A recent study by DesignRush, a digital marketing site, has highlighted Michigan as one of the top three states in the U.S. for entrepreneurial success, alongside Oregon and Montana. The analysis utilized data from the US Bureau of Labor Statistics to determine the percentage increase in business establishments from September 2022 to September 2023.
Key Findings:
Oregon leads the list with a 9.9% increase in business establishments, rising from 185,096 in 2022 to 203,369 in 2023, which is a net increase of 18,273 businesses.
Montana follows with a 9.4% growth, expanding from 61,185 businesses in 2022 to 66,947 in 2023, resulting in a net increase of 5,762 businesses.
Michigan ranks third with an 8.9% rise in business establishments, growing from 298,855 in 2022 to 325,467 in 2023, yielding a net increase of 26,612 businesses. In terms of the sheer number of new businesses, Michigan was only surpassed by California, which registered over 58,000 new businesses in the same period.
Insights and Commentary:
Gianluca Ferruggia, General Manager at DesignRush, commented on the significance of these findings, noting the geographical diversity of the top-ranking states. Ferruggia highlighted that the results indicate a robust entrepreneurial environment across various regions in the United States, suggesting the country is well-equipped to support new business ventures. He also expressed interest in seeing which states might emerge in future rankings as new establishments are founded.
Implications
The recognition of Michigan as a leading state for entrepreneurial growth is a positive indicator of its business-friendly environment and potential for further economic development. This growth could attract more investors, entrepreneurs, and business professionals to the state, contributing to a more dynamic and competitive business landscape.
Overall, the study underscores the significant entrepreneurial activity happening across the U.S., reflecting a broader trend of economic vitality and innovation.
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