fastest growth for small businesses: The combination of COVID-19-related job losses and the Great Resignation has aided the rise of small businesses. According to a recent Intuit report, 83% of people who want to start a business said COVID-19 has accelerated their plans. Based on the findings of the report, Intuit predicted that 17 million new small businesses would be formed in 2022, making it the third consecutive record year for entrepreneurship.
Where you open your shop could be the key to success for those looking to start their own business. OpenPhone analyzed 1,000 cities across the following factors to determine the fastest-growing cities for small businesses: (1) Population growth year over year, (2) number of new business formation applications filed in each county, (3) startup survival rate, and (4) small business funding from 2019/2020 to 2021. These are the top ten fastest-growing cities for small businesses, according to this analysis.
10 US cities with the fastest growth 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
