Atlanta is the US city largest surge in new business creation and startups!
In a remarkable twist of fate, the vibrant city of Atlanta has secured the coveted spot of the number one U.S. metro area for the fastest year-over-year growth in the number of people launching their own businesses, a staggering 92%, according to a leading job search site. Atlanta’s meteoric rise in entrepreneurship can be attributed to its robust post-pandemic job recovery, as reported by Fox 5 Atlanta. This Southern gem has also been crowned the ultimate destination for young professionals embarking on their career journeys, ranking first in a comprehensive report by Wallethub. The criteria encompassed a wide spectrum, from job availability and starting salaries to housing affordability and family-friendly amenities.
Austin, Texas, snags the second spot on this list, experiencing its own entrepreneurial surge during the pandemic. Drawn by the city’s sunny climate, low cost of living, and absence of state income tax, individuals from high-priced cities like San Francisco and New York have flocked to Austin, resulting in an impressive 84% surge in new business founders over the past year.
Seattle rounds off the top three, boasting a remarkable 75% year-over-year growth in its entrepreneurial community. The city’s thriving tech sector serves as a fertile ground for budding entrepreneurs to nurture their startups.
The Top 10 Metros for Entrepreneurial Prowess
- Atlanta
- Austin, Texas
- Seattle
- San Francisco
- Chicago
- Boston
- Miami-Fort Lauderdale
- New York City
- Los Angeles
- Denver
George Anders, LinkedIn’s senior editor at large, emphasizes the appeal of both Atlanta and Austin as burgeoning magnets for incoming talent across various professions. Many newcomers might choose to embark on their entrepreneurial journeys, while established residents can explore this influx as a potential customer base. As Anders puts it, “They don’t have favorite restaurants or stores yet, so they’re more willing to try yours.” Additionally, newcomers often require assistance with various aspects of settling in, from purchasing homes to selecting schools and finding contractors – a promising customer base for new entrepreneurs to tap into.
San Francisco, often hailed as the heart of Silicon Valley, claims the fourth position on the list. While the region maintains its reputation as a tech startup hub, it appears that smaller, local businesses may not be proliferating at a pace to match its technological counterparts.
Other cities notorious for their high living costs, such as New York City and Los Angeles, manage to secure a spot in the top 10. However, they find themselves outnumbered by more economically accessible destinations like Chicago and Miami.
Entrepreneurship Flourishes Nationwide
Across the United States, a remarkable trend has emerged, with nearly one in five adults either in the process of launching their own business or having done so in the past 3½ years, as per the Global Entrepreneurship Monitor report cited by The Washington Post. This surge in entrepreneurial spirit has propelled the country to its highest level of entrepreneurship since records began in 1999.
This encouraging trend defies early predictions that job losses resulting from the COVID-19 pandemic might discourage entrepreneurship. Donna Kelley, a professor at Babson College and the lead author of the report, highlights the significance of this upward trend. She asserts, “It means businesses are introducing innovation, creating jobs, and contributing to the competitiveness of the United States.”
In conclusion, Atlanta’s ascent as the prime destination for entrepreneurial growth is a testament to its unwavering resilience and economic vibrancy. With an influx of fresh talent and a conducive environment for business, it continues to beckon individuals seeking success for both their careers and families. As entrepreneurship surges nationwide, it paints a promising picture of innovation, job creation, and enhanced competitiveness for the United States. Atlanta’s entrepreneurial boom is not just a local phenomenon; it reflects a broader trend reshaping the American economic landscape.
