Lead
New business formation is accelerating across the United States in 2024, with New York ranking first for new business creation and Florida recording the fastest growth since 2019. Georgia and Illinois also show strong momentum, each posting increases of more than 40% compared with pre-pandemic levels.
Key Findings
- New York ranks No. 1 for new business creation with 39,422 applications per 100,000 people and 291,773 total applications in 2024.
- Florida shows the largest percentage growth since 2019 at 61.3%.
- Georgia and Illinois report increases above 40% compared with 2019, underscoring a broad-based rise in entrepreneurship.
State Highlights
- New York: Leads the nation both in per-capita activity and total volume of business applications in 2024, signaling resilient entrepreneurial appetite in one of the country’s largest economic hubs.
- Florida: Tops the growth leaderboard with a 61.3% jump from 2019, reflecting strong demographic inflows and a supportive climate for new ventures.
- Georgia & Illinois: Both states post robust, 40%+ growth since 2019, indicating that the surge in business formation extends beyond traditional startup centers.
Why It Matters
The sustained rise in business applications highlights continued strength in U.S. entrepreneurship. Elevated formation rates can translate into job creation, innovation, and expanding local ecosystems—benefiting sectors like technology, fintech, and blockchain as new startups seek opportunities in digital payments, web3, and compliance tooling.
Outlook
With multiple large states recording outsized gains from 2019 benchmarks, 2024 is shaping up as another strong year for new business creation. If current momentum holds, policymakers and investors may see further demand for small-business financing, digital infrastructure, and regulatory clarity to support emerging companies.