The Great Resignation and the COVID-19 pandemic caused a lot of people to lose their jobs, which helped small businesses grow. In a recent report by Intuit, 83% of people who want to start a business said that COVID-19 has made their plans move faster. And based on the report’s results, Intuit predicted that 17 million new small businesses would be started in 2022, which would make it the third year in a row that the number of new businesses set a record.
If you want to start your own business, where you set up shop could be the most important thing you do. To determine the fastest-growing cities for small businesses, OpenPhone analyzed 1,000 cities across the following factors: (1) the growth of the population from one year to the next, (2) the number of new business formation applications filed in each county, (3) the survival rate of new businesses, and (4) the amount of money given to small businesses from 2019/2020 to 2021. Based on this analysis, these are the top 10 fastest-growing cities for small businesses.
10 Fastest-Growing US Cities for Small Businesses
10. Philadelphia, Pennsylvania
- Population: 5,649,300
- Overall score: 8.29
- Marietta, Georgia
- Population: 60,867
- Overall score: 8.30
- Atlanta, Georgia
- Population: 5,449,398
- Overall score: 8.30
- Bronx, New York
- Population: 1,418,207
- Overall score: 8.34
- Alpharetta, Georgia
- Population: 67,213
- Overall score: 8.35
- Minnetonka, Minnesota
- Population: 54,064
- Overall score: 8.40
- Elk Grove, California
- Population: 174,775
- Overall score: 8.51
- Folsom, California
- Population: 81,328
- Overall score: 8.54
- Bentonville, Arkansas
- Population: 54,909
- Overall score: 8.75
- Apex, North Carolina
- Population: 59,300
- Overall score: 10.00
