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New business starts are coming in fast nationwide and Florida is galloping to the lead.
Nearly six million applications for new businesses were filed from January 2021 through January 2022, according to business formation data from the U.S Census Bureau, compiled by 24/7 Wall Street. That’s 1,772 for every 100,000 Americans.
Florida had the most new business formation among any state, with 683,680, the report shows. That puts the state No. 4 nationwide in applications per 100,000 people behind Wyoming, Delaware and Georgia. The biggest month for applications in Florida was May, at 62,956, while, December, with 47,191 new business applications, was the lowest month of applications. States with the lowest amount of new business applications per 100,000 people include New Hampshire, Maine, Nebraska, Iowa and West Virginia.
The report points out what’s painfully clear to many who have started a business: “It’s important to note that not all new business applications result in the creation of a new business, and only about 80% of new businesses last for more than a year.”
Florida: 683,680
California: 563,102
Texas: 536,301
Georgia: 349,426
New York: 336,510
Illinois: 213,601
North Carolina: 187,229
New Jersey: 177,506
Pennsylvania: 170,934
Ohio: 166,938
Michigan: 162,478
Wyoming: 6,395
Delaware: 4,973
Georgia: 3,291
Florida: 3,183
Nevada: 2,384
Mississippi: 2,347
Louisiana: 2,308
Utah: 2,139
Colorado: 2,098
Maryland: 2,050
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