This post was originally published on On Deck
Small businesses are a big deal in America — and their share of the economic landscape is expanding.
Companies with fewer than 500 employees have created more than 70% of new jobs since 2019, according to the Treasury, and now account for 51% of private employment in America. In 2024, there are 50% more new business applications per month than in 2019. There are more self-employed women than ever and near-record highs of Black, Asian and Hispanic entrepreneurs.
“Every time someone starts a new small business, it’s an act of hope and confidence in our economy,” says President Joe Biden, while the press has credited the Biden-Harris Administration’s Investing in America Agenda for this bold moment in American entrepreneurship.
But if new businesses are a sign of confidence, then confidence varies significantly from one part of the country to another — as OnDeck’s new study into the number of new small businesses in each state, county and metropolitan area demonstrates.
What We Did
We used Small Business Data from the U.S. Census to identify the states, metropolitan areas and counties across America with the highest percentage growth in the number of businesses with fewer than 500 employees according to the
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