Exploring Business Growth by State: The Top Performers and Surprising Underdogs
As an entrepreneur, understanding the growth potential of your business location is key to success. With American states offering different levels of economic opportunities, a thorough analysis of states’ growth performances is critical in selecting the ideal location for your business.
In this article, we will explore the top-performing states for business growth, along with underdogs worth considering. Our analysis is based on the states’ overall economic growth, population growth, income growth, and job creation over the past decade.
The Top Performers:
1. Texas
Texas has been a dominant player in business growth for decades. Boasting a rapidly growing population, low taxes, and a booming business climate, Texas is home to approximately 50 Fortune 500 companies. The state’s economy is diversified across a range of sectors, including healthcare and technology, which have been instrumental in driving economic growth.
2. Utah
Over the past decade, Utah has established itself as a top-performing state for business growth. With a highly-educated population, business-friendly policies, and an affordable cost of living, Utah is home to several large technology companies. Additionally, Provo, Utah, was named the best-performing metro area for job growth by the Milken Institute.
3. Colorado
Colorado has proven to be an ideal destination for businesses seeking a highly-skilled workforce. With a thriving technology industry and a highly educated population, the state has achieved constant economic growth. Denver, the state capital, was named the best city for jobs by Forbes in 2018.
Surprising Underdogs
1. Indiana
Indiana has largely gone unnoticed in terms of economic growth potential, but it has been one of the fastest-growing states in the Midwest over the past decade. Home to several automotive industries and an emerging technology sector, Indiana offers a lower cost of living and business-friendly policies.
2. South Dakota
South Dakota may not be the first state that comes to mind when searching for a business location, but it is home to a strong tourism industry and a growing agribusiness. With low business taxes and a low cost of living, South Dakota has recorded steady job and wage growth.
3. Tennessee
Tennessee has emerged as a key player in the business growth space. With no state income tax, low cost of living, and a business-friendly environment, the state is attracting several new businesses each year. The state’s capital, Nashville, is rapidly becoming a hub for the music and healthcare industries.
Conclusion:
When it comes to business growth, selecting the right location is a crucial factor. While states such as Texas and Colorado have already established themselves as business juggernauts, some emerging players such as South Dakota and Indiana should not be overlooked. Each state should be carefully studied to determine whether it aligns with your business requirements. Ultimately, any of these six states could provide the foundation for significant business growth, making them worth considering.
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