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Pennsylvania ranks 38th in the U.S. for business growth, according to a new study. PHOTO/GETTY IMAGES
Pa. business growth ranking revealed
New research revealed that Pennsylvania ranks 38th on the list of the best states for business growth.
Business consulting firm Venture Smarter analyzed data from the U.S Bureau of Labor Statistics to discover the business growth rate in each state based on the number of establishments in December 2021 compared to December 2022.
According to the data, Pennsylvania listed 375,765 businesses in December 2021. By December 2022, that number rose to 391,856. The increase of 13,715 businesses represented a change of 4.3%, 13th worst in the U.S.
Georgia topped the list with a business growth rate of 13.50%. In December 2022, there were 397,515 business establishments compared to 350,189 in December 2021. Virginia and Washington rank second and third with business growth rates of 10.5% and 10.4%, respectively.
Completing the top ten are Montana (10.2%), Vermont (10.2%), Michigan (9.8%), South Carolina (9.6%), North Carolina (9.2%), Colorado (9.1%), and Hawaii (9.1%).
Washington ranks as the worst state in the country for business growth at minus 16.8%.
A spokesperson for Venture Smarter said in a statement that the benefits of starting a business will make it interesting to watch the business growth rate over time and see how many more entrepreneurs thrive with the available support.
“However, regardless of your state, it’s vital to research the fees you will be expected to pay as they can vary significantly across states – not to mention, there are many incentives to take advantage of if you are eligible that can make the process of starting a business smoother and cheaper,” the spokesperson said.
