Where’s the hottest startup activity in the U.S. today, and how does Detroit measure up? On this morning’s WJR Business Beat, Jeff shares U.S. Census Bureau statistics for new U.S. startups by location.
Tune in to the Business Beat, below, to learn where Detroit ranks on the list!
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Good morning, Paul.
Well, there’s no time like the present to get some businesses started right here in the Detroit region. Our startup community, no doubt is more active than ever, but we need to do more to ensure that our Detroit region continues to accelerate as a hotbed for startup activity. In case anyone needs a reminder, startups are a significant driver of the U.S. economy. Each year, thousands of entrepreneurs launch new businesses that create jobs and spur innovation. Seventy five percent of all new jobs, in fact, are driven by the small business sector.
Where’s the hottest startup activity in the U.S. today, and how does Detroit measure up? Well, new startup formation is unevenly distributed across the U.S. Today, most of the states seeing the highest rates of new business creation are based in the Western and Southern U.S.
The top States, according to the U.S. Census Bureau statistics for new U.S. startups are Florida at number two, and at number one, it’s Nevada with Las Vegas as a real hot spot today for startups.
What drives this leading startup activity? It’s not just the weather. These states and other leading startup states offer some combination of business-friendly policies, low individual and corporate tax rates, relatively low costs to operate, good educational institutions and population growth that provides both the customer base and a market for finding new skilled employee candidates.
Leading metro areas in the startup action? Well, again, Las Vegas comes in at number one, followed by Orlando, Florida, then Austin, Texas at number three. Miami is at number four and Dallas at number five. Our beloved Detroit, well, we come in this year at number 33 on the list.
Clearly, Detroit has improved greatly over the last decade or two in startup formations, but hope abounds that we will build on our momentum and continue our upward trajectory on this list.
Let’s start it up, Detroit! I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.