The ranking, shared with Becker’s on Aug. 22, is based on data from the Bureau of Labor Statistics analyzing business growth rates in every state based on the number of establishments in December 2021 compared to December 2022.
The 10 best states for business growth and their annual growth rate:
1. Georgia: 13.5 percent
2. Virginia: 10.5 percent
3. Arizona: 10.4 percent
4 (tie). Montana: 10.2 percent
4 (tie). Vermont: 10.2 percent
6. Michigan: 9.8 percent
7. South Carolina: 9.6 percent
8. North Carolina: 9.2 percent
9 (tie). Colorado: 9.1 percent
9 (tie). Hawaii: 9.1 percent
