349	30.0%	8.5%	$545,768	$1,224,643
6	Wichita Falls, TX	8.8%	24.8%	75.2%	$64,530	11.8%	21.3%	$687,993	$1,570,801
7	Spokane-Spokane Valley, WA	8.2%	44.4%	55.6%	$63,990	27.5%	3.7%	$595,331	$1,178,194
8	Fayetteville-Springdale-Rogers, AR	10.4%	29.5%	70.5%	$51,971	16.2%	66.5%	$651,809	$1,105,125
9	Miami-Fort Lauderdale-Pompano Beach, FL	14.0%	54.7%	45.3%	$47,159	32.9%	2.5%	$482,707	$1,092,948
10	San Diego-Chula Vista-Carlsbad, CA	9.7%	45.1%	54.9%	$55,355	29.9%	-3.7%	$594,690	$1,261,864
11	Durham-Chapel Hill, NC	7.8%	50.2%	49.8%	$50,293	24.0%	40.8%	$671,165	$1,177,658
12	Nashville-Davidson--Murfreesboro--Franklin, TN	8.6%	34.6%	65.4%	$47,537	29.5%	4.1%	$565,047	$1,412,105
13	Orlando-Kissimmee-Sanford, FL	9.5%	52.9%	47.1%	$43,750	34.3%	16.4%	$482,707	$1,092,948
14	Jackson, MS	9.7%	48.8%	51.2%	$39,876	23.4%	57.7%	$635,635	$1,980,000
15	Boulder, CO	10.9%	54.5%	45.5%	$44,800	27.7%	11.5%	$594,854	$955,160
16	Las Vegas-Henderson-Paradise, NV	7.3%	47.3%	52.7%	$50,678	35.6%	7.8%	$567,925	$1,106,179
17	San Francisco-Oakland-Berkeley, CA	7.7%	43.4%	56.6%	$63,488	27.4%	-0.1%	$594,690	$1,261,864
18	Deltona-Daytona Beach-Ormond Beach, FL	10.2%	60.1%	39.9%	$38,793	30.1%	40.1%	$482,707	$1,092,948
19	San Antonio-New Braunfels, TX	8.2%	38.3%	61.7%	$44,408	15.8%	39.6%	$687,993	$1,570,801
20	Portland-Vancouver-Hillsboro, OR-WA	8.3%	47.8%	52.2%	$51,574	26.5%	1.2%	$544,046	$1,215,500
21	Amarillo, TX	10.0%	31.0%	69.0%	$57,458	11.5%	1.2%	$687,993	$1,570,801
22	Atlanta-Sandy Springs-Alpharetta, GA	8.7%	52.3%	47.7%	$41,753	32.3%	1.5%	$699,600	$1,135,958
23	Phoenix-Mesa-Chandler, AZ	8.2%	49.4%	50.6%	$51,262	31.7%	-4.0%	$609,985	$1,134,642
24	Naples-Marco Island, FL	14.9%	58.5%	41.5%	$63,852	29.8%	-34.7%	$482,707	$1,092,948
25	Houston-The Woodlands-Sugar Land, TX	8.2%	43.2%	56.8%	$49,634	17.0%	2.6%	$687,993	$1,570,801
26	Charlotte-Concord-Gastonia, NC-SC	8.3%	53.3%	46.7%	$43,407	17.1%	54.5%	$671,165	$1,177,658
27 (Tie)	Wilmington, NC	13.0%	55.6%	44.4%	$37,365	24.8%	5.3%	$671,165	$1,177,658
27 (Tie)	Eugene-Springfield, OR	11.2%	46.6%	53.4%	$34,343	25.1%	36.3%	$544,046	$1,215,500
29	Chattanooga, TN-GA	7.5%	42.9%	57.1%	$46,994	22.5%	13.5%	$565,047	$1,412,105
30	Kennewick-Richland, WA	8.0%	47.4%	52.6%	$42,234	31.1%	1.4%	$595,331	$1,178,194
31	Memphis, TN-MS-AR	7.8%	36.4%	63.6%	$50,016	23.2%	1.3%	$565,047	$1,412,105
32 (Tie)	Port St. Lucie, FL	12.4%	67.1%	32.9%	$44,697	30.1%	-10.5%	$482,707	$1,092,948
32 (Tie)	Palm Bay-Melbourne-Titusville, FL	9.5%	52.8%	47.2%	$41,620	28.1%	2.7%	$482,707	$1,092,948
34	Bowling Green, KY	9.3%	36.3%	63.7%	$66,975	24.4%	-0.3%	$445,350	$943,700
35	Kingston, NY	13.3%	46.9%	53.1%	$61,720	27.1%	-69.7%	$308,511	$1,182,380
36	New York-Newark-Jersey City, NY-NJ-PA	8.0%	50.9%	49.1%	$55,790	26.5%	-0.9%	$308,511	$1,182,380
37	Cape Coral-Fort Myers, FL	12.2%	58.1%	41.9%	$46,302	31.0%	-26.2%	$482,707	$1,092,948
38	Punta Gorda, FL	11.8%	38.7%	61.3%	$39,093	17.4%	51.7%	$482,707	$1,092,948
39	Denver-Aurora-Lakewood, CO	7.9%	54.8%	45.2%	$52,434	29.9%	-6.8%	$594,854	$955,160
40	Sacramento-Roseville-Folsom, CA	8.4%	44.3%	55.7%	$46,244	31.1%	-35.4%	$594,690	$1,261,864
41	Seattle-Tacoma-Bellevue, WA	6.9%	50.6%	49.4%	$52,799	27.1%	-2.9%	$595,331	$1,178,194
42	Myrtle Beach-Conway-North Myrtle Beach, SC-NC	12.4%	44.1%	55.9%	$42,368	29.7%	-34.2%	$545,768	$1,224,643
43	Crestview-Fort Walton Beach-Destin, FL	11.9%	46.5%	53.5%	$41,164	16.9%	15.8%	$482,707	$1,092,948
44	Trenton-Princeton, NJ	5.9%	55.1%	44.9%	$48,608	24.4%	32.0%	$429,812	$1,387,911
45	Washington-Arlington-Alexandria, DC-VA-MD-WV	6.8%	45.9%	54.1%	$50,545	25.6%	2.7%	$433,487	$1,287,750
46	Riverside-San Bernardino-Ontario, CA	8.6%	42.3%	57.7%	$44,879	15.4%	1.1%	$594,690	$1,261,864
47	Jacksonville, FL	9.3%	55.7%	44.3%	$45,793	12.7%	7.4%	$482,707	$1,092,948
48	Raleigh-Cary, NC	6.7%	56.1%	43.9%	$44,369	30.0%	1.3%	$671,165	$1,177,658
49	Boise City, ID	10.1%	49.9%	50.1%	$51,430	17.8%	2.6%	$449,477	$913,438
50	Fayetteville, NC	7.8%	42.5%	57.5%	$44,426	25.1%	-6.7%	$671,165	$1,177,658
51	Montgomery, AL	7.3%	53.7%	46.3%	$54,295	9.5%	34.9%	$705,160	931,339
52	Greensboro-High Point, NC	6.8%	49.5%	50.5%	$43,640	24.7%	3.6%	$671,165	$1,177,658
53	Knoxville, TN	7.1%	39.0%	61.0%	$47,453	25.3%	-3.8%	$565,047	$1,412,105
54	Greenville-Anderson, SC	8.8%	49.6%	50.4%	$40,622	12.3%	10.7%	$545,768	$1,224,643
55	Sherman-Denison, TX	10.1%	38.5%	61.5%	$47,079	11.4%	-16.9%	$687,993	$1,570,801
56	Bridgeport-Stamford-Norwalk, CT	10.8%	44.4%	55.6%	$71,188	22.7%	-9.4%	$390,351	$797,011
57	Sioux Falls, SD	8.6%	43.7%	56.3%	$42,364	19.4%	41.0%	$426,587	$890,857
58	El Paso, TX	7.4%	45.7%	54.3%	$39,339	29.6%	-8.2%	$687,993	$1,570,801
59	Colorado Springs, CO	7.7%	47.7%	52.3%	$37,355	27.2%	11.2%	$594,854	$955,160
60	Florence, SC	8.6%	49.0%	51.0%	$43,537	11.3%	2.3%	$545,768	$1,224,643
61	Madison, WI	7.5%	42.6%	57.4%	$46,267	18.8%	8.7%	$500,112	$955,831
62	Birmingham-Hoover, AL	7.7%	54.1%	45.9%	$36,797	23.4%	19.2%	$705,160	931,339
63	Lakeland-Winter Haven, FL	7.8%	51.3%	48.7%	$37,854	30.2%	2.1%	$482,707	$1,092,948
64 (Tie)	Salt Lake City, UT	7.5%	50.9%	49.1%	$43,897	30.0%	-3.3%	$485,912	$1,045,760
64 (Tie)	Burlington-South Burlington, VT	8.9%	55.5%	44.5%	$43,357	21.1%	25.3%	$248,428	$925,111
66	Oklahoma City, OK	9.5%	45.8%	54.2%	$38,776	26.0%	0.0%	$516,519	$959,543
67	Baltimore-Columbia-Towson, MD	7.2%	54.7%	45.3%	$51,411	23.5%	-6.3%	$389,050	$1,506,643
68	Reading, PA	7.5%	43.9%	56.1%	$43,902	18.4%	14.3%	$376,389	$1,124,773
69	Chicago-Naperville-Elgin, IL-IN-WI	7.6%	59.4%	40.6%	$43,322	24.4%	0.5%	$499,554	$1,011,260
70	Columbus, OH	7.0%	45.0%	55.0%	$46,402	25.5%	7.7%	$276,559	$992,300
71	New Orleans-Metairie, LA	11.1%	45.7%	54.3%	$41,719	22.8%	-3.7%	$571,812	$899,933
72	Little Rock-North Little Rock-Conway, AR	7.2%	52.2%	47.8%	$40,719	24.9%	0.4%	$651,809	$1,105,125
73 (Tie)	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	7.0%	49.6%	50.4%	$48,072	25.8%	-2.1%	$376,389	$1,124,773
73 (Tie)	Baton Rouge, LA	8.9%	48.5%	51.5%	$39,090	21.6%	4.3%	$571,812	$899,933
75	Urban Honolulu, HI	7.4%	44.0%	56.0%	$48,622	19.9%	18.7%	$329,358	$865,000
76	Springfield, MO	9.7%	44.4%	55.6%	$36,736	24.5%	0.0%	$556,624	$960,000
77	Oshkosh-Neenah, WI	6.8%	47.3%	52.7%	$54,378	8.3%	46.0%	$500,112	$955,831
78	Reno, NV	8.5%	63.4%	36.6%	$46,756	15.3%	-9.2%	$567,925	$1,106,179
79	Des Moines-West Des Moines, IA	7.0%	56.0%	44.0%	$46,625	22.5%	29.1%	$334,934	$913,932
80 (Tie)	Omaha-Council Bluffs, NE-IA	7.9%	47.7%	52.3%	$54,712	11.7%	-1.2%	$356,931	$1,137,452
80 (Tie)	Panama City, FL	11.7%	50.5%	49.5%	$42,150	23.2%	-25.4%	$482,707	$1,092,948
82 (Tie)	Tulsa, OK	8.2%	46.6%	53.4%	$38,534	25.3%	2.0%	$516,519	$959,543
82 (Tie)	Gulfport-Biloxi, MS	9.1%	47.1%	52.9%	$33,778	12.9%	1.1%	$635,635	$1,980,000
84	Minneapolis-St. Paul-Bloomington, MN-WI	7.3%	54.2%	45.8%	$42,174	23.0%	36.1%	$393,132	$838,175
85	Huntsville, AL	7.1%	52.6%	47.4%	$47,676	28.2%	-25.9%	$705,160	931,339
86	Shreveport-Bossier City, LA	8.9%	50.6%	49.4%	$36,988	20.0%	8.7%	$571,812	$899,933
87	St. Louis, MO-IL	6.4%	51.7%	48.3%	$40,901	23.9%	30.6%	$556,624	$960,000
88	Barnstable Town, MA	12.8%	53.3%	46.7%	$57,916	20.3%	-22.4%	$303,788	$874,670
89	Columbia, SC	7.8%	52.4%	47.6%	$38,667	26.5%	-10.4%	$545,768	$1,224,643
90	San Jose-Sunnyvale-Santa Clara, CA	6.2%	44.9%	55.1%	$68,762	12.6%	-4.6%	$594,690	$1,261,864
91	Salem, OR	7.4%	47.3%	52.7%	$35,789	14.9%	26.5%	$544,046	$1,215,500
92	Ocala, FL	10.1%	57.3%	42.7%	$31,502	12.0%	9.4%	$482,707	$1,092,948
93 (Tie)	Ann Arbor, MI	9.1%	49.4%	50.6%	$39,520	18.4%	10.0%	$321,746	$927,185
93 (Tie)	Gainesville, FL	7.5%	61.4%	38.6%	$38,752	27.4%	-2.1%	$482,707	$1,092,948
95	Cedar Rapids, IA	8.0%	50.2%	49.8%	$45,595	8.6%	29.8%	$334,934	$913,932
95	Wichita, KS	7.1%	41.5%	58.5%	$44,898	10.8%	12.1%	$491,230	$1,010,788
97	Portland-South Portland, ME	10.0%	54.6%	45.4%	$46,291	24.1%	-9.6%	$213,922	$631,897
98	Boston-Cambridge-Newton, MA-NH	7.3%	46.5%	53.5%	$60,333	22.8%	-3.4%	$303,788	$874,670
99 (Tie)	Lexington-Fayette, KY	7.4%	43.2%	56.8%	$60,786	23.1%	-26.6%	$445,350	$943,700
99 (Tie)	Binghamton, NY	8.8%	37.5%	62.5%	$39,233	0.0%	15.8%	$308,511	$1,182,380
101	Corpus Christi, TX	7.7%	35.3%	64.7%	$42,993	11.2%	-15.6%	$687,993	$1,570,801
102	Albuquerque, NM	7.7%	40.8%	59.2%	$46,257	9.4%	2.1%	$643,732	$826,692
103	Hartford-East Hartford-Middletown, CT	7.3%	47.4%	52.6%	$48,630	23.7%	-3.4%	$390,351	$797,011
104	Buffalo-Cheektowaga, NY	6.0%	49.7%	50.3%	$43,916	21.3%	8.4%	$308,511	$1,182,380
105	Lincoln, NE	8.4%	55.1%	44.9%	$48,821	10.9%	-10.5%	$356,931	$1,137,452
106	Tucson, AZ	7.5%	52.6%	47.4%	$40,057	12.6%	-2.4%	$609,985	$1,134,642
107	Kalamazoo-Portage, MI	8.1%	47.8%	52.2%	$59,173	20.5%	-29.3%	$321,746	$927,185
108	Winston-Salem, NC	7.2%	37.8%	62.2%	$38,688	9.7%	4.3%	$671,165	$1,177,658
109	Springfield, MA	8.6%	41.1%	58.9%	$41,886	22.6%	-0.7%	$303,788	$874,670
110	Youngstown-Warren-Boardman, OH-PA	7.5%	40.2%	59.8%	$39,844	21.0%	7.4%	$276,559	$992,300
111	York-Hanover, PA	7.1%	49.4%	50.6%	$54,499	11.9%	-10.7%	$376,389	$1,124,773
112	Detroit-Warren-Dearborn, MI	7.2%	49.6%	50.4%	$39,603	24.6%	3.4%	$321,746	$927,185
113	Kansas City, MO-KS	7.0%	48.1%	51.9%	$41,858	13.9%	1.8%	$556,624	$960,000
114	Fargo, ND-MN	5.3%	50.6%	49.4%	$47,723	17.8%	13.6%	$385,527	$794,408
115	Bismarck, ND	12.5%	43.9%	56.1%	$50,220	8.4%	-21.3%	$385,527	$794,408
116	Spartanburg, SC	7.6%	32.5%	67.5%	$38,167	14.1%	-5.7%	$545,768	$1,224,643
117	Yakima, WA	6.8%	57.3%	42.7%	$43,127	11.7%	-6.8%	$595,331	$1,178,194
118	Columbia, MO	6.7%	47.1%	52.9%	$37,522	12.0%	15.1%	$556,624	$960,000
119	Milwaukee-Waukesha, WI	6.2%	45.6%	54.4%	$42,707	19.9%	1.0%	$500,112	$955,831
120	Cincinnati, OH-KY-IN	6.6%	43.7%	56.3%	$39,788	23.8%	3.5%	$276,559	$992,300
121	Tallahassee, FL	5.4%	59.8%	40.2%	$44,405	22.7%	-8.2%	$482,707	$1,092,948
122	Virginia Beach-Norfolk-Newport News, VA-NC	6.8%	43.5%	56.5%	$38,857	26.5%	-8.2%	$508,547	$931,929
123	Richmond, VA	6.6%	49.8%	50.2%	$42,426	22.9%	-4.7%	$508,547	$931,929
124	Mobile, AL	8.6%	54.7%	45.3%	$35,974	14.0%	-15.7%	$705,160	931,339
125	Rochester, NY	7.1%	45.0%	55.0%	$35,768	7.6%	38.5%	$308,511	$1,182,380
126	Fond du Lac, WI	7.3%	53.8%	46.2%	$27,716	0.0%	41.3%	$500,112	$955,831
127	Erie, PA	8.5%	41.7%	58.3%	$40,426	10.8%	-10.4%	$376,389	$1,124,773
128 (Tie)	Providence-Warwick, RI-MA	7.7%	48.0%	52.0%	$44,591	10.2%	0.1%	$358,976	$621,000
128 (Tie)	Glens Falls, NY	11.1%	42.5%	57.5%	$35,691	0.0%	-3.0%	$308,511	$1,182,380
128 (Tie)	Dover, DE	7.0%	58.8%	41.2%	$30,641	39.7%	-28.3%	$380,755	$1,209,600
131	Albany-Schenectady-Troy, NY	6.6%	47.7%	52.3%	$42,383	21.8%	-8.0%	$308,511	$1,182,380
132	Pittsfield, MA	11.6%	51.0%	49.0%	$44,618	9.3%	-22.8%	$303,788	$874,670
133	Charleston, WV	6.7%	45.9%	54.1%	$40,710	11.6%	6.8%	$344,717	$1,070,800
134	Syracuse, NY	6.7%	42.8%	57.2%	$33,196	11.6%	16.1%	$308,511	$1,182,380
135	Harrisburg-Carlisle, PA	6.2%	33.3%	66.7%	$40,297	17.5%	0.0%	$376,389	$1,124,773
136 (Tie)	New Haven-Milford, CT	7.0%	52.4%	47.6%	$46,389	20.6%	-20.7%	$390,351	$797,011
136 (Tie)	Pensacola-Ferry Pass-Brent, FL	8.1%	36.8%	63.2%	$34,677	17.1%	-18.9%	$482,707	$1,092,948
136 (Tie)	Topeka, KS	6.7%	39.7%	60.3%	$29,151	11.0%	20.1%	$491,230	$1,010,788
139	Akron, OH	6.7%	45.7%	54.3%	$37,095	11.6%	22.4%	$276,559	$992,300
140	Indianapolis-Carmel-Anderson, IN	6.2%	50.9%	49.1%	$40,207	28.3%	-24.5%	$413,400	$968,219
141	Norwich-New London, CT	5.9%	38.6%	61.4%	$41,324	9.5%	23.3%	$390,351	$797,011
142 (Tie)	Grand Rapids-Kentwood, MI	6.7%	46.6%	53.4%	$46,641	22.3%	-26.9%	$321,746	$927,185
142 (Tie)	Waterloo-Cedar Falls, IA	7.2%	41.4%	58.6%	$38,343	10.1%	6.9%	$334,934	$913,932
144 (Tie)	Worcester, MA-CT	6.7%	44.9%	55.1%	$42,372	24.0%	-8.9%	$303,788	$874,670
144 (Tie)	Kankakee, IL	6.8%	48.4%	51.6%	$37,446	7.5%	2.9%	$499,554	$1,011,260
146	Peoria, IL	6.5%	44.4%	55.6%	$36,596	7.9%	12.3%	$499,554	$1,011,260
147	Davenport-Moline-Rock Island, IA-IL	9.1%	55.3%	44.7%	$38,450	10.0%	-8.6%	$334,934	$913,932
148	Champaign-Urbana, IL	7.1%	54.4%	45.6%	$34,431	0.0%	1.1%	$499,554	$1,011,260
149	Louisville/Jefferson County, KY-IN	6.9%	48.1%	51.9%	$39,756	11.7%	-4.4%	$445,350	$943,700
150	Pittsburgh, PA	6.2%	47.3%	52.7%	$40,211	11.5%	-3.3%	$376,389	$1,124,773
151	Lansing-East Lansing, MI	6.7%	40.6%	59.4%	$34,516	10.0%	15.9%	$321,746	$927,185
152	Fort Wayne, IN	7.0%	42.6%	57.4%	$32,002	22.7%	-12.0%	$413,400	$968,219
153	Hagerstown-Martinsburg, MD-WV	6.0%	43.8%	56.2%	$41,625	9.1%	-15.0%	$389,050	$1,506,643
154	Rockford, IL	6.5%	37.9%	62.1%	$29,797	0.0%	2.7%	$499,554	$1,011,260
155	Cleveland-Elyria, OH	6.7%	51.0%	49.0%	$36,767	20.5%	-7.1%	$276,559	$992,300
156	Cumberland, MD-WV	5.9%	29.3%	70.7%	$40,780	0.0%	-12.3%	$389,050	$1,506,643
157	Decatur, IL	3.4%	41.9%	58.1%	$23,596	0.0%	4.3%	$499,554	$1,011,260
158	Appleton, WI	6.3%	53.8%	46.2%	$38,015	0.0%	-0.3%	$500,112	$955,831
159	Canton-Massillon, OH	7.3%	43.0%	57.0%	$34,780	7.7%	-1.4%	$276,559	$992,300
160	Green Bay, WI	7.0%	38.3%	61.7%	$36,219	10.3%	-18.1%	$500,112	$955,831
161	Springfield, IL	5.7%	55.4%	44.6%	$41,909	0.0%	-35.9%	$499,554	$1,011,260
162	Bloomington, IL	5.4%	54.4%	45.6%	$41,795	5.1%	-45.9%	$499,554	$1,011,260
163	Allentown-Bethlehem-Easton, PA-NJ	6.5%	45.4%	54.6%	$39,920	0.0%	-26.6%	$376,389	$1,124,773
164	Toledo, OH	6.8%	46.1%	53.9%	$33,352	9.7%	-5.6%	$276,559	$992,300
165	Dayton-Kettering, OH	6.8%	40.6%	59.4%	$38,731	9.1%	-12.6%	$276,559	$992,300
166	Manchester-Nashua, NH	5.8%	50.2%	49.8%	$32,431	19.4%	-2.7%	$247,458	$675,333
167	Saginaw, MI	6.6%	58.5%	41.5%	$29,113	9.6%	-12.4%	$321,746	$927,185
168	South Bend-Mishawaka, IN-MI	5.4%	49.9%	50.1%	$30,912	0.0%	-16.4%	$413,400	$968,219

About Anja Solum, CEPF

Anja Solum is a certified educator in personal finance and the Data Journalism Manager at MoneyGeek. For over six years, she has produced data analyses and studies for agency and in-house teams across multiple verticals.

Solum holds a bachelor's degree in communication arts from Florida International University. She's passionate about using data to tell compelling, informed stories that empower readers.

sources

Bureau of Labor Statistics. "Business Employment Dynamics by Age and Size of Firms." Accessed June 5, 2024.
Federal Reserve Bank of Minneapolis. "As Business Startups Surge, They’re Creating More Jobs." Accessed June 5, 2024.
Oberlo. "How Many New Businesses Start Each Year?." Accessed June 5, 2024.

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