Three PIA Western Alliance States are the Best for Entrepreneurs

The U.S. Department of the Treasury considers the PIA Western Alliance states of Washington, Nevada and Oregon to be three of the best states for entrepreneurs. The country averaged 430,000 new business applications per month in 2024. That’s a 50% increase over 2019.

The report also says the number of jobs likely to be created by those entrepreneurs is 140,000 a month. That’s up 30% from 2019.

“Small businesses play a disproportionately large role in our labor markets: half the Americans that work for a private business work for a small one,” the Treasury Department report said. “And with entrepreneurship surging since the pandemic, that role is poised to grow further. Americans are finding it an especially good time to start a small business.”

Here are the top 5 states the department says are the most open to entrepreneurism:

1. Washington — Washington has the most business growth in the U.S. Inflation levels are relatively low compared to other regions and there is no corporate income tax.

2. Texas — More educated individuals — 62,000 in 2023 — are moving into the state than are moving out. Texas has a high job creation rate.

3. Maine — Between 2022 and 2023, Maine had the most consumer spending of all states with growth hitting 7.3% higher than other states.

4. Nevada — In 2022, Nevada had the highest job creation rate in the United States.

5. Oregon — Oregon has a high rate of new business growth that currently sits at 57.4%.

Source link: PropertyCasualty360.com — https://bit.ly/3PH2nan