Sign In
Upcoming Event
Free Newsletter
Gov. Josh Shapiro announced that his administration secured a $132.9 million investment from Shippensburg-based dairy products manufacturer Schreiber Foods to expand in Cumberland County. PHOTO/PACAST
Pa. ranks among top states for new business survival
Listen to this articlePennsylvania ranks among the top states in the nation for new business survival, the latest federal data reveals.
According to a release, Pennsylvania’s economy under Gov. Josh Shapiro remains one of the strongest in the U.S. The Shapiro Administration has competed for and won more than $35 billion in private sector investments that are creating more than 18,000 new jobs and driving economic growth across Pennsylvania.
Pennsylvania is the only state in the Northeast with a growing economy, per Moody’s Analytics Chief Economist Mark Zandi.
New data from the U.S. Bureau of Labor Statistics shows that Pennsylvania ranks among the top states in the U.S. for five-year new business survival. Federal data shows that 56% of businesses started in Pennsylvania remain open after five years – the third highest percentage nationwide. As the national average business survival rate is 51.6%, nearly half of new businesses across the country fail within their first five years.
“Pennsylvania isn’t just attracting new businesses — we’re creating an environment where they can succeed,” Shapiro said in a statement. “From cutting red tape and streamlining permitting to investing in site development, main streets, and our workforce, my administration is focused on making Pennsylvania the best place to start and grow a business.”
The federal data tracks businesses that opened in the year ending March 2019 and were still operating as of March 2024, a period that includes the economic disruption of the COVID-19 pandemic and continued inflationary pressures. Per the release, research from the Center for American Entrepreneurship shows that businesses started in Pennsylvania are more likely to endure, which is a sign of long-term economic stability rather than short-term growth alone.
