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Oregon is the best U.S. state for entrepreneurial success, according to the latest study published by leading B2B marketplace DesignRush.
Using data from the Bureau of Labor Statistics, DesignRush conducted research to find the number of business establishments in U.S. states between September 2022 and 2023.
Each state was ranked based on the highest percentage increase of businesses over the period.
Oregon took the top spot with a 9.9% increase in business establishments with a net increase of 18,273 businesses, from 185,096 in 2022 to 203,369 in 2023.
Second on the list is Montana, with an estimated 9.4% gain in businesses (5,762 net increase) over the year. Montana was followed by Michigan and Hawaii, placing third (8.9% increase) and fourth (8.6% increase) respectively.
The rest of the top 10 in the list are ranked as follows:
- Tennessee (8.0% increase)
- Idaho (7.9% increase)
- South Carolina (7.7% increase)
- Mississippi (7.4% increase)
- North Carolina (7.2% increase)
- Arizona (6.8% increase)
Gianluca Ferruggia, DesignRush's General Manager, shared his insights on the study saying that with states from all areas of the U.S. making it to the top 10 list, this finding suggests the U.S. is well-equipped for entrepreneurs and business ventures.
"It’ll be interesting to see if any new states make the ranking in the future as more establishments are founded," Ferruggia said.
Understanding how ad agencies contribute to business growth across these regions offers valuable context for interpreting these trends.
Some States Experience Major Business Decline
While most states performed well in terms of entrepreneurial success, there remain some that performed negatively.
Virginia falls under this category, for example, experiencing a net loss of 16,522 — a 5% decrease from 2022 to 2023. Maryland and Iowa also experienced their fair share of losses, with a 1.1% and 0.6% decrease in businesses respectively.
Expounding on the findings, Ferruggia cited geographical location as one of the many factors that can determine whether one's business will take off or not.
"At least five of the leading ten states are on the east side of the U.S. This indicates one of two things: it’s either extremely competitive in this region or the West is more suited for entrepreneurs and their fresh ideas. Perhaps new states will make the ranking in the future," Ferruggia concludes.
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